Cognoscere: #Logbasexperiences

Cognoscere is a Latin word meaning “To Learn “. Cognoscere is a LogBase initiative in sharing our startup experiences to the outside world. We hope this knowledge sharing will be beneficial to all budding entrepreneurs as they learn from our experiences.

Day One in a Startup

When we look back and wonder on the day one of your startup, it’s not going to be the day you started doing business.

Day 1 is that day when you sit with your friend to discuss about the brilliant idea that you have. Most of the time this conversation happens over a few drinks. You are all excited about your idea and you are absolutely sure that this will change the world. This is your Day 1.

How you follow this day is what matters. We will touch base on it in the future but there are many things that can go wrong on Day 1 itself.

  1. You are sure that nobody in the entire world has thought about a similar idea or the same exact one. Trust me, you are wrong 99% of the time. There is only a very small possibility that only you have thought about this idea.
  2. You are sure that nobody can do it but you. There is a great possibility that someone is already working on it and you have competition. Not to worry — this is good because an additional person has validated your idea. Think about how different you can be before you start working on the product and if you decide to, how will you be able to win the market.
  3. You are sure this idea cannot fail. Most of the times, you are likely to find someone who has done it and failed as well. Again, this is good. No idea becomes a blockbuster in the first go. And now you know one way you should not be implementing it. Learn from those mistakes and solve for it. A robust output is guaranteed.
  4. Gut feeling matters but research rocks. There have been numerous examples where people have succeeded because they chose to go with their gut. But remember friends, LUCK tends to desert people when they need it the most. People always say they go by their gut feeling and succeed. Back up your gut feeling with the right amount of research. The research you do will give the best picture and help you choose the right path.
  5. You don’t need to reinvent the wheel. There is a common misconception that you need to invent or reinvent something to have a startup. That’s not true most of the time. Before Facebook there were numerous successful social networking sites. The catch is the approach you take to solve an existing problem and how well you do it

That’s it for today. We hope it was useful and encourage you to share your feedback and thoughts on the same. Welcome to life in a startup.

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