What startup founders don’t know?
There are many articles and blogs written about what founders should know and what they should do. From my experience, not much is written about “what founders don’t know” at the early stage of a startup and not many founders would like to share. These are the things that a founder learns with time and are some of the most crucial facts to know in the early stage of your startup.
- Everyone applauded, but no one bought:
You have a fantastic idea and you start working on it. You reach a point where your MVP is ready and you feel your startup has started to gain some momentum. Things look really promising. You are applauded by everyone, peers tap your shoulders, and your friends tell you how amazing this idea sounds and how promising your product looks, but hey! “If it’s that amazing why don’t you simply buy it and be my first customer?” asks the founder to his peers.
“Uhh …, Yeah I may buy, but right now … it will be great if you give me a free trial.” are the responses received from peers. Sounds familiar? Many a time, founders are struggling to get that first set of closing for their startup. However, while many acquaintances will show their support in their initial days there will be many who will simply not care.
Always remember, being a startup founder is not just a few days thing, it’s a journey, and you will have to face a lot of rejections, not just from unknown people but also from your close ones.
- Money if not spent well, will run out and you will have to soon look for a job:
Sounds like a nightmare right? Not a lot of start-up founders share their journey toward failure. Because we live in a world where failure is not celebrated. According to Investopedia around 90% of start-ups fail because they simply run out of money. So where do these founders go and what do they do? They either look for a job or join another startup.
If you are a startup founder, learn how to spend money well!
- You cannot do everything:
A new startup needs a designer, web developer, sales and business development executive, digital marketer, social media manager, general manager, etc which by the way is only one person or in some cases more, who are usually the founders.
Now, the question arises – Are you the founder who is doing everything and earning nothing? Yes! You do have a sweet hope that this idea will make wonders and all that, but what about now? It is a good idea for one person to play many roles. Not really! It will not only pull down your efficiency but after a point, it will leave you frustrated. Now, are you thinking about Freelancers? Freelancers can destroy your business, literally.
Many founders don’t know that you can now subscribe to full-time or part-time virtual employees at a very low cost, which will not only save time but will also help a founder test the market and upgrade the product through these virtual tech talents.
- The deal is closed only when you see the funds in your bank account:
A prevalent example of a founder’s life: Founder meets with his potential customer a couple of times, he seems promising until the last moment he stops answering at all or does not want to corporate for some reason. This by the way is also the case with many investors.
When you have back-to-back meetings for raising funds, and another side appreciates what you do, one seems to get really excited. But that’s where you need to hold on! Always remember, it’s okay to be enthusiastic and excited, however, excitement will fade away once you stop receiving results as expected. There can be delays or simply some business challenges. Don’t be disappointed and demotivated.
Learn, and learn very quickly, that the real deal is closed only when you see the funds in your bank account.
Join our newsletter, if you want to know more about the founder’s life! Because we share tips, and stories like no one else do!