Fear is the disease. Hustle is the antidote.- Travis Kalanick Uber What to expect becoming an entrepreneur? What entrepreneurs wish they’d known before starting their own company? Below you can find some tips&lessons learnt shared by 5 entrepreneurs. Enjoy!
HOW TO START You can read books, listen to other experiences, you can talk with your best friend and ask for advises. But you need to jump. Just do it. If you’ll wait to be ready you won’t never be ready. Jump. Just jump.
FORGOT THE ROMANTIC IDEA OF BEING AN ENTREPRENEUR. The reality is that first you will jump from being employee to unemployed. It means you won’t get a salary. You will be your own boss and you will have the freedom and the responsibility to manage your time.
GET YOUR IDEA CHECKED BY OTHERS Ideally by people you trust. And by people who could give you an honest and smart feedback. Don’t trust only on your own judgment.
YOU NEED GOOD TRAVEL MATES Before deep diving into your company talk with your significant other. Take into account that your startup will take 200% of your time, and that for the first 12 or 18 months you won’t probably be able to give yourself a salary.
CONSULTANCY OR NOT CONSULTANCY? Many entrepreneurs are firmly persuaded that a startup will take 200% of your time and commitment since the early beginning. Others started their company keeping a part timeconsultancy job dedicating to their start up 2 or 3 days per week. Anyway, sooner or later you will need to be fully committed and 200% dedicated to your start up.
FUNDING OR NOT FUNDING? Remind that once you got funding you’ll be less and less your own boss owning your time. Consider at least 9 months as the minimum time required to find a VC or an angel investor.
BAD AND GOOD SHARES? Be careful about the way you legally found your company. Some accountant could advise you to get 2 typologies of shares: the good shares and the bad shares. It’s not a winning tactic since VC will immediately notice it and your credibility could be compromised. If your structure is not funky then it will be more difficult to find investors.
LEGALITIES Be prepared to get legal problems with your customers and with your employees. Well, we all do hope you won’t get sued and you won’t sue back, but you need to be aware that it could happen and to be ready to react. Fast.
MARKETING COST AND BUSINESS MODEL Raising 1 million of funding seems a lot of money, but you’ll realize that the cost or marketing, especially if you do have a global reach, is really high. One good way to promote yourself without a big budget is co-marketing: get into partnerships with big brands could be an accelerator for your visibility.
OPENING NEW MARKETS If you believe is important to open another market don’t do it from remote, move to the selected country and live there at least for the first 6 months.
FREEMIUM OR NOT FREEMIUM? It really depends by the product and the business model. In some cases freemium could be a winning tactic, in other cases it won’t. Pilot and keep track of your numbers. One founder reported an example of not working freemium model: acquisition cost using AdWords was around 1500$ per user. Each user would pay max 15$/month.
ACCEPT IT: YOU NEED TO SELL You should be always in the “sales mood” … either selling your idea, your vision, your product. And at the beginning it could happen you will be in the need of selling it by yourself, no external help. You can truly claim you have a company… just after you made your first sale. Don’t worry. The first sale could be as well 0.99 cent What are the top characteristics for an entrepreneur? GETTING REAL…BUT WITH YOUR OWN DISTORTION REALITY FIELD Creativity and perseverance, perseverance, perseverance, perseverance,perseverance, perseverance, perseverance, perseverance,perseverance, perseverance, perseverance,perseverance,perseverance, perseverance, perseverance, perseverance,perseverance, perseverance, perseverance, perseverance are the top skills for becoming an entrepreneur.Unhealthy perseverance. Sometimes you really need to have a “reality distortion driven approach” (RDF) to go ahead.
“Steve has a reality distortion field… In his presence, reality is malleable. He can convince anyone of practically anything.” –Bud Tribble on Steve Jobs
It seems that the term came from Star Trek.
Getting real is the antidote to bring you back to the Milky Way, the galaxy where Planet Earth is located. Read it. It’s for free: Getting real the smarter, faster, easier way to build a successful web application.