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Running a startup isn’t all sunny days and clear skies. In fact, new founders and serial entrepreneurs will tell you that there are weeks and months of struggles, minimal hard-won successes, discouraging lessons, overwhelming pressures and financial instability in managing a business. That’s why it takes a certain type of person to believe in them and resist them. sturm und drang who can invade them. To get an idea of the difficult time ahead, read on.
A rain on your parade: Passion is unbalanced.
In the early phases of a startup, hiring time is always a phase of mixed emotions and excitement. You should be happy to turn this partnership or solo project into a team, and you can’t wait to see your progress. On the other hand, you may not really have the funds to hire the best talent you can find – often you may even have to outsource your bigger responsibilities, or offer the new equity and experience rental (which doesn’t seem as impressive as a biweekly pay check). This turn of events can cause a slight disparity in passion: you see your startup as your reason for living, and this person can see your startup as another job. You are in this routine every waking minute, and they are part-time players.
But don’t let it get you down. If you can conquer your employees with a great product and your ambition and your energy, you can certainly gain market share.
Ain’t No Sunshine When She Gone: You haven’t found the right co-founder yet.
Nothing really highlights the loneliness of quitting your day job to become a full-time entrepreneur like riding solo, without a co-founder. A co-founder in the operation you are trying to lead is more than just a friend, more than just a “business partner”. Your co-founder helps you balance your skills, opens you up to a new network of important people, brings your ideas to life, and even help you get funding, as investors often seek more secure team dynamics. It is important to remain patient and not to rush to find any partner. Flying solo allows you to expand your skills while searching for the Bonnie on your Clyde. You may even find that you can manage the operations by yourself.
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Rain check: You hired the wrong programmers.
Developers and engineers can be difficult to find, especially if you are working on a tight budget and are based outside of Silicon Valley and Boston. Yet there is little you can do without these angels. You can try snatching up budding engineers from college, but it’s still a gamble. If you can afford a level A programmer, you may not be able to afford many others. When it comes to hiring developers, you may not need top-notch experience, but you need to make sure they are obsessed with their work ethic, eager to learn and excited about your startup. After all, a beginner can be taken care of and reach level A status.
Rain for 40 days and 40 nights: Your product is late.
Most startups, as far as the movies would have you believe, don’t run like clockwork. The products are not built in a garage in an uplifting setting and immediately amaze influential members of the industry. Especially now that everyone presents themselves as an entrepreneur. Most of the time, the last thing to go through is the product itself. Often a founder will tour the conferences and hear over and over again, “It sounds like a very good idea; come back to me when you have a working prototype and we can talk about money. ”
On top of that, you need to consider when is the right time to deliver to the market and calculate how much you will need to make financial compromises. It’s like waiting for the storms to end and the sun coming up – only you don’t really know when it will be – especially because the CTO you just hired right out of school in exchange for equity shapes becoming a horrible meteorologist.
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Insulated showers: The market is smaller than you expected.
You have finally launched and are stepping up your campaign. However, for whatever reason, your numbers fall flat. After the first wave of early adoptions, you didn’t get a lot of hype and your subscribers didn’t really turn into customers as you expected. Maybe you launched your product with a few bugs still in place, or maybe you put it all together, blank and exactly the way you want, but you were late to market on the heels of one of your closest competitors. Or maybe people who thought it was a good idea when you talked to them think it’s just that: great idea, but not a bankable business.
Whatever the reason, it’s important to have an open mind about this situation and go back to the drawing board. Think of the potential features you can deploy or bring your marketing team together to design a unique social media campaign. Timing is everything, so watch the market. These are the days when you should pray for a rainbow to appear.
“We have cows:” You evolve too quickly.
So while you were still tracing your projected deadlines (which are inevitably late), you decided: “Now is the perfect time to hire a marketing team.“There is a blog for a product that doesn’t really exist yet, a growing number of early adopters who, like you, are waiting for the release of the app; you order great content and pay out of pocket, and shop for an office space, because your data tells you that as soon as you release the product, people will grab the bit to access it. Perhaps you have just raised a million on Kickstarter and you are making up for lost time by hiring a few new employees.
At this point, it is important to stop what you are doing, to step back and perhaps take a look at the hurricane that is about to descend on your tracks – setting Premature scale is the first definable cause of start-up failure. Whether your business has too many good things and is late, or not ready for such big changes, premature scaling is something to be aware of. Even if you’ve been fortunate enough to make money and increase sales, you still need to consider which of your efforts are unnecessary and grow at a pace that you (and your business) can manage.
The calm after the storm: You have already failed.
No matter how rocky the last stretch was, know that you are in good company. A start-up failure – something that happens to 90% of businesses – is only the first step to success. Albert Einstein himself said: “I have not failed. I just found 10,000 ways that will not work. “You just found two other ways that will not work. Maybe you are really relieved that the fight is over, that you have cut the cord and that you take the time to review all the storms you have gone through Now you know more about yourself, you know what to avoid in the next race and finally you can see clearly now the rain is gone.
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