Navigating ??? 2023: Lessons in What Matters for Startups To Succeed

Hey there,

Firstly, let me say hello from Outlier Venture Partners ?? Last month we surprised a bunch of you seeing my newsletter not arrive from BarryOReilly.com

Rest assured, nothing major has changed but our name. It’s simply the official business name of my newly minted company which you’ll be getting my personal thoughts from going forward.?

I’m still working hard as ever on Nobody Studios, keynotes and roundtables for companies, startup advising and venture building. In fact, I'm busier there than ever. And I’ve a bunch of lessons to share from 2023. Here goes…

What Skill Is A Startup Outlier

The dynamic world of startups demands more than just a great team, slick product, and a robust market strategy—it requires an unwavering resolve to face uncertainty head-on.?

In this final newsletter of the year, I want to shed light on what I’ve found to be the most crucial skill for startup success: determination .

In the startup quest to make the impossible possible, I’ve learned that determination is the indispensable difference-maker.?

Ask any high profile advisory or startup accelerator what matters in startup success and you’ll get the auto-response of a talented team, innovative product, and solid market strategy every time.?

And while these matter, they are not the ingredients that matters most, it's the grit and tenacity of determination that truly set successful leaders and startups apart.

The Role of Determination in Resilience

Startups are no strangers to volatility and unforeseen challenges. What counts is how you respond.?

The last time I quit a full-time role was to join two other friends and launch a startup. I handed in my notice. Packed my bags, and moved to the US buzzing with excitement.

Two weeks later we knew the startup wasn’t going to work out. It hurt. I felt ashamed, how could I be so silly. What should I do now?

I remember asking myself, “Did you think this was going to be easy?” “Well no.” “So you expected building a startup to be hard?” ”Yes.” “Well, this is what hard feels like Barry, and that is why so many people quit at this point. So what are you going to do?”

That moment was enough for my determination to kick in. Enough for me to refocus, set goals and start taking action. Months later that business was thriving by setting goals, taking small steps and compounding wins to build momentum.?

That lesson and moment serves me daily at Nobody, and it is one I try to share with our founding teams and Nobodies in the Studio.?

Determination provides the strength to make bold bets, weather storms, and emerge stronger. It's the driving force that keeps us focused on our goals when faced with setbacks, financial hurdles, and inevitable roadblocks.

Resilience, a vital quality for startup survival, finds its roots in determination. The ability to bounce back from failures, learn from mistakes, and forge ahead defines the trajectory of a startup.?

Determination becomes the catalyst for turning setbacks into opportunities for growth.

Determination in the Face of Rejection

Rejection is inherent in the startup journey, but determination transforms it into motivation.?

In the early days of Nobody we faced more, “We love what you’re doing but we can’t invest” emails than you could imagine. From VCs to independent investors, they told us how much they loved our model, how different, fresh and frugal we were yet that’s where the conversation ended.

Each polite thanks but no thanks helped us. It provided clarity into who were the people we needed to reach, who were the people ready to go on the journey with us, and who would not.

We refined our target investors and ways to reach them. We learned to find which stones to turn over and what places to look to find the right people to be the best people to be part of this journey with us.

Every bit of feedback you get is a gift. Determination helps you decide how you use the information you get—good, bad and rejections.

How Determined Are You?

In the grand game of the startup world—or any game where you are innovating or doing something novel or unique—determination emerges as the unsung hero, propelling entrepreneurs beyond visible challenges.?

While teams, product innovation, and market strategy are crucial, unyielding determination ensures leaders and teams remain motivated and focused on their vision.

As you embark on your entrepreneurial ambition in 2024 and beyond, recognize the power of determination—the force that turns dreams into reality, setbacks into opportunities, and challenges into stepping stones toward success.

And if you need a little encouragement, know I’m here and happy to help.?

Celebrating a Small Win

Finally, there is one small win I’d like to celebrate with you to close 2023.?

Last year, we were honored at Nobody Studios to be listed among the Top 10 Venture Studios globally.?

We always believed that recognition while pleasant should be earned, and we had set the aspiration to do that going forward. This year, well guess what??

Startup Savant named us among the Best Venture Studios Redefining Startup Growth in 2023.

It’s certainly a sweet moment to end the year and challenge ourselves to do even better. 2024 is shaping up to be even bigger. More new companies, more new people to meet and a Series A to raise for the Studio.

Thank you for being part of this adVENTURE with me. Here's to determination, growth, and the exciting journey ahead.

Happy Holidays,

Barry??

Founder, Outlier Venture Partners