What Important Truth That Every Entrepreneur Ignores And Then Fails
While one fails and learns and gets up each time, one should be aware of one's extreme point
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Failure in the quest of an entrepreneurial journey isn't uncommon, most entrepreneurs do not make it till the Zenith, it is okay to fail multiple times, learn and begin again.
Placing the Venture before Self
It is always about the benefits of venture first, not about, self as an individual, Larry and Sergey might have never made it this big if they were reluctant to have Eric Schmidt as the first CEO of Google. Prospects express doubt about a new company on the basis of the founder's age, gender, personal background, or experience level. Founders with relevant experience highlight that; those who lack it tout partners or board members with solid industry reputations. That gives the needed boost to say, "OK, let's just have a go.'
Living by a Principle
One might never become a Jobs or a Zuckerberg, one might never be the front page news, one might never earn a billion dollars or own a private jet. Entrepreneurial journey isn't a self-ambition to become rich. Entrepreneurial journey is a mission "To touch a billion lives and be the reason of a billion smiles'. One might end up big at the end or one might not always live by the principles, that would be enough to satisfy at the end of each day in the journey.
There are many people who are willing to help, one needs to reach out to ask for it, without being ashamed. As an entrepreneur biggest responsibility is "To Sell' it might sometimes become dirty, one should never stop selling or be ashamed to pitch people, friends, family every time, and NEVER to take NO for an answer.
Importance of a Devil's Advocate
Even founders who started selling early say they have been too focused on convincing prospects of the new product's merits and not concerned enough with finding out what prospects thought of the idea. Some realize that their passion and ego made them respond negatively to criticism and discount ideas for changes that they later saw would have increased the marketability of their offerings. Listening to the feedback from the customers and reshaping the idea and product to fit what customers actually want is the key to success. It's really all about understanding what the pain point is in the marketplace, and the best way to do that is to talk to prospects and validate the idea.
Freebies do not create loyal customers
Faced with pressure (from themselves or their VCs) to make early sales, many founders offer price discounts in order to close initial deals—often establishing unsustainable pricing precedents with those customers. Worse yet, news of the discounts spread around small industries, crippling the ventures' long-term pricing power. In retrospect, the entrepreneurs wished they had found alternative sweeteners to close early deals—free shipping, or a discount on orders placed before a certain date. And if one is going to offer temporary discounts, it's smart to put the terms in writing.
The wrong VC
Once crossed the first hurdle to prove the worth of the product or service, an entrepreneur might raise investments, being patient to have the best offer on the table is all it takes to make a good deal, not the first offer. One has chosen to be an entrepreneur to live life in own terms, not to be shouldered with ridiculous terms and conditions of investor ending up to be just an employee.
It's okay to fail
While one fails and learns and gets up each time, one should be aware of one's extreme point. As everyone and everything around one is at stake. Every entrepreneur's ego to prove oneself is what keeps one going, one needs to be responsible enough that the same ego should not end everything. Its okay to take a break for a few years settled life and come back in the journey.
Learning is be made from failure stories than hearing success stories.