This is a short summary of the troubles I went through to get my startup atleast started.
Note:This is not a detailed description.It is just for beginners so they get an idea.
One of the main things that you must have if you aspire to become an entrepreneur is the belief and passion that you can do it.
And do what you like, because otherwise you will land up frustrated and eventually quit. The well known entrepreneur Elon Musk also says the same.
In my case I loved making circuits on Arduino, playing with Raspberry Pi, experimenting on Drones,etc. I thought of teaching kids Arduino so as to improve their creativity and curiosity for learning, hence came up with the idea of a startup called “Kidrino”. A service based business where we would approach schools and conduct workshops.The designs were made and the entire plan laid out.A couple of people said the idea was great after reviewing the plan and all that was remaining was starting off.
Now the bad part begins. I had no clue on how to register and what are the necessary documents. Banks were asking for a set of documents and so on. Also I did not have a co-founder and had to do all this myself. Creating a logo,brochure,posters,reaching people,etc. All of a sudden everything became a nightmare.It had been almost a year since the idea originated and there I was swinging to and fro thinking if I should go ahead or quit. Over this brutal period I realized a lot of mistakes that I was making.
I did not like the registrations and other paperwork.It felt like a daunting task to do.This caused me to postpone adding to more confusion and hurdles.Almost few months later I realized it was easy and went ahead.
Reaching people was a headache.I am not a very social person.This caused me fear and trouble to reach out and speak.
No idea of numbers.I was asked to prepare a DCF by my mentor and ended up with the worst possible one. This happened because of not taking into account market survey and other essential facts and figures.
Whom was I selling to??? No clue
Balance sheet reading and understanding.I had no clue of that either.
Dealing with suppliers, design of packing and sending kits to schools was itself another department to handle with
No networking.Alas I did not have a single customer and messed up everything I could in the startup.
Overall I messed up because I did not have the prior knowledge of how a startup works and necessary research that one must put into before starting a company.
I am now slowly trying and correcting my mistakes and hope not to do any stupid things like this in future.Making a company successful involves a lot of hard-work, passion,learning and of course people.Network with as many people as you can and explore possibilities, for anything can be successful if you put your time and manage your resources well.
I strongly recommend to take up Entrepreneurship courses on edX and Coursera. The insights are pretty good and one can learn a lot from the best people.