Definition of success and failure is different for different people. For some failure means the ultimate death and for some its a learning step for the next big thing.
Rajesh Jain articulated very well on his post about Why Failure Happens:
- Too much Vision
- Wrong Idea
- Wrong Product
- Inability to Sell
- People Mistakes
- Flawed Execution
But a true entrepreneur has a never die attitude. Great entrepreneurs want to solve hard problems. They want to cause fundamental shift in businesses. But what causes this fundamental shift in businesses ?
Do fundamental shifts occur by having a great vision or is it one builds a vision as one is following a particular path. I myself yet don't know the answer. There might be both category of people but I am getting more biased towards people while pursuing their interest reach a point where they can validate their stuff which later on leads to building up of a company with great vision. Google, Yahoo are great examples. I don't think the founders would have thought the scale that they are at today while they were at stanford.
Loss of focus and following the right strategy is very important at every stage in a startup. Trying to follow two strategies together often results in a big loss of resources, time, money and doesn't give in the returns. This is what I experienced it personally. But getting to know what's the right strategy is a very tough job. And when one reaches a conclusion point, corrections need to be made and hard decisions need to be taken.
Moving from a job to starting your own venture is a lot different. One of the biggest thing it teaches you is Reality. How to deal not with software but with People!
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