While every initiative leads one to a consequence of success or failure, what lies in between is the journey. This trip of achievement and failure teaches vital lessons for the rest of life. In recent times with the increase in competition, also the risk factor is raising. Therefore, some factors must be avoided to save the company from failure risks. These learning factors come from experiences. Aditya Mehta’s HouseThis failure experience taught him lifelong lessons.

Aditya is an Executive MBA, from London Business School with a BBA in Marketing from the University of Texas, Austin. With eight years of experience in financial services, real estate and digital marketing he is an entrepreneur, and his present companies include a stock trading research tool TipStop.in and Edgytal, a digital marketing services provider.

In a nutshell, HouseThis worked providing services to Non-Resident Indians (NRI) for buying, selling and managing every aspect of real estate in India. After the failure of his first startup, he did not give up and had been active on his journey. Although the failure is irreversible, he apparently mentioned the mistakes made by him in this entrepreneurial venture:

Know the Need of Product

The product is the most valuable asset of any business, for which it is known. It is crucial to look at the idea of the company, its demands, the human resources needed to run the product.

Essential Manpower Selection

Most of the candidates would hesitate to work for a startup and also the stability and instability of the employee affect the startup. The team is going to take company’s career . Therefore, the initial team must be well aware of the risks and rewards included in the business. The most important aspect is employees must be passionate about working in a startup environment. They should be aware of the different work culture of big corporations and a startup.

Funding is not Everything

Funding is a critical issue in setting a startup. But not more important than the product. Focusing mainly on the product is necessary. Today or tomorrow, funding will be done. There must be a balance between product and investors.

Don’t Take Sentimental Decisions

Go for people who are skilled enough to run the business, not the ones who are close to friends, family members or colleagues. It is recommended not to be sentimental during business decisions, but to be pretty choosy will raise the name.

Take Care of Carefree Expenses

Significant payments over every stage of the product, that too after funds are stupid. Money investing is a required process for incorporating technology, workforce, widgets, service, etc. inside the company, but with a limited amount of money. The carefree expenses would be even more hurtful in the case of failure. Make smart use of money.

Welcome Dynamic Approach

As technology is changing with each innovation, one has to be ready enough to make dynamic changes at any step. The awareness of market and economy is impulsive. The small companies are easy enough to adapt the technology concerns than big enterprises. Therefore, staying up-to-date with latest trends may save the business from ruining.

Quitting on Right Time

Natural attachment do develop with the startup. A practical approach is to be followed, and one must be well known about every outcome. It prevents further or greater damage.

The Bottom Line

Follow and understand all the points deeply to have a safe and secure business procedure. It is rightly said that
Failure is the opportunity to begin again more intelligently.