This post is about the learning from a failed attempt to develop an idea into a possible start-up. My friend and I invested a considerable amount of time in trying to develop a prototype for an idea that we had. And at the end, we were not able to launch it.

As newbies in the start-up world, we made several classical mistakes. One of the mistakes is we didn’t follow the rules listed in the blog Loic Le Meur’s Ten Rules For Startup Success.

Rule #7 is something that is commonly advocated by other folks in the start-up world as well as Web 2.0 community. Among them is the folks from the 37signals.com. If you haven’t checked out their book Getting Real book, I would highly recommend it. It is a treasure. You will find all kinds of great ideas and resources about developing successful web based applications (more on this later).