Startup One Stop

We’re not a big fan of best of/worst of lists. Nor are we big on New Year’s resolutions, but not always easy to buck every trend that comes down the pike, so without further ado, nine resolutions founders might want to consider. We didn’t go for 10 as we do understand that even nine is pushing it…

1. I will listen. It never makes a Top 10 list of why startups fail, but trust us, founders don’t listen. Not that they should listen to every piece of advice that they receive, but nor should they ignore it all. Helpful hint: if you hear the same advice again and again, you know that adage, ‘It’s not you, it’s me?’ In this case, it’s probably you
2. I will understand that my investor pitch deck is a work in progress. It’s not finished until the round closes. You will change it many times, and may even have to scrap it and start over. No one ever said that this startup thing was easy.
3. I will compensate all my developers. You’re no doubt compensating your coders somehow. But they’re not the only developers on your team. You need someone to help develop your market – they’re called marketers. Someone to help develop business leads – aka biz dev. People to help you develop the relationships you need to get your business to the next level. These are skills, too – and those developers must also be somehow compensated.
4. I will do my investor due diligence. Especially in the current climate. Times – and term sheets – have changed. Investors are still writing checks – but there are those who seek to give founders less control and themselves more protection, of course, now that money is tighter. Beware of predatory terms. You may want and need the money, but at what price?
5. I will get out of my own way. Here are The Most Common Limiting Beliefs of Entrepreneurs and How to Overcome Them
6. I won’t be seduced by startup porn. You know, those influencers who post on Twitter, Instagram, TikTok and give you rosy visions of how easy it is to start a company, work for yourself, you’re in charge. How many of them are running companies or anything besides their mouths? Building a company takes time. Even investors don’t expect an instant ROI. You know the adage: those who can, do. Those who can’t, post.
7. I will think big. Investors – and successful founders – like big markets. But keep in mind that big rewards start with big risks, and there are going to be a lot of big headaches along the way, too.
8. I will lose that excess weight this year. Meaning dead weight. Startups need to be lean – even after that initial funding comes in – and if there are those people who don’t seem to be pulling their weight, you need to find out why – were there promises made that weren’t kept, or are they not as committed to the project as you thought they were, or were at the beginning?  And once the funding comes in, don’t over hire. Another big mistake founders make. It’s not the time to put that weight back on.
9. I will listen We know that we already said this. We’re repeating it – in case you weren’t listening…

And a very happy and productive 2023 to one and all, as we go onward and forward.