The “Why” and the “How”
Many have asked me “how” I start a successful startup during my talks. “How” do I make a sound, sustainable business model and “how” could we exit. Rarely I’ve been asked, “why.”
The “why” is the essential part of every project, let alone a startup. I always shook the audience, saying that a grounded wish to change things for the better and do good shouldn’t start a startup without a solid reason.
Yes, many entrepreneurs are in it for the money, but frankly, and after meeting hundreds of entrepreneurs, the definite minority is the serial Business sharks; they’re only to make money, no matter what. Most entrepreneurs I have met are in for the change, for the possible impact.
In my talk “how failing my startup led to my greatest success,” I explain that without this do-good drive, your fuel will run out fast. The daily hassles of developing while struggling to keep your heads above the water financially and trying to secure funding and possible partners are too overwhelming. You have to have an inner push to keep ongoing. Most entrepreneurs I’ve spoken to said they want to make a difference.
The how is not the hard part, thousands have done this before you, and with a bit of humility and guidance, you can easily avoid common errors and mistakes.
Startups are not an exact science, but they share similarities in the approach, market fit, operation, development methods, and fundraising scheme.
It’s the first thing I’ve learned. That I must learn from another failing before me since the success rate is so low.
I usually see a pattern with successful startups and their central persistence. It’s easy to pivot and try more angels, but the real unicorns were pretty stubborn in their peculiar (for the time way). Online resources can learn at least 80% of the how. Hopefully, we will see more and more incubation programs that fit the real-life of entrepreneurs and academic settings connected to the real world.
You can have a veteran in your team and be a part of the world’s best acceleration/incubation program, but without this drive to push…