Latest posts by TheStartupMojo (see all)
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- Finally Paypal hits India, rolls out domestic payment services after a year of Demonetisation - November 9, 2017
Startups are the manifestation of Founder’s belief and execution! No wonder billion dollar companies function with handful of employees and most of them are fuelled by spirits and less of skills. The person who is the curator and the custodian is at the driving seat! He is the impetus behind all of them moving in the right direction yet the beauty is, both the founders and the employees are not good alone!
Who amongst the founder doesn’t want his Startup to reach the acme of success? Every chat company believes to bring in the next wave like Whatsapp. The taxi app wants to revolutionise the Uber way and every e commerce store dreams to reach the size of Amazon! To dream to achieve is the first step that seeds the Entrepreneurial spirit and it’s absolutely good and healthy for your Startup to dream big.
What Founders have to bring, along with dreaming within them, is the Entrepreneurial State of mind which is free from Error Blindness. Error Blindness can create a false layer of belief which sought all your decisions taken in the positive spirit as Right, always, and you would ignore your peer comments and feedback and for that matter anything that is talking ill about that idea. Your mind would refer to your days of Entrepreneurship and think of going alone with your decisions, if no one supports you. This state is cancerous as you would not realise that what you are doing is not good for the health of the organisation! And its proliferation can lead to bankruptcy and shutdown. Tweet This
What is Error Blindness?
You are sleeping over the idea to take next leap that your Startup is going to take and you have framed a complete picture to reach the destination. Now your references such as online portals, research stories that you refer to, are flooded with the success stories related to your picture you have framed. What you have not mapped is your organisation’s status and health to be able to take that leap of faith. Your mind is busy seeing the picture of your success and heights with this leap. And posts attaining this Degree of Optimal Confidence you have commanded your mind to “read, eat and think positive! Anything negative to your leap of faith shall bring in negativity and a bad fortune so dont even stare at it”. You have instructed your mind to react in the same manner, with your relevant readings, suggestions and experiential learning.
The above feed which you shared with your mind has developed so much positivism that it starts ignoring the mistakes that we tend to do and thus it brings “Error Blindness” – A stage where your mind ignores subconsciously the mistakes that you do and instructs you to continue doing it. Tweet This
How to keep away from Error Blindness?
Like cancer it can be cured but you always have the risk, for it to seep in, again. Keep your complete hold on the operations of your organisation, try mapping your Revenue, Profits, LTV of a user, EBIDTA and other vanity metrics and seek data relevant goals for your company. No growth can ever be achieved if it was not measured in the first place. You have to start believing strongly in the Power of Data and keep yourself in complete sync and rhythm with your Startup Statistics.
Data is the only cure
You might have come from a background that may or may not support Data Driven Decisions but it’s essential to foster the culture of Data Driven Decisions in your own Startup. It shall always keep you away from Error Blindness and is completely in sync with all the logic of raising businesses that ever existed. So start seeking relevant data points to fuel your Startup’s growth.