Startups have become a business fashion in today’s life. Every third person wants to go for business. It has its charm regarding money market, reputation and moreover, fame. Not all business does well, is a bitter truth to swallow for those making their mind towards business and for other fellow men either.
One such startup was Walnut. Walnut was a sort of education startup initiated by Arpit Kothari, a 3rd year IIT student, to make science and technology more fun through mentored projects and short courses. Inspired by the business tycoon Dhirubhai Ambani, Arpit started, but anyhow failed to make it. As a consequence had to shut down – Walnut within eight months of beginning.
Failure is a part of life. What’s vital is, to learn from the failures, the mistakes you have done and the problems you have faced. Learning from his venture Arpit Kothari himself shared some of the essential lessons from Walnut failure:
Initiate the idea into work is required at the beginning for the business. Start things you are interested in, and they will push you to get going on the path to achieving the goal.
Bright and long-term visibility will help your startup to breathe in the market. The goal must be high, hard and unique and the consistent burning desire to achieve it have to be the mission. Don’t startup for the sake of trying different; they have to be definite. For stability, you have to be the best or nothing.
Sales are Must
An entrepreneur should have skills those are necessary to run the business. If it’s your idea, then being the head of the startup family you are solely responsible for it. You should learn the tactics to manage it from small to big issues. The sale is one skill which is the most difficult part of running the business. An American business person Mark Cuban has said that sales are the answer to almost every business problem.
Teamwork Makes The Dreamwork
Forming a team in the initial stage is a crucial task. Why? Because they are going to decide the future of your startup performance. Mostly it’s the team behind every startup. The team members are the pillars of your startup; they got to be brilliant to make your dream work including the Co- founder. Correct decision and selection will either make or break your future.
Don’t go After Money
Making money from money is what we can see right now in the business market. Along with that customer satisfaction is a factor that is needed to be more focused on. Making name in the global market is critical if you want your business to sustain for a much, much longer time. The money will not play a key role initially so let it be, try to concentrate on enlarging the business with robust roots. Once the idea got established, strong revenues will automatically be generated.
The occurrence of problems is common if you have come into business competition. It is not all easy from the first step. Since knowing that this will be the manner of things instead of getting panic, relaxation should be adopted. Trying new stuff will undoubtedly lead to problems, and this situation often comes. Better to get used to it and learn to claw your way out of it.
Nothing worth having comes easy. Hard work is that element which transforms almost everything into reality. Success demands hard work so as startups.
Build Technical Knowledge
Everything is online today. Online presence is the biggest medium to communicate with the consumers via technology. Social media like Facebook, Linkedin, Twitter or company websites plays a huge role in generating customers. Learning coding would be a great idea to enhance the marketing.
Empathy In Work
Understanding of people’s problems, their issues, problems you faced are the things which are needed before jumping into the business. Solutions to those going to make a real impact on the society and eventually on your business as well. Talking to the clients, figuring out their problem areas and needs should be the primary focus.
The Bottom Line
These learnings will make stairs for success if followed. After making mistakes and learnt from them Arpit Kothari is all set to face the new challenges for his new adventure, Medd. Cause he is not going to stop before success, neither anyone should.