9 Really Useful Pieces Of Advice To Help You Launch Your Startup This Year
When you start a new business, you will make your own, unique mistakes. You don't have to make these mistakes...
-
vote votes -
vote votes
So, this year is going to be the year!
you have your mission statement all written out and you have a clear business plan.
Before you launch that startup, here are nine, "hard won" pieces of advice from veteran founders, that you should keep in mind before your launch. Best of luck!
Just because someone tells you an idea sounds brilliant, does not make it a viable business
Just because someone tells you an idea sounds brilliant, does not make it a viable, investible business. Having a patentable idea does not mean it will make a profit or that someone will pay you handsomely for it either. After I was issued a patent, I believed national retailers would be interested in purchasing my idea. I called and emailed corporate executives thinking I would receive responses. In retrospect, I am glad I didn’t hear back from any of them, as it would have derailed my progress and mission. - Rebecca Romanucci
Write everything you come up with down in a journal
Write everything you come up with down in a journal. — There are so many things that I’ve experienced, not just ideas that I’ve had, that I wish that I had documented or journaled. Life is a trail of experiences that once had are gone but only in memories. As memories fade, so does those experiences, and hence, life itself. I have been fortunate to have visited many, many places. I wish that I had a record of them all. - Dr. Chance Glenn
Stick to it
‘Stick to it’ — Despite the inequalities that exist, I do believe that if someone has a plan and pursues it with grit and common sense then they will reach a point at which they are happy with their lot. - David Lefevre
Nothing is worse than making a decision that you don’t believe in to appease others
Make your own mistakes. Don’t let others make them for you. Nothing is worse than making a decision that you don’t believe in to appease others. - AJ Abdallat
The investor with the deepest pockets isn’t always the best for your business
The investor with the deepest pockets isn’t always the best for your business.
Unfortunately, no matter how large, a fund’s bank role can’t be spent entirely on your ambitions. Make sure ahead of time before accepting anyone’s capital that they are willing to support you as a portfolio company for the “long run”. In the past I’ve had extremely “rich” investors who carried too many “zombie” portfolio companies that made them poor long term partners. - Ira Pastor
Everyone on your team should have a say in the mission of your company
Write a mission statement with your team. Don’t make the mistake of thinking you own your company, even if you legally on paper 100% own it. Everyone should have a say in the mission of your company, that way each can own it and live it out - Matthias
People do what they want to do, not what I want them to do
People do what they want to do, not what I want them to do.
It’s next to impossible to get people to do things well on a sustained basis, if they don’t want to do them. So, I’ve seen success in aligning my existing teams’ interests with things that need to be done, and I’ve tried to hire people that are truly passionate about the jobs they are doing. -Jonah Staw
There are a lot of really good smart people out there called customers: listen to them
There are a lot of really good smart people out there called customers: listen to them. Listen to them because you will get some things wrong. Anything really new and different will have vocal fans and haters too. What’s valuable is hearing what you can do to make it better fast. - Andy Hodge
Understand the selling cycle for different organizations
Understand the selling cycle for different organizations. Many large enterprises want to be the very first, second mover. Work hard to find the early adopters and risk takers, the very first, first movers. - Dr. Salvatore Stolfo
