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What advice would you give someone who is starting their own company?
I wish someone had told me how much time it would take. I was so naive when I started my company, thinking that it would be easy to get off the ground and make a name for myself.
What I didn't realize until later is that there's so much work involved in building a business and so many things that can go wrong.
I'm grateful for my experience now, but if I could go back and tell myself something about starting a company, it would be:
"Don't expect things to go smoothly. And if you had to pivot... PIVOT!"
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@aaronoleary I agree with this completely. 💯 You have to be resilient and keep going, even when it seems like your business is doomed.
I think that's why there are so many successful entrepreneurs out there they've learned how to pick themselves up after a failure and start over again. It's so easy to get down on yourself when things aren't going your way, but I also think that being able to admit your mistakes and keep getting back up is the key to success in business.
And I think it's important not to be too stubborn about changing your approach you have to listen to what the market is telling you!
Be prepared for the long-haul: Starting a company is a marathon, not a sprint, and requires a lot of hard work and perseverance.
Focus on your customers: Understand their needs and pain points, and build your product or service to address them.
@saasfellow I agree with you 💯 Joseph. It's not going to happen overnight. You need to be prepared for a long slog and be willing to put in the work.
It can be tempting to try to force your product or service on people, especially in the early days of your business when you're just trying to get things off the ground. But if you want to be successful and keep your customers happy, you have to keep yourself open to what they're telling you.
Thanks for sharing your thoughts 😊
The most important thing I would say is building momentum through all forms - product, content, community, building in public or whatever fits you.
If you don't build momentum, assume your startup is dead by default.
@5harath I agree with you Sharath - momentum is everything. I've been watching a lot of videos on YouTube about startups, and the common theme seems to be: if you don't have momentum, you're dead.
The thing is, though, I think that's only partially true. It's not enough just to have momentum - you have to be building it in the right way! That means focusing on the right things at the right time, and making sure that what you're doing is helping your startup grow in a sustainable way.
Hey!
Launch value MVPs, get feedback and pivot. Take your first draft persona and create an MVP and ask (and measure with analytics tools) what else they need to get the job done. And repeat. Add value, add value, add value.
How do you add value?
@rubenlozanome It's so important to focus on the customer and their needs, rather than just your own idea of what they might need. I'm glad you brought up the concept of MVPs. I think it's important for new companies to start small and grow from there.
Thanks for sharing this!
@ayushjangra yes, I agree with you. Imagine you develop the whole product with a bunch of features that a few see some value. I totally agree, MVP and test it, get feedback qualitative and quantitative and pivot.
Thanks for asking. This question makes me organise the ideas. :)
You can never know for sure what will work. To increase your odds of success, try to acquire as many skills as possible to be able to run many experiments without relying on others. Keep things simple and lean. Place small bets. There are only 3 modes: Build, Sell and Admin. Distribution is underrated. Don’t quit until you try at least 100 distribution experiments while talking to your customers or potential ones if no one is paying. Learn about network effects, NfX has a fantastic masterclass available for free.
@tomaslau I think your advice is great, especially the part about distribution. I think that's really important for people who are just getting started in business.
Having started multiple businesses in a conflict zone, I know that starting a business can be especially difficult. But, it's not impossible. Here are my top 5 tips for overcoming the challenges and finding success:
Know your market: Understand your target market, competition, and industry trends. It's essential to identify opportunities and create a business plan that's tailored to your target audience.
Be adaptive: Starting a business can be unpredictable. Be prepared for obstacles and be open to change. Stay flexible and be ready to pivot your strategy if necessary.
Build a network: Building relationships with other entrepreneurs, potential customers, and industry experts is key to success. Networking can help you gain valuable insights, find new customers, and secure funding.
Stay organized: Keep track of your progress, expenses, and revenue. This will help you stay on top of your finances and make informed decisions.
Believe in yourself: Starting a business takes a lot of hard work, dedication, and self-belief. Believe in yourself and your abilities, and don't let anyone discourage you. Remember, starting a business in a challenging environment is hard, but it's not impossible. Stay resilient and you'll find a way to succeed.
