Don’t Start a Startup | #DailyBlink98
Don’t start a startup
If you don’t have a stable source of income that can pay for your monthly bills, then don’t go for a startup.
Startups are way different from companies. You cannot randomly start working on a business idea and call it a “Startup”.
💵 Funded Experiments
Startups are crazy hard, it’s just an idea in your mind, it’s like experiments, and experiments need funds until you can prove that the business model works and you can make a profit out of it. When it does, it becomes a company.
Startup founders are like scientists working on ideas in a lab through repeated experiments (mostly boostrapped and self funded). No doubt why most of them fail eventually while very few of them end up disrupting an existing market by creating new ones
So, startups can be insanely hard if you don’t have funds to build your product, team & distribution. Not to mention it takes a crazy amount of time to turn your idea into a reality.
⚠️ Isn’t there any way?
Yes, there are several ways, one way: Pick a niche, start with a business idea.
Be it any product [physical, digital] or services [agency, consultancy firm, media].
🚀 Sell your commodity
💰 Make a regular source of income
🤝 Build a trustworthy rockstar team
🎩 Build a valuable network of smart & hardworking individuals
And when you feel you have fund reserve for your runway of pursuing your idea, go work on that idea you have been thinking about.
Bonus: Until then you will have a better understanding of the market, distribution, and its working before pursuing your idea. If it is actually a problem that people will pay for.
🌪 Take risks, but calculated ones.
Be irrationally passionate but be realist too. We often forget about money, which literally buys us our essentials and has different significance for different people working together.
Startups are fun, exciting but no joke. Because when you are building a startup, it’s not just about your journey, it’s also about the individuals who trusted you to join the journey. It’s more than a responsibility. Not everything you pay for comes with a price tag.
I really wish, I knew all these 5 years back.
[To all the bootstrapping entrepreneurs out there, I have so much respect for you 🙏]
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