Approximately two years ago, I, with a couple more friends, attempted to start something of our own in the event management industry, which fortunately or unfortunately, failed. Throughout my entrepreneurship course, I have constantly been looking for answers and improvements I could have done during my last startup experience and something that I am eagerly waiting to apply in my future.

So I made a note of the following from my course, as I know these are the most practical and important steps to turn that dream into reality. It follows a lean-startup model methodology, where basically it allows you to fail early and pivot quickly rather than failing later. Here you go :

Problem statement: Begin by clearly defining the problem statement. There’s nothing worse than a vague problem statement – separate it from your idea always. You need this to ensure it is a pain killer and not a vitamin to build your MVP(Minimal Viable Product, a term used by entrepreneurs quite frequently).

The last time I wasn’t successful in my business idea was because I was so absorbed with the idea of creating something in the event management world, that I forgot what problem I was really solving. This also will motivate us to keep going during tough times – “Start with why” – sometimes it is all that you need to inspire yourself to keep going.

Customer discovery: There is nothing more painful than creating a product or service that no one cares about. Maybe you have the best idea, but do the customers really care about it? This is going to take multiple rounds of discovery so be patient. Talk to as many people as possible, grow your sample size. I would definitely refer back to the book “Talking to Humans”- it has the best approach to speak to your potential customers. The most important learning is to ask open-ended questions and avoid advertising your idea in the initial customer discovery phases.

Fail early and pivot: I know this is the most difficult point, but there’s a fair chance that we find ourselves in a position, after doing the customer discovery, that the product does not fit the market very well. Other times, our idea would already have been executed by another organization before we did. In situations like these, do pivot. Keep refining the product/service as long as it takes to fit the market demands exactly. It is better to fail early via customer discovery phases and pivoting rather than actually failing later after investing a lot of finances and time that wasn’t worth it.

Design Thinking & Creating Personas: This is the most creative part and the one that I love! While market segmentation, it is very tempting to keep expanding your product features to include more and more customers. It only increases the risk of failure as you would not be concentrating on the needs of clearly defined market requirements – resulting in features of the product not solving anyone’s problem. I would remind myself – ‘Please do not be greedy by trying to capture all the market’. Create a clear market segmentation and define your personas. Follow the steps of design thinking : empathy -> define -> ideate ->prototype -> test. The tools to create personas using interaction design techniques have been very helpful and super fun during my entrepreneurship project(you can find a ton of tools online that could design a visual of your persona).

Early phase financing: This is something I have struggled with earlier as well. Do ensure to clearly layout the finances needed and forecast the costs. Before looking for investments, trying to fund it ourselves through savings or through side hustle is a wise choice. Reaching out to friends and family before reaching out to banks and venture capitalists is also a choice. But be very sure that this phase only comes after the customer discovery phase, so that you are investing in something worth the time, effort and costs.

During investment pitches, we might be offered finances in return of certain shares of the company. Also, we might be reluctant to do so, but remember that it is more important to grow the pie. Forget the fixed pie concept and instead focus on increasing the pie size so that no matter what small piece you have, you still get the most out of it.

Partnership: Make wise decisions while creating a partnership. We are always leaned towards making our best friends as partners – but think twice. The best partner will be someone who complements your skills – if I know finance is not my strength, or I lack some experience in the industry I am entering, then I will find a partner who fills these gaps. There is nothing wrong to have paperwork in place even if you enter this business with your best friend. Clarify it all in the beginning and be prepared for any situation that could go wrong. The other aspect of this is to let go of people not contributing to the business’s growth. It will be hard, but it will be the best decision for both our company and them in the long run.

It’s about the journey, more than the destination: Remember, when you get into this process, you will have to go all-in as you progress. Informing the family and closest friends about the hustle is important. They need to accept and understand this situation. The greatest strength and support will come from them. I remember having a slight reluctance from my mom when I started working on my first startup idea. And it is important to have those crucial conversations and explain to them why it is important to you.

The most important part of this is the journey itself. There is joy in this process. Often, focusing only on the final destination could be tiring. So enjoy the journey, the ups and the downs, the highs and lows – because it is something you will always cherish for life. The most we learn and grow is when we are walking through these phases.