How do you keep yourself accountable?
How do you make sure you’ve aligned with people who have NewCo’s best interests in mind?
Look for people who respect and believe in your mission, and who also respect and understand that NewCo is your “baby,” so to speak. Be wary of individuals who do not meet their commitment to the business, who fuel negativity, or require you to surrender too much ownership of your business. These individuals clearly do not have the same vision you have for your company. Identify these individuals as quickly as possible, and remove them from your environment. Surround yourself with the people who want to see you succeed, and who are invested in your success. This does not mean you should keep out the people who challenge you. Challenges are good, and can push you to a better developed product and business growth. However, negativity and challenges are two different beasts; take the time to determine the difference and let the negativity go. Finally, trust your gut. This is your business, and you know where you’d like it to go.
You have met with potential investors, but haven’t had much success. What are some things you can do to make yourself stand out?
Investors want to know that you have the necessary drive, passion, and hard work to get them a return on their investment. And they want to see you “hungry.” The hungrier you are, the harder you’ll work, and the greater chance of return on their investment. Therefore, when meeting with investors, don’t rely only on a presentation of NewCo’s services and/or products. Make sure you show that NewCo is your focus now, and will be in the future. Let them know how hard you’ve worked, will continue to work, and how much of your own funds you’re contributing to show that you too have “skin in the game.” After all, your own investment in NewCo will show you believe in your own product, and that will go a long way in getting others to believe in your product as well. Finally, be sure to explain how NewCo will be a differentiator. You will not likely be the first of your kind a prospective investor has considered. Focus on how your product/service is different from other similar products/services in the marketplace, and how that difference will show itself in returns.
What’s the best way to test your service/product?
How do you set up for a successful launch?
- Gain access to the industry you want to be in. This may mean, for instance, taking a position that you may consider beneath your education and experience. It may be worth it if it can get you a foothold in the industry you want to build your new company in.
- Hone in on the particular problem you want to solve. Start-ups are invariably problem-solving companies. Take the time to do the research necessary to determine the best way to solve the problem, and then get a solid vision of how you want to approach that. Things may change as you move forward—in fact, they will—but with a solid vision, you will be able to bend and adapt to the changes instead of having your vision fall completely apart.
- Don’t be afraid to partner up. If you come across another entrepreneur and the two of you have complimentary skill sets, consider working together to create synergies to benefit the both of you. However, be sure to find and keep your own voice, and figure out what NewCo means to you on a broader scale so that you don’t lose your vision in this new partnership.
- Understand who your audience is and figure out how best to cater to your audience. After all, this is the group of individuals who will decide whether to purchase NewCo’s product/service over other products/services in the marketplace, and will ultimately help to dictate whether NewCo flourishes or fails.
- Realize that your voice may dictate what your product/service looks like down the road, and the more your product/service is a genuine extension of you, the more likely you will enjoy developing and marketing it. Therefore, though you may consider your peers’, purchasers’, and partners’ thoughts and commentary, keep your conviction.