Startups rise and fall every month; this is the scenario of IT industry. Currently, this sector has more startups as compared to any other area. Even though 80% of the startups fail, there has been no notable decline in the emergence of new startups. If you are an SMB owner or are thinking to lay the foundations of a new business, there is a lot to learn from the failures of these startups.
It is true that you will have many hindrances establishing the business. However, there are certain things you can keep in mind to avoid many pitfalls. Carista is a startup which began its journey with high spirits and even after hitting snags, has maintained its balance through constant efforts and hard work.
Carista was founded by Harsha Vardhan and his friend. Their journey began with a mobile car workshop and a cozy office in the basement of a building. Their aim was to run a multi-brand car service after Harsha and his co-founder decided to give up on their initial startup named Carfields.com. They did a bit of market research and quickly found out that every second customer was dissatisfied with his dealership garage, and they decided to aim at this feeling.
They took their ideas to Exhibeta, a startup pitching event and presented what they had in mind. They sowed the seed of their startup that day and began preparing the prototype and the feedback of their product. They wanted to be showcased as a service provider. The team started working along the same lines when the COO of Unicorn contacted them and asked them to meet. After having a discussion, the COO offered them an employment opportunity with a good pay scale, and a respectable position is leading to opportunities worldwide, the only condition was to put an end to Carista. They gracefully declined their offer and began building their dream. They are currently operating from their basement office and have completed their six-month journey amassing a big client pool on the way.
Lessons to be Learned
- Just because you have failed to establish one startup does not mean you lack the capability. Building a business is based on many factors like market demand, expert team, research, etc. It may happen that your second idea is loads better than the first one.
- If you believe in your product, and it has the capability to rock the market, chances are there will come many lucrative offers to demolish your presence.
- Build your business after careful research of the demands in the market and feedback from people.
- If you believe in your product, don’t divert from it.
- Before making an offer to someone, it is better to get to know their side of the story.