If You Want To Start A Startup, Here Are Some Things You Need To Know As The Founder
So you want to start a startup, and you're looking at becoming the founder?
Wonderful.
Well as James Clear recently stated in one of his most recent emails;
"The best business ideas have yet to be tried. The best books have yet to be written. The best relationships have yet to be formed.
It's not too late. The space of possibilities is endless. The most interesting terrain remains unexplored."
Therefore, you're in the right place, but there are a few things you need to know, and I'd rather you know now before you're a few weeks in and thinking;
Shit. I probably should have stayed in my old job.
Because the thing is, there are a few things that many individuals are unaware of when starting a startup, and I'd love to cover them whilst back it with what you need to have in your startup suitcase when you hit that crossroads.
First, let's cover the basics.
What Is A Founder?
Don't feel embarrassed if you are unsure what a founder really is, with a whole load of words being thrown around the stratosphere, it's no wonder the startup world has felt a bit noisy.
However, in simple, a founder is the one who comes up with an idea and then turns it into a business or a startup. They can either set the business up by themselves or bring in a co-founder to work alongside them.
The founder also determines the relationship to said business, but will often at the start, take on the title of the CEO.
What Does It Take To Become A Founder?
Well...have you got an idea and a route to market?
Do you know that your product or service is needed within the market space? I ask this because whilst you might nod and say yes,?42% of startup businesses fail because there’s no market need for their services or products.
Have you seen others doing it and succeeding?
Okay, well...start the business, and you've taken the first step.
But honestly, what do you really need to know?
Let's look.
Startups Are Fast-Paced
If you have never worked within a startup before and are leaving behind your current corporate job, please be aware that startups shift and change so quickly, that by the time you blink you will be looking in another direction.
Whilst this may sound a little dramatic, the reality of startups is a fast past and ever-changing environment. Sometimes you can feel as if you are in the mix and ready to smash it, and other times you feel as if you're drowning in the weeds and there is no way out.
So what do you need to ensure you go into this with confidence?
An impactful vision.
Now, the vision isn't the dreamy element of the startup, it's the big picture thinking with a roadmap of all the smaller elements to build everything up. It's the real-time thinker, knowing that you can't just jump from A to Z without some bumps in the road and a lot of hard graft.
This brings me to the hard part.
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It's awfully difficult. Worth it? Yes. But difficult? Even more so.
So what does that mean for you?
A startup founder needs support.
Startup Help
As a founder starting a startup, you've already taken one of the biggest steps, and that's going out on your own to put your vision into play and take the risk.
Taking risks is scary at any stage of your business, but you have taken the risks for both yourself and your business to flourish, but something I will ALWAYS tell any new founder, is to get the right support.
Especially financially.
Whilst some startups will head down the investor route, which is a whole other topic of conversation, other founders will be self-funded and may even hit the ground running with clients from the get-go.
A business plan of action is key, which means getting the right support from those around you that can help you achieve your goals.
From mentors to accountants to outsourcing, asking the right people to back you in your journey is vital.
You might be the one-person band, but your business will thank you later when all your ducks are in a row.
This brings me to the final piece of advice...because trust me I could go on forever, and maybe I will at some point do another of these, but anyway...your systems.
Startups Need Systematic Processes And Systems
When starting out, as the founder you will in fact become the jack of all trades.
With over?1800 companies being founded every day, with London leading the pack, you have to be ready to jump in at the deep end.
This means you are the CEO, the marketer, the book invoicer, the designer, the inventor and the one the clients turn to every day.
If you are stepping into your business without the right processes in place hoping to just 'wing it' because corporate had too many structures, you'll be horrifically surprised how much you'll miss the systems.
This goes for everything from;
The main reason behind these systems and processes is to ensure:
In Conclusion
Whilst this is all a lot to take in, I say this because as an accountant, I have seen so many new founders come through my door looking for support and have none of the above in place and ready to go.
To ensure growth you have to have the foundations built.
Especially, as I said before, your financials.
If you are ever looking for more support, please feel free to reach out directly.
Founder & CTO | Generative AI Specialist & Deep Learning Enthusiast
3 年Great read Joe. Michael E. Gerber's book, The E Myth Revisited, is a great insight into the importance of systems and how they transform a job into a business