Entrepreneurship is a journey of ups and downs, but it is also one of the most rewarding experiences you can have. I’ve been my own boss for a decade now, and I’ve learnt many lessons during this time. Whether you're just starting out or you're looking to take your business to the next level, I hope these tips will help you on your journey.
- Get a co-founder. Being an entrepreneur is a long, hard journey, but a good partner makes it easier. Novakid is the second business that my co-founder Dmitry Malin and I have started together. I’m more focused on the product, while Dmitry is focused on the operations, so we complement each other well.?
- Be conscious that your idea may not work the first time, and you may need to pivot or even start a new company before you succeed. My first business never took off as expected. After five years of trying, I decided it was time to start something new. Failure opens new doors to create a different path of success.
- Launch fast, be nimble and adjust to the environment. Most startups are killed by bad timing or a lack of market-product fit. We launched the initial version of Novakid in five months! It was quite basic and a lot of tasks were done manually, but it validated the product-market fit and set us on a high-growth trajectory. If we waited longer to launch, we might have missed the timing to scale throughout the COVID lockdown.
- Fundraise all the time! Building relationships with financiers and venture capitalists takes months, even years. Start that process well before you need the money. Round A took longer than we anticipated because before giving us money, most investors wanted to get to know us. With our existing relationships, Round B was a much faster process. Even when we don’t fundraise, we keep potential investors warm by sending them quarterly updates.
- Work remotely and hire globally. Remote workplaces are not as costly as maintaining physical offices, and it allows you to recruit talent from all over the world. We have employees from over 20 countries. Hiring from a global talent pool not only widens our opportunity to grow the business with the best talent, but also makes Novakid a unique place to work for ambitious and talented people. Our employees spend less time commuting and more time with their families and friends. This makes life more satisfying and allows Novakiders to focus on bringing their best game to their work. And the money we don’t spend on offices, we spend on offsite gatherings for our employees.
I’d love to hear your advice - you’re never too old to learn new tricks! Feel free to connect with me and share your learnings and insights.?
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