A shiny new set up of startup founders have joined the Raise programme this spring and one of the first sessions we cover is the “why” of starting a startup.
The” why” comes in a many forms, it’s often because the founder has identified a problem that they can offer a solution to. This great idea will change the world.
There also has to be a belief that the idea can succeed and sell lots. And if there is belief and opportunity to sell lots then the end goal is making money.
The founder has to have the belief and focus on the return. Why? Because they have to be the sales person to the customer, the suppliers, the employees and to the investors.
The founder also has to understand the idea is only the start of the process. It’s one of the most exciting parts, the creation, the exploration of the opportunity, the “what if” moment.
Then the hard part comes after, the plan, the funding, building it, launching it, selling it and scaling it.
Having been at a great Ladies who Launch event with Alyson Hogg, founder of Vita Liberata last week, her key tips for survival of a startup were.
- Be flexible and tenacious.
- Have a vision and put it into positive action.
- Do what it takes and keep going.
- Have the ability to pivot, move quickly and decisively
- Prioritise top key tasks every day
- Understand you will fail in some way in order to success.
- Always have a Plan B
- Focus on self preservation and survival
This is something we talk to our startups about – the executive summary of your startup should be
- What are you going to do
- How are you going to do it
- When that doesn’t work out what is Plan B
The key is understanding why are you starting a startup – this will get you through the toughest of times.