WHAT startup founders should know before they learn the hard way04 Jan 2016
Your idea is not revolutionary
Your idea is hardly revolutionary. There are very few ‘new’ ideas. It is not about the idea, as much as it is about how you execute it. What is the value you are providing that is not being provided by your competitors?
Your co-founder(s) are extremely important
Your co-founder will bring a whole area of expertise and skills to the business that you build together. It is important that you align your visions with theirs, and have similar work habits and work ethics. One of the reasons why startups fail is because the founders start having differences.
You should know how to utilize money
You should know how not to burn money. Have a business plan and make sure you use your funds judiciously.
A sense of urgency
The startup eco-system is rapidly evolving, and as an entrepreneur you need to move fast. Make a sense of urgency to do things a habit.
Take calculated risks
You became an entrepreneur because you took a risk. Most people would rather do nothing than try something new. Sometimes not taking a risk is a bigger risk than the risk you are contemplating. Know all your options and take calculated intelligent risks.
Don’t be averse to change
Being averse to change is the reason why we don’t see results at the gym, or do our bit in protecting the environment, etc. often it’s a real scare that results in changing behaviour. Don’t let it get to a stage where you are forced to change. Be adaptive and grow with change.
Not all employees will share your commitment
When you start hiring people for your team, there might be people who are motivated by things different from what motivates you. They will have their own goals. You will have to figure out what motives them, maybe it is money, or career development, other things could be working remote, flexible hours, freedom to do things in a certain way, etc. You have to understand that employees will never be as invested in your business as you are. Know how to deal with employees and listen to them. Be responsible for the culture you set for your company.
Your employees may share your commitment to your company, but their goal should also align with that of the company. If not, they will only be slowing down your growth.