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Luke Emery

What's the most important lesson you've learned from a startup failure?

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Surya Manivannan
When I was getting into entrepreneurship, I based my startups around product ideas i found cool. As I tried to gain users, I spent most my time convincing them that the problem my product is “supposedly” solving is real. The most valuable lesson i learned is coming up with cool product ideas is easy. Identifying the right problem will get you half way up the mountain.
Luke Emery
@surya_manivannan1 Yes I think creating cool businesses is the worst idea ever because 10 million other people have the same idea. Whenever anyone tells me they are going to start a t shirt or jewelry company it hurts my heart
Surya Manivannan
@luke_emery yes Luke agreed. the traditional idea like you mentioned as well as the outrageous ideas 😂
Tim Dierckxsens
Don't fall in love with your product and don't forget to ask yourself if the problem is real
Aidai Zu
@web3tim this is gold!
Luke Emery
@web3tim Yeah I like to create businesses that are boring and NO ONE will love them, but make sure they serve a purpose
Tim Dierckxsens
@aidai_zu my pleasure!
Kavita
Marketing > Product Building
Luke Emery
@kkavita yes absolutely!
Shamil Kuramshin
Long term vision and value proposition are not smart phrases from business books, they are essential
Luke Emery
@shamil_kuramshin Yes we are focusing on our value proposition from the start
Blake Whittington 👾
1) Prototypes aren't businesses. 2) Be ruthless with killing zombie startups — 'businesses' that are essentially the walking dead 🧟
Luke Emery
@blake_whittington I have many of these, but something I realised that is valuable is that people will buy a prototype so they can turn it into a business. Last year I sold a buggy software I had built for $1000, which is better than $0!
Blake Whittington 👾
@luke_emery thanks for that! Very good point
Hamza Q
Start off with good people around you. Even more important if you're a solo founder
Luke Emery
@hamza_q4 Yes, most of my friends are entrepreneurs which means I am always talking about the things that help me grow
Josh Harris
@luke_emery how do you find fellow entrepreneurs? Do you go to conferences and events?
Luke Emery
@josh_harris5 No but meeting some entrepreneurs lead me to meet more
Hassan Muazzam
The most crucial thing to learn from startup failures is market validation. Before allocating resources, verify your target market, comprehend client needs, and undertake research. Success chances are increased by early guarantee.
Luke Emery
@hassanmuazzam All of my ecommerce businesses before started off as little side projects and when I could see there was a market I would go all in
Carter Michael
If you don't market it, no one will see it.
Luke Emery
@carter_barnett Marketing is no.1
Aidai Zu
Failure is experience. We learn a lot thanks to it. Failure is totally fine. Everything go through some fails, so do us people. The best thing you can do with a failure is to embrace it and learn!
Luke Emery
Lots of them) You can't predict a lot of things, like an economic crisis, war, or something else. But the main thing is that you should always focus on your customers first and build your product/business considering the changes in the market.
Luke Emery
@serhii_uspenskyi Yes the only point of a business is to serve customers
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