So we finally (soft) launched WorkMonk last week, it still has many bugs and design issues but we decided that no point in keep on fixing things and we should just launch the platform. I personally feels, you can do 80% development in 20% time, it is the last 20% which will take 80% of your time, so sometimes it is good to move on to next stages as per the deadlines and keep fixing/launching features as you go.
I am writing this post hoping it can help other startups and wannabe entrepreneurs.
Here are our Mistakes which we did in building WorkMonk
1. Hired wrong guys – this was expected (and this happens with everyone) since I am somewhat new to all this, anyway we quickly figured out the mistakes and corrected it so not much damage done.
2. Took decisions too fast specially those which involved money (I don’t have any regrets though as at that time, they looked the right decisions)
3. Tying to build things in mid air with no base. Building and creating things is fun but we didn’t realized the valuable time and resource loss. A big part of our code is now useless but it is ok as this is how you learn things, also I learnt some new ways of building things.
4. Instead of growing vertically, we started growing horizontally and started focusing on multiple markets instead of focusing on different segments of same market (ideally initially you should only focus on one segment of core market)
5. Not understanding the bandwidth – Every startup has certain bandwidth depending on the number of founders, size of core team, available resources etc, we miscalculated this though we quickly figured out the available bandwidth so not much damage done.
6. Too much focus on money and earnings rather than on technology and building platform.
1. If you want to get something done, do it by yourself.
2. Money leaks fast.
3. Technology > People
4. Everything will take 2x-3x more time then your estimation
5. Stick to your strengths, converting your weaknesses to strengths only sounds good on paper.
6. Don’t get stuck in operations, keep building vertically
7. Don’t spread yourself too thin, specially if you are a single founder