Startup Lessons That Helped Me Raise $4 Million
If you are entering the world of start-ups as a first-time founder, it can be easy to become overwhelmed with everything you need to learn. It took me multiple failures to gain the experience and knowledge to finally put me in a position to be able to raise $4 million and build a startup the right way. I took the long way by doing my own trial and error. However, sometimes the best way to learn is by learning from others. Today I’m want to share with you some high-level lessons I have learned over the years. This is just scratching the surface. If you have any specific questions please feel free to reach out to me.
Make Sure You Are Foundationally Ready
While things do move fast within a startup and you might feel like you are in a one hundred meter dash with a competitor, the reality is that starting a business is a marathon. Just as a marathon runner trains for months or years to be ready, there are foundational elementals that you need to make sure are in place before you embark on a startup adventure. I have developed an assessment that will help you gauge your readiness. Click here for instant access to my assessment.
Validate Your Idea
Don’t just go into building a startup blindly, without doing thorough market research and validating your idea beforehand. A bad idea is dead on arrival. A good idea in a crowded market will have a hard time gaining traction. A great idea in a blue ocean will have the best chance. You won’t know where your idea falls unless you go through the idea validation process. I go in debt about the idea validation process in my upcoming book, Side Adventure
Tell a Story During Your Pitch
While it’s important to showcase your product’s benefits and features during any pitch, potential investors also need to make an emotional connection to your service. You need to get people genuinely invested in the story and background of your product. This will help you increase your buyers in the long run.
Have a Purpose Behind Your Business
While we all would like to earn greatly from our ideas, the first aim for your startup shouldn’t be the potential earnings. By having an actual purpose of filling a gap in the market, you will set yourself up for success rather than failure.
Get Continuous Feedback
Don’t just assume because your partner or family loves the product, that it will be a success with the general population. Quickly establish a working prototype so you can get real-life customers to give you their thoughts and feedback. Continue tweaking and adjusting until you create a product that will meet the market’s needs.
One of the most common errors startups make is to move at a slow pace. In our ever-changing world, you need to be on top of your game and always have a competitive edge against other companies. Find a pace that works for your business, but ensure attention to detail still remains high.
Don’t Fear Failure
While everyone is naturally afraid of failing at anything in life, embrace fear and understand that failures will help make you better in the long run. By keeping this positive mindset, you will be open to anything that comes your way and continually strives for improvement.
Don’t Try to Do Everything by Yourself
Regardless of how independent you pride yourself on being, it’s important to know when to reach out for help. Build a team of people around you who are united in your vision and will empower each other to strive for success.
Find Your Own Path
While it’s important to take advice from other successful business owners, it’s also essential to form your own trail in the business world. Nobody knows your product better than you, so make sure your decisions are truly yours, and not influenced by anyone else’s advice.
Don’t Bite Off More Than You Can Chew
Similar to not working alone, it’s important not to try and take on too much at the start of your journey. By undertaking too many different projects and campaigns at the beginning, you are more likely to fail than succeed. Avoid failure by working with a clear focus and have a long-term strategy for growth.
Never Get Too Comfortable
You need to always remain alert when launching your startup. Many people get too comfortable, and this results in a quick failure. Keep an eye on your competition constantly, and look out for opportunities that come your way.
As I stated at the beginning of this post, these lessons scratch the surface and there is a whole lot you can unpack with each of these lessons. If you have a startup that is in the very early stages or you are contemplating starting a startup and need some coaching and advice, please content me via email, on Social Media, or using the contact me form on my website.