A Masterclass On Building A Successful Start-Up | SparX by Mukesh Bansal

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Jun 24, 2024

Discover why 90% of startups fail within five years and the importance of thorough market research. Learn how co-founder compatibility and clear communication can drive success. The discussion highlights the need for startups to solve real-world problems, using examples from Uber and Airbnb. Gain insights into achieving product-market fit and the role of a strong organizational culture. Finally, embrace failure as a stepping stone to growth while navigating the challenges of entrepreneurship.

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ADVICE

Founders Must Align Early

Choose co-founders with work compatibility, not just friendship.
Set clear decision roles early to avoid fragmented leadership and conflicts.

ADVICE

Solve Real Problems Only

Startups should solve clear, unique problems, not just chase fads.
Identify real-world needs to build product-market fit.

ADVICE

Know Your Customer Deeply

Deeply understand your real customer beyond friends and family.
Observe and interact closely to gain true consumer insights.

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Is there a real need for the product? Who is the target customer? Was there a product-market fit? Many start-ups falter because they neglect thorough market research, resulting in a misaligned product-market fit and tepid demand. Entrepreneurs fail to understand funding, building the right rapport with co-founders, having an unclear value proposition, so on and so forth. In this episode, we discuss the factors and reasons that lead to 90% of start-ups failing within the first five years. Additionally, we share measures and advice on how entrepreneurs can ensure the build a thriving business. Resource List: StartUp Failure Rate and Statistics In India: https://forgefusion.io/startup-failure-rate-and-statistics-in-india/ Start-Up Guide by Google: https://about.google/intl/ALL_in/philosophy/?utm_source=about.google&utm_medium=social&utm_campaign=copy-link History of Uber: https://www.thestreet.com/technology/history-of-uber-15028611 History of Airbnb: https://historytimelines.co/timeline/airbnb Article on Steve Job’s firing from Apple Inc.:https://www.thecorporategovernanceinstitute.com/insights/case-studies/why-did-apples-board-fire-steve-jobs-in-1985/ 1,000 True Fans | Kevin Kelly | The Tim Ferriss Show: https://youtu.be/py43k-mSG7s?si=zYLECUSLekCsSi89 Good to Great, Book by Jim Collins: https://amzn.in/d/00BRz2W3 About SparX by Mukesh Bansal SparX is a podcast where we delve into cutting-edge scientific research, stories from impact-makers and tools for unlocking the secrets to human potential and growth. We believe that entrepreneurship, fitness and the science of productivity is at the forefront of the India Story; the country is at the cusp of greatness and at SparX, we wish to make these tools accessible for every generation of Indians to be able to make the most of the opportunities around us. In a new episode every Sunday, our host Mukesh Bansal (Founder Myntra and Cult.fit) will talk to guests from all walks of life and also break down everything he's learnt about the science of impact over the course of his 20-year long career. This is the India Century, and we're enthusiastic to start this journey with you. Follow us on our Instagram: / sparxbymukeshbansal Also check out our website: https://www.sparxbymukeshbansal.com You can also listen to SparX on all audio platforms! Fasion | Outbreak | Courtesy EpidemicSound.com Built to Last: Book by Jim Collins: https://amzn.in/d/06UJQDXy The HP Way, Book by David Packard: https://amzn.in/d/09M92m6N