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Confession Of Entrepreneurs

By SiliconIndia   |    5 Comments
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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

startup entrepreneur mistake, confession of entrepreneurs, NIshith Shah, Fab.comNishith 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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Reader's comments(5)
1: Navin Kumar from eLagaan is an awesome guy, and very happy with the way they are working on changing the startup support echo system in in India
Posted by:Suresh Rao - 08 Feb, 2012
2: these are path showing matters......must b taken care ahead
Posted by:pallavi - 07 Feb, 2012
3: Only three mistakes listed! I would have expected at least 20.
Posted by:Subodh - 03 Feb, 2012
I echo the same..
karthik Replied to: Subodh - 04 Feb, 2012
There can be 20, but this is three to start with !
Suresh Rao Replied to: karthik - 08 Feb, 2012