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The best advice for a startup. What do you think?
Please share your experience and let the community know what advice you consider the most valuable for startups.
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Daniel Hunt
Don't give up too soon! It's very challenging emotionally so there will be tough times no matter what.
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Keep an eye on your health. A startup is a marathon, not a sprint. If you do not pay attention to your health, then at some point everything will collapse.
@vasiliy_berenkov I was coming here to write the same thing! It's a marathon, not a sprint. If you burn out or collapse, none of the hard work will matter. Finding the right pace can be very challenging and what works for one person might not work for another, so you have to find your own magic formula.
Do you have any additional advice to share about how you keep an eye on your health?
Personally, I do a check-in every morning where I ask myself questions that make me reflect on my state of being. Questions like "What do I have an urge to do?" "What is influencing me right now, and is it good for me?" "What did I learn yesterday?" etc.
@vasiliy_berenkov @maria_hagsten I think this is the most popular stereotype about a startup: work 24/7 and everything will be fine.
Agree with @daniel_hunt4! A great piece of advice which helped me a lot sounds like: 'Remember, building a business is not rocket science.'
The person who said that to me is a serial founder with successful exits. I reflected on that a lot and came to the conclusion that building a business is not about being the smartest person in the room.
It is much more about dealing with emotions, thoughts, and the sanity of my decisions. And this process is indeed not about rocket science. It is more about bravery, honesty, persistence and the ability to hear people whom I want to help with my product.
By the way, it is the same reason why Harry Potter was in Gryffindor, with their respect for bravery, and not in Ravenclaw, which preferred intellect above anything else :)
@iren_ivashchinenko launch it scrappy, customers will love you if you're building for them anyway.
Alal the best with your launch Iren
Try to get seed investment as soon as possible. It will solve most of your problems. Hire interns to do the basic job.
@pankhurigarg I have opposite views on this.
If you're creating something that is a technological marvel or a breakthrough then you need funding to grow but if you are growing just as simple product that isn't too flashy and just solves the problem I think you can pretty much bootstrap it if you know how to get customers and keep the customer acquisitions flywheel going
Always build for the customer, not yourself. It's never about you!
Think about the customer journey every step of the way.
It's a highly dynamic environment. You'll experience an emotional rollercoaster every now and then, but it's definitely worth it! I made sure to reflect every time I had a tougher time, where I was, how it all started and where I am now. So yes, do not give up! Tougher times will come for sure, but they will also pass and make you realize what you're capable of.
Most of the startups fail because they have a cashflow problem
If we look a it, cashflow problems stem from Not having enough customers or clients for your product
so if you can learn marketing and sales and use it, You will never go broke I will be able to generate cash flow even in the last conditions in the business!
Be sure that everything will not go according to plan. And of course, never give up.
Executing at the right time. If you fail in execution even the best plans don't help.
Build smaller versions, faster!
We did the opposite for about a year, and the second we shifted to faster/smaller releases, it felt like we pushed the ship into hyperdrive
Focus on your customers' needs, adapt to feedback, and stay resilient in the face of challenges. Embrace learning, iterate quickly, and never lose sight of your vision. Success often comes to those who persevere and prioritize delivering value to their audience. 🚀
Launching soon!
Be honest with yourselves about what is attainable - when you can - niche down.
