10 Don’ts

For wannabe entrepreneurs
10 Don’ts
outlookindia.com
-0001-11-30T00:00:00+0553

  • 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

Ashutosh Lawania is co-founder of the Bangalore startup Myntra. This did not appear in print

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