Owning a startup is the ultimate risk. Those who choose to progress and develop one are modern day warriors. Not only do project planning and development stages often run over budget and schedule, but keeping your team motivated in your idea can be a full-time job all in itself. Inkeeping with the warrior theme, we have provided the ethos you should be keeping in the form of do’s and don’ts to help you navigate the difficulties of the startup battlefield.
This list applies to those who have recently entered the war zone. Those more experienced can still gain value from it. The wise understand you may always learn something.
Do’s
Handle money correctly.
Make sure you follow a secure and reasonable way of handling your funds. Multiple bank accounts, safes etc.
Do it for love, not just money.
Make sure that the fuel that fuels your battles is passion rather than just money. This will improve your attitude to your work and make the uphill climb more enjoyable.
Don’t give up too soon.
It’s easy to identify when an idea is dead in the water, but be sure you don’t kill it off too soon. You might be closer to success than you think.
Don’t pursue the wrong form of funding.
This could be from unscrupulous investors with harsh terms, or bank loans you’ll have a hard time paying off. Be sure all capital you take still allows you to sleep easy at night.
Be mindful of bad advice, services or ideas.
Everyone’s a critic, and if they are close to you they might feel like their ideas have weight. Assess them on their merit, and not who they come from. But secondly…
Keep in mind that this is your idea.
Ultimately you are responsible for your success. Give yourself the priority you deserve. You had the courage to begin, so have the courage to listen to yourself.
Keep ample storage space through a service like MyBekins (https://www.mybekins.com)
Sometimes having storage space can be a cost effective way to house materials that you can’t afford office space for. Having a reasonably priced way to move those materials can come in handy too.
Don’ts
Rush into things.
It’s easy to fall into excitement and try to carry the world on your shoulders. Remember, this is a job, and while you have to work long and hard hours, you don’t have to hurt yourself in the process.
Promise people the world.
This is easy to fall into if you’re the people-pleasing type. Now you have resources and some funds you might feel like making promises to be redeemed when you’re successful. Steer clear of this. People who want assurances from you at this stage don’t understand what you’re trying to achieve.
Expect less from employees because you want to appear ‘friendly’.
It’s human nature to want to come across as the ‘good guy.’ Strike a fine balance between this and commanding respect from your employees. They’re working on your idea, after all.
Neglect marketing.
This is one of the main reasons startups fail. Market your idea tastefully to ensure the correct exposure.
Be afraid of failure.
The cold reality is, you’re likely to fail. In fact, most successful entrepreneurs have some form of failure under their belt. If this has to be the case, welcome it and only dissect it for the lessons to be learnt, don’t ruminate on your personal failings.
Destroy relationships.
Business pursuits are where long-term friendships can be tested. Be mindful that this idea is only an idea. Your friendship is something that should take priority. However, don’t be afraid to disagree with anyone in pursuit of your idea.
Keep too strong an ego.
Some will tell you an ego is a problem, but the truth is quite the opposite. A healthy, self-respecting ego can be a tool of immense value. Just be sure you’re using it in positive ways to attack your problems with a sense of integrity and honor, and your time on the startup battlefield lengthened. However, don’t overdo it. You don’t want to alienate people.
Keep these points as your gospel and you are more likely to emerge victorious from the battlefield of entrepreneurship. No matter how you fare, you will be better off for the attempt. Good luck!