August Fest has 8 lessons for startups and entrepreneurs
1.Passion Alone Is Not Enough
Yes, you read it right. Most of the entrepreneurs think that whatever the product or service they are providing is the best and fail to take a feedback about their end product. In the end the product fails to reach the target customers which in turn leads to the collapse of your startup.
2.Get Feedback about your product from the customers who are already using it
Its very important how customers feel about your product. Always reach out to your customers and get to know the problems they face and how to make it better. Most of the companies are successful because they lay a lot of emphasis on their customers.
3.Build, Test, Learn, Iterate
Always make sure that you have minimum infrastructure to build and run your startup. While trying to build a product generate insights about the product from your customer. Repeat this until the customers are satisfied with your service.
4.Fail Faster to Create Learning
Nobody in this world is an overnight success. Many of the great entrepreneurs have endured a lot of hardships while their companies were in their budding stage. Try out new things with a lower investment and look out if the plan works or not. Once you identify that the plan works start to build the infrastructure.
5.See What Keeps You Happy
You will receive a lot of negative reviews about what your startup is doing. Its important that you love whatever you do as this will make you stick to your goals in the long run.
7.Focus on Solving People’s Problems
The possibility of getting to know a customer’s problem by asking him is almost nil. An entrepreneur must observe what are all the difficulties that the people are facing around him. He must know how and when to implement his plans in a better way possible.
8.Keep Your Personal Expenses Low
An interesting fact is that the most entrepreneurs pay themselves lower when compared to the executives who are higher up in the ladder. They employ people who are better than them and pay a decent amount to retain them in their organization. Its very important that you hire people who are better than you for your startup to reach great heights.
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