Confession Of Entrepreneurs
Bangalore: Steve Jobs carrier saw soaring highs to its crushing lows. Jobs is hailed as a tech visionary, but he also weathered his fair share of fiasco products and nearly witnessed the demise of the company that he founded in his youth. Henry Ford suffered a few failed automotive endeavors early in his career, including Detroit Automobile Company. Its cars were low quality and too pricey for average consumers.
It is said that every good and successful entrepreneurs know how and when to fail. So did Jobs and Ford. Mistakes are common during the initial days of starting a business as entrepreneurs are not prone to the results of the reaction that the market will show towards their product or service. In a candid chat with SiliconIndia, few startup entrepreneurs confessed about the mistakes that they made in their initial days of starting the business.
Nishith Shah, Founder, True Sparrow
Nishith when founded True Sparrow, made many mistakes during the initial days of starting the enterprise. “The most common was thinking our business to be an extension of ourselves and not running in a more proficient approach. We kept trying to make our product as perfect as possible as we were afraid of failure after launching the product,” says Shah. This lead to several issues as they were not able to catch up with other similar ventures in the market and lost a lot of resource in terms of time and revenue. “We never framed a deadline for the launch and stretched as long as we wanted to,” adds Shah. Their prior venture, an online retail of fine jewelry, also suffered crunches as they put in unnecessary details and over rated their products. This led to slow scaling of their business. “I would suggest that it is important for every entrepreneur to frame a deadline and think their business as a separate entity. This will help them scale in a much profound way,” Shah says.
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