After almost twenty years of experiences, I pen down following learning lessons which can be useful for any stat up. What went wrong and what mistakes were made are important to understand, but equally important is to take forth those lessons into future ventures.
Here are the lessons I have learnt:
1. Focus on the Role /strong>
My role in the organisation was that of a business and finance champion. You must understand your role in organisation. Weather you can fixed up in it very much properly. I used to share Role awareness to Role analysis with learners. You cannot pressure up very well on that domain and you find lose at last. After all, business is a business.
2. Set TEAM needs
Risk and Reward is most important in the day to day working. Salary is most important factor of motivation.You must match up to next level of finance of organisation. Financial crisis and investment capacity play vital role in the business. this is not the place to recruit your own people. People adjustment game could be prove very risky at end.
Employees always want to be in safe zone, secure zone and which offer them comfortable living. If you cannot offer it , leave it. Immediately. It is foremost requirement.
3. Don’t work on weakness.
Strength is a main point. Usually, you invest more time on weakness. Your unproductive focus and efforts and consciousness to cope up with weakness, at the end, do not help organisation.
There is no doubt, that an organisation, needs finance every day. Investor always speak different language. This pressure, finally, disturb environment of relationship and organisation.
4. People management
You always want to plan and built up team from people who are close to you and you know them form last couple of years. Who is fitting to what role and clarity and performance at optimum level play vital role in surviving company. What is more important person or his/her skill and performance.
5. Continue audit
I have seen many start-ups spend money very freely after getting funding. Frivolous expenses not only weaken the company, they also attract negative press in case of eventual failure. Constant effort in the area of results and goals need very much badly. Result is very much badly expected and it is only a language.
6. Be flexible on strategy
Rigidness and lack of flexibility unnecessary take organisation in to bad shape and one day it take company , really in to most horrible shape .Finally, you stand on cross road. You need to be too good to style, strategy and approach. Market is always very much different and moving accordingly. This could lead company to any level and slowly people around you lose trust and confidence in you.
7. Call to quit
Founders routinely become emotionally attached to their start-ups, especially if it is their first one. Be practical. If you see that things are becoming unsustainable, or that customer interest isn’t shaping up as expected, take that difficult call and shut down the business. You may be able to prevent greater damage.
Above are the major lessons i had learn. From experiential sharing attitude, failure stories can help you more in doing work most successfully. Success stories can help you in moving forward and inspire too. But failure stories can make you more stronger and strengthen.