5 lessons from first-time tech entrepreneurs

Launching a startup can feel like a mixed bag of emotions, especially for first-time entrepreneurs. Something with excitement, a desire to succeed, fear, etc. Many people embark on their startup dreams, but only a handful make it a reality. For most of us, it starts with one idea of ​​his that could turn into a viable business. Ideas that are passed on and make you want to follow the path of entrepreneurship.

In my case, building a digital solution for will-making, estate administration and estate planning in India struck a chord with me from the start. We all know people who have stories of people going through difficult times because their loved ones died without writing a will. I remember thinking, ‘Why didn’t they do it until now? And, “What are the hidden difficulties?”

Since then there has been no turning back. Just as there is no legally mandated format for how to write a will, I have noticed that there is no fixed rulebook for navigating the journey of a startup.

Here are five personal lessons I learned along the way. These lessons could be of value to other first-time entrepreneurs and help them navigate the uncharted waters of launching their first venture.

Validate not only your ideas, but the “fitness” of your own personal journey with a trusted inner circle

Start by having real conversations with a few important insiders who understand your business idea. This circle should consist of experts in several fields and people who belong to your emotional support system. The second group of people is just as important as the first group. Because they provide honest answers based on their deep knowledge of you as an individual.

Understand your potential customers – invest in research and know your customers better

From day one we did a lot of research through informal conversations with potential customers, moderated long-form video interviews, and comprehensive research. We truly believe that the best validation we can get about the willingness of people to hire comes from potential customers.

In addition to this, their intelligence and ability to make their own decisions should always be respected and demonstrated.

We talk to our customers often, get out in the field, understand their problems in real time, and prioritize creating solutions that address those challenges without being bound by egos or preconceived notions. The last two years of the pandemic have shown how important it is to be flexible enough to accommodate changes and course corrections.

Consistently improve your problem-solving skills by leveraging a variety of experiences

Over time, our core team has gained extensive experience in various industries, making our organization more resourceful and flexible. I think this is some of the most important traits for anyone involved in the early stages of a startup.

The more situations I encounter, the more I come up with new ways to solve them. Developing your ability to stay calm and not panic while solving sticky problems one by one is invaluable and benefits from the team’s holistic perspective and experience.

No one is an island – focus on putting together a team that can be vulnerable

In his commencement address at the University of Houston in May 2017, former California Governor Arnold Schwarzenegger said he did not consider himself a self-made man, noting the fact that was directed. You are the product of a lot of help and will admit that you have to help others.

For me, this reiterates that you can never get enough support.A lot of the difficulty in the early stages of a startup is being in so-called stealth mode and not having a website there. So how do you convince people to join you?

You are pitching to potential employees and continually presenting yourself over and over again. By making people transparent about what we’re trying to achieve, the problem we’re solving, and who we’re solving it for, we ensure that we get people who are very aligned with our vision. I think. It’s the team’s pooled energy that keeps you going. Having a set of brilliant people excited to solve a problem keeps you inspired and motivated by each other’s enthusiasm and energy.

Think of answers to the question “What next?” or “What more?”

Everyone has an opinion on your startup idea, but I think most people give an opinion when they come from a really good place. Familiar with your plans for developing a scalable solution It is quite possible that those who do are skeptical. People wonder why no one has come up with a solution yet, or they want to know how your solution differs from existing solutions. Hear ideas that are more in line with current buzzwords that fit your FinTech category or tech stack.

Many people, including potential investors, business partners, and people looking to build a team, are asking about the different forms and shapes of business models, revenue models, and how they will generate revenue in the first few years after launch. Ask for answers about whether you plan to raise. .

Take your time to think about it and get at least some clarity. Where is the first step in the universe of potential movements and what is your larger vision?

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