Fighting Fit - startup lessons from the trenches

As we get to the end of the year 2024, I was thinking about what I could share with the LinkedIn family and what came to my mind first was the tough parts of our journey. Every startup is different, every founder's path is unique, but sharing experiences helps us get better at handling difficult situations. So here are a few tit bits from my experience as a startup founder/CEO for the past few years.

a) Understand the risks

This is #1 in my list. As founders we are predominantly driven by optimism. But we have to make peace with the fact that chances of failure far exceed that of success. Understanding and accepting the personal consequences of shutting down is very important before you venture out to start. As long as you get that, this burden of uncertainty won't affect your decisions and progress.

b) Define your own success

This is a close 2nd. Not every startup will have $Bn valuation, or raise tons of money from investors. A good startup could also mean running a small profitable company without any external investment, OR just being your own boss, doing what you love and still making enough money to manage your financial needs. Do not get caught in the quagmire of thinking - I need to raise $100M or I have not made it. Success is what you make of it.

c) Choose the right partners

Be it your team, your leaders or your investors, there needs to be a great match in wavelength. A wrong set of partners, even though highly skilled, can do more damage than you can imagine. Spend more time to get to know your team mates, their skills, their experiences, and their calling, hopefully before you hire them. Find investors who understand the problem you are solving and are passionate about the market, not just have money to spend. Have patience. You can't undo your partners in a hurry.

d) Reduce decision drag

One sure-shot success mantra for a startup against all the competition out there is execution superiority. And you always will feel that you wish you had more time. Do your best to make informed decisions quickly, even though they may not always be right. No decision is bad decision. Be it a GTM action, a product feature decision, or a major pivot, all deliver value only when done at the right time.

e) Stretch your resources

You will be short on resources - people, time and money, either right from the get-go or some time down the line. And it almost always happens sooner than you expect. Before you spend the next dime, think about if you can manage without that spend. Money in the bank is worth its weight in gold. Get creative at hiring people within budget, make them part of the company success. You are trying to compress years of productivity from a salaried job into a few months of a startup life. There is no alternative to clocking the long-hours.

f) Just one more day

Believe me, there are going to be innumerable instances which will put you on the edge. You will feel alone and would want to call it quits. But if you can, just pull yourself up and push for one more day. That's all you need to turn around the fortunes - your first paying customer, a big partnership, or someone trusting you to put their money in. Having said that, it's a fine line between perseverance and knowing when to call it quits. Don't get clouded by founder optimism.

These are not rocket science, but a reaffirmation on some key things that tend to get lost in the hustle. Learn to enjoy the journey one step at a time, as it can be a long, hard one.

But remember - In the world of startups, as long as you did the right things you are never a failure, irrespective of the end result.

Wishing you all Merry Christmas and a Happy New Year!