@technufllc glad you found it relevant. I launched my product here today would be great to get some support from you on that - producthunt.com/posts/getlens
Learn from failures, nothing will be perfect from the start and most of al: focus! Don't try to do too many things at once: focus on your company and not other side hustles.
@bjarnbronsveld 💯 I think it's important to know that failure is going to happen. It's just part of the process. You're going to learn so much from it and be able to use those lessons in your future endeavors.
When you're starting out, focus on really honing in on what makes your company unique. Then, as you grow, keep that core value at the center of everything you do.
Stop talking about your vision and mission, your great solution etc. your customers don't care about that. They care about their problems.
Make it about them! Listen to and observe them to identify the roots of their problems and help them solve it. Everything is about your customers.
@sewell_stephens You're so right! I hate when SaaS products make me fill out tons of forms just to use their product. It's just unnecessary!
Nobody wants to fill out a ton of forms, especially when they're signing up for something. It's always best to keep it simple and only ask for what you need.
Persistence is the single largest thing I would suggest.
Showing up every single day to make it happen. Pivot, change in strategy, etc. will all follow.
When starting a company, it is important to have a clear vision and a well-defined business plan. Research your market and competition, and be prepared to adapt as necessary. Surround yourself with a strong team and make sure to have a solid financial plan in place. It's also essential to maintain a positive attitude and stay persistent, as starting a company can be challenging. Finally, don't be afraid to ask for help and seek out mentors who can guide you along the way.
@vishal_patel15 Agreed!! Take it one step at a time and not get overwhelmed by the process. Once you start, it's important to keep moving forward and stay focused on your goals.
I would also say that it's important to be prepared for the challenges that come along with starting a new business, but don't let them overwhelm you.
You'll learn as you go!
@vishal_patel15 a strong team is incredibly important! It's best sharing the experience with people you can trust and rely on.
1. Learn to love what you do, even the not so easy or glamorous parts.
2. Be open-minded and resilient at the same time.
3. This last one earn me some raised eyebrows in this community, but I believe that especially in the early stages:
distribution > product
Hope this helps :).
Develop a clear and compelling business plan that outlines your company's mission, target market, and financial projections.
Identify and validate your target market through research and testing.
Be prepared to adapt and pivot as necessary. Many startups have to change course several times before they find the right product-market fit.
@deep_k I agree. It's important to stay flexible when you're first starting out. It can be tempting to try to stick to your original plan no matter what, but if you want your business to be successful, it's critical that you listen to customer feedback and make changes when necessary.
Mine would be - keep your day job. If you are not happy, change the company and the boss. Same as what Jack Ma said.
Get used to rejections and learn from them. More rejections means more iterations which is a holy grail for success
Make sure you understand your users and what they are trying to accomplish. And if you don't have any yet, then write down your hypothesis on who they are and track them down to ask what they are trying to accomplish.
@aamir Get to know your users and their needs, and then build your product around those needs.
I've seen a lot of companies fail because they didn't do this, they created something cool and then just thought about how much money they could make off it. That's not enough.
People don't buy products; they buy solutions that solve their problems. If your product doesn't solve someone's problem, it won't last long enough for you to make any money off it.
Only build for a problem that you truly believe in. Coz when the going gets tough (which surely does), it's only your passion to solve the problem that takes you one step further! :)
@ayushjangra First of all, make sure you're prepared for a rollercoaster of emotions - from the highs of a successful launch to the lows of a failed prototype. But most importantly, always remember that you're the only person who can make your company a success. So, don't be afraid to take risks, think big, and never settle for mediocrity. Oh, and make sure you're prepared to work twice as hard as everyone else. That's the price of being your own boss
1. Understand they your customers want.
2. Who are your customers (it cannot be everyone) even if you are building a Microsoft word alternative be very specific.
3. Find customers first (10 to 100 people) before building the product.
4. It's hard don't give up in few years you wont regret it.
Another thing for me is to work on something that you’re truly passionate about! It might sound clichè but running a company is very hard and being passionate about the problem/solution is one of the most important fuels to keep going
@bakemono That's true!!
It's so important to find something that you're passionate about, because otherwise it can be really hard to keep going.
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