Q

My startup idea is no longer viable. I am very worried.  My company was accepted at a well-known accelerator program earlier this year. We got exposure to other startups and mentors and now I feel that many of the assumptions we made were faulty.  My team is so optimistic and I don’t want to let them down. What do I do? I feel I am in hell.


A
Answered by Meeta Malhotra

I would say that you have actually taken a huge leap forward just by becoming aware that there is a problem. Many people in your position would not face the issue like you are doing.  There are three things that I would ask you to do:

  1. Immediately speak to someone senior you trust in your ecosystem and your accelerator team. Share with them the reasons that you feel that there may be issues with your initial idea. This happens with many startups and experienced advisors will be able to help in multiple ways. They could help you think through the obstacles or they could suggest a pivot.
  2. If for some reason, you really cannot proceed with the startup, thank your stars that you have figured out reality so early on. The fallout will be so much worse later, if you proceed with an unviable idea. The experience you have gained will prove invaluable, no matter what you do in life.
  3. Finally, stop beating yourself up over your team. You need to think clearly at this time and you won’t able to do so if you are overcome with guilt. Everyone is aware that there are risks associated with a startup. Emotions may run high now, but eventually any sensible person will see that it is better not to proceed with a bad idea.

Be strong and calm – you are doing the right thing and there is nothing to be ashamed or fearful of. This is a situation that countless entrepreneurs before you have faced and triumphed over. You can do it too. Take one step at a time. All the very best.