Manoj Khani, entrepreneurial product professional, mentor and advisor, shares his experience from Founder Institute's incubator. ☝ Your Idea Stinks
For startup founders, the motive behind pursuing the ideait is mostly wrong! Most of the time, the motive is either money/flexible schedule/be your own boss, but it is often lacking the passion behind why the founder wants to do this!? The truth is that startups are such roller coasters, and most are riddled with early failures, that if you are not passionate enough about WHY you are doing it, most times you will eventually give up.
So, make sure you really want to do it for good reasons. For example, Cyrus Massoumi on why he started ZocDoc, was because he couldn’t get a doctor’s appointment for days following a tooth emergency. ☝ Don't just find that one way to be successful, know the 100 ways you won't be
There are so many variables that go into making a startup successful (team/idea/market/timing etc), it is not surprising that most startups fail. Hence, instead of sticking to that one permutation of success, make sure you eliminate the 100 others, where it would be a failure. Spend time thinking and figuring out how it may not work, and then remove/change those conditions. ☝ Being an entrepreneur isn't what you think
90% of being an entrepreneur is cold, hard work that is mentally, physically and emotionally tiring. You have to be ready to put in those long hours of focused attention, de-prioritizing the rest in your life, including your emotions.
Starting a company is easy these days, but making it successful is perhaps as hard as ever. Without the right reasons and resources, your chances of success shrink further. Once you decide to take on this path, adopt a relentless, ‘never give up’ attitude.
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