I wrote an entire book about it, because I keep seeing people crash and burn. I literally stopped consulting for startups because among young entrepreneurs it is a bloodbath caused by exaggerated egocentrism, distortion from reality, baseless optimism, perfect ignorance of the market, chronic lack of funds, and zero grit.
The fundamental advice
Do NOT operate in a market you do not know. There are simply too many people and already skilled competitors. They are all professional boxers. First become a professional boxer, then get in the ring. Otherwise you will be knocked out.
Do NOT start a company without AT LEAST ten years of experience in the market where you plan to open. The Dunning-Kruger effect makes us exceptionally good at deluding ourselves that things are simple, precisely because we know nothing.
Work in loops: product development → MVP → quick client testing → marketing test → collect feedback → repeat. You will realize your initial idea was nonsense, but that the market needed something else, and you must give it to them.
There are no weekends, no evenings, nothing. Until you start selling and have cash flow, entrepreneurship means being obsessively focused on quality, customer service, and product. Statistically, 95% of the time you will fail.
Criticism is gold
The best thing in the world is criticism. God bless criticism. You must love the experts who criticize and destroy you. They are saving your behind.
It takes years to learn to detach ego from criticism. For years you will naturally react, justify yourself. But you must do it. Criticism is the closest thing to a million-euro-a-month salary.
The final truth
Entrepreneurship is an ultra-high-risk adventure that totally consumes you and your resources. If it were not so, everyone would do it. That is why it is such an exciting sport: because it is elitist.
Only start a business if you are truly ready for all this. Otherwise, look for a permanent job. There is no glory in being an entrepreneur and spending years having your soul destroyed by the market.
