HeyThrivy client Chase Franklin shares his top tips for startup success.
1. Passion. Demonstrate 110%, all-in dedication and pursuit of the idea, and more importantly, the development of a successful company around that idea. At the same time, manifest an open mind and a willingness to admit what you don’t know.
2. Great people. The success of an early stage startup is almost completely dependant upon the quality of the people involved. Exceptional executive teams fail sometimes; average to poor executive teams fail most of the time. Pay attention to experience, and in particular, startup experience.
3. Shared vision. Assure that everyone on the team uses the same language to describe the company’s vision, strategy and competitive advantage. Those KPIs must link directly and rationally to a strong and defensible business model.
4. Plan small to win big. For instance, avoid the high stakes, binary outcome of the most famous of all strategic objectives: “the launch”. Instead, define the major value creation milestones in terms of a sequence of successes that in combination lead up to the promise of the strategic milestone. Being smaller and simpler, such mini-objectives are easier to access and estimate, have a much higher chance of successful execution, and have the added benefit of indicating failure sooner.
5. Fundability. Many otherwise good ideas prove unattractive to angel/venture investors, a group whose attention span is notoriously short and easily diverted. Ideally, you and your idea look like the next new thing, but be smart about avoiding being labeled a has-been. (E.g., Big Data is out, while big data applications like AI, ML and Blockchain are hot.)
6. Focus. A personal assistant can be worth their weight in gold, literally. They can handle the urgent and the errands, and allow you to be laser-focused on building your business. With HeyThrivy, you get a personal assistant, a service team and network of qualified vendors to manage your household for you. So you can focus on the Important.