Advice for Startups

Advice for Startups

It is commonly known that when people say they want advice they do not really want the advice, they just want a listening ear, but when starting a company, good advice early will surely be the difference between success and failure.

What others say Entrepreneurship is

“An entrepreneur is someone who has a vision for something and a want to create.” -David Karp, Tumblr founder and CEO

“A ‘startup’ is a company that is confused about three things: (1.) What its product is. (2.) Who its customers are. (3.) How to make money.” – Dave McClure, 500Startups co-founder

 

YOU WILL HAVE TO BE BRAVE

You have to be brave, a risk taker willing to the leap of faith to start a company. What you don’t know when running the startup or even a scale up you will be required to continuously take bigger risks, show more bravery and take leaps of faith.  Building a business in not like building a house and even building a house requires maintenance. In business you are constantly challenged by the environment you operate in so you have to keep testing, reinvesting, extending, partnering, and taking risks you hope, but cannot guarantee, will pay off in order to build a successful firm. You have to be brave to be an entrepreneur.

 

FUNDING

“Stay self-funded as long as possible.” -Garrett Camp, founder of Expa, Uber and StumbleUpon

“Chase the vision, not the money; the money will end up following you.” -Tony Hsieh, Zappos CEO

“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.” -Tim O’Reilly, O’Reilly Media founder and CEO

“Lack of profit is like cancer but lack of cashflow is like a deadly poison that kills instantly” – Raji, Founder www.mylearningacademy.com

Try to bootstrap your way to profitable and growth if you can, if you have to raise capital, be careful who you raise capital from and raise as much as you can up front so you can focus on the company and not on constant fundraising.

 

PRODUCT DEVELOPMENT

“Get five or six of your smartest friends in a room and ask them to rate your idea.” -Mark Pincus, Zynga CEO

“Your most unhappy customers are your greatest source of learning.” Bill Gates, Microsoft co-founder

Before you start building anything and before you launch, do a survey, speak to people that will be using your product. You don’t have to build a perfect product but make sure you have already started cooking your version 2 and 3 before you launch version 1. Never become unhappy with angry customers they are your best source of feedback.

 

DON’T GIVE UP

“The last 10% it takes to launch something takes as much energy as the first 90%.” -Rob Kalin, Etsy founder

“Make every detail perfect and limit the number of details to perfect.” – Jack Dorsey, Twitter co-founder

Everything takes long to come to fruition, especially things that are good. The key is to keep the number of things you are trying to accomplish to a minimum and focus on doing them very good.

 

If you are lucky, all of the struggle and hardship of entrepreneurship will finally pay off.  However, before you begin, you need to be ready for the hard-long walk to success. In summary:

  1. Just start.
  2. Sell anything.
  3. Ask someone for advice, then ask him/her to do it.
  4. Hire remote workers.
  5. Hire contract workers.
  6. Find a co-founder.
  7. Work with someone who pushes you to the extreme.
  8. Don’t focus on money.
  9. Spend time and money on marketing.
  10. Talk to your potential customers.
  11. Don’t force yourself to raise money if you don’t need it.
  12. Be careful who you raise money from.
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