Top 5 FAILURE LEARNINGS from Initial Start-up

This is what I’ve learnt so far, some of these are age old lessons reaffirmed, while others are brand new.  I hope this helps.  It would be delightful to know what you’ve learnt from failures in your business learnings.

1. Do your homework first, read & research and invest time into the product you are developing and how it will make money in 5 different ways before you spend any money on it.
2. Always use Market Research first and keep aside a budget for it. Doesn’t matter how much you love the idea, how much you think it’s going to work, how much you think other people will love it, how much available “big data” you can generate or have to work with, or how many many hours of desk research you’ve done - without market segmentation and market profiling you’ve got a lot less chance of succeeding.
3. Always keep aside an initial budget for marketing.
4. Secure your longer term initiatives including domain, server, hosting, back-up servers, and security well in advance and ensure all payments are made timely within designated budgets.
5. Utilize, use, experience and have knowledge of free tools available on the internet before you spend any money on the paid tools (unless hiring someone to show you how to use the free tools).

Lastly, always have spare savings for a rainy day and never burn your bridges. Cliches which still ring true today.

You can chat with me in the comments section on here regarding what you’ve learnt from Start-up failure & success,, engage in a private discussion about how custom research & social media experience can improve your business at prashanthh2016@gmail.com, or tweet converse here.