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Biggest mistake done by Entrepreneurs & Startups

Assuming Money will work for me

I never liked the idea of working for someone. Entrepreneurial itch always took over my stable income job and I kept trying to make dent in the world. It was then the market was flooded with engineers and no one was getting job. People started flocking in front of Bank coaching centers. I realized that it was not because of the lack of opportunities but it was more because of the lack of quality in education. I wanted to bring up a company that teaches new generation languages and frameworks to college and outgoing students.

That is an awesome idea. I felt it even ground breaking. It was way before Udemy and similar sites became popular. I selected a place which was supposed to be the hub of Engineering Colleges. I found a place which was much visible for commuters. I spend a lot of money in Office interiors, hiring people, conducting hiring events, conducting free seminars to introduce my ground breaking concepts to students.

Wow! Every student who attended the seminar exclaimed. Since it is ground breaking long-term course, the fee was high. They could afford it, i thought. I have people to do marketing for me. I decided to sit back and relax while my employees bring students to my startup.

Well rest is history. I lost big amount and startup closed effectively in 8 months. What were the issues? I guess by now you might have guessed, if not find it here.

1) Engineering students struggle to pay fees and they cannot afford hefty extra fees

2) Location is most important thing for the price tag – Bangalore can afford but Kanyakumari cannot.

3) It is not money, your biggest problem. It is the rest of it. My organization became famous since my employee decided to tell the press that the lift was not good. This created enmity with the building owner. Parking was second issue. Internal politics and fights has to be solved and most importantly you have to work and your money will not.

4) Start simple

5) Visibility of your enterprise is awesome but being in the top floor incurred hefty expenses in heat maintenance and finally failed in doing it. You don’t see these negative things when you are in a hurry to burn your bucks.

6) There is competition – Every where. Do a thorough market analysis and price the offerings according to your competition.

Patience and perseverance are the best qualities of an entrepreneur. I have learned from my mistakes and I am still not settled being an employee. I looking for the next opportunity to break free and make dent in the world 🙂

About dhanus@dhaneshnair.com

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