- Don’t start a venture because you see people around you doing the same. Avoid herd mentality – you don’t want to be just another ordinary one in the sea of startups
- Don’t pick a sector (like e-commerce, lifestyle products) just because it’s the flavour of the season
- Don’t overspend when you’re starting out, keep your finances under strict check
- Don’t pick team-members who’re not as passionate as you are about your idea
- Don’t indulge in side projects to earn quick money to pump into your startup – you’ll just lose time and focus
- Don’t copy working models – have your own and work on your USP
- Don’t go for angel funding immediately. Bootstrap, borrow money from friends and family, make some real money and then approach investors with your initial traction
- Don’t expect angels/VCs to jump at your idea, however unique it is. Understand their mindset - investing in a startup is a high-risk investment
- Don’t look for funding with vague ideas – you must have an in-depth, well-scripted business plan, with the numbers on how to get there
- It’s a tough market, so don’t get overconfident about a growing market size – customer acquisition comes at a cost