During my startup journey, I realised that a lot of times we tend to develop biases about a lot things which cloud our mind and tend to inhibit the proper growth of the venture. Some of these include:
- 'Build your product for yourself' bias: When thinking about what is the perfect product, we tend to assess what we would like to see in the product and go ahead and build based on that. We need to remember that we are not the customers. Getting relevant and adequate feedback from others (preferably in the target market) is extremely important for an optimal product to be developed.
- 'I can manage everything' bias: It is a common human tendency to not accept one's own mistakes and inadequacies. An entrepreneur must know and accept what his/her strengths and weaknesses are. Only once you know can you build on the weaknesses.
- 'Make a run for it' bias: This is the bias I faced a lot. This means that once I finalised my initial business plan, I started focusing on the execution and got so involved in the daily running of the venture, I completely forgot to assess the progress and growth of the venture from time to time. Focus is very important for any startup. However, the venture needs to be analysed from time to time to ensure that we are moving in the right direction.
These are some of the biases I have faced personally in my journey. I am sure there would be many more. All of us should learn from each other's mistakes and ensure that our venture's growth is not inhibited by any of these factors.