Secrets to STARTUP SUCCESS

AN EVAPORATING RUNWAY

Until the new business concept has proven itself and is generating a sustainable level of revenue, startup founders must deal with a pile of ever dwindling resources. The first five negative impacts all in­crease the likelihood that a new entrepreneur will run out of cash, time, support, or personal will before he or she can find an adequate revenue stream. Exerting additional pressure on desperate founders is a rule I find myself repeating to every aspiring entrepreneur who shares startup plans with me: Everything will take longer and cost more money than you think. This principle underscores the importance of developing realistic, hype-free estimates regarding your new ven­ture’s pathway to profitability, so that you can set realistic timelines, secure adequate resources, and identify behaviors and practices that will maximize your startup’s staying power.

Secrets to STARTUP SUCCESS

Resources and Readings

Thanks to Internet search technology and social media interconnec­tivity, answers to most entrepreneurial questions can be found with a few clicks. I have attempted to list sources beyond the usual …

Startup Readiness Tool

This tool can be used to: ■ Evaluate and improve a founding team’s readiness to launch a business ■ Calibrate the timing of a startup effort (accelerate or delay) ■ …

PERSEVERE WITHOUT ATTACHING

The deepest form of entrepreneurial commitment acknowledges and accepts that there are forces in the marketplace that are beyond the founder’s control, forces that will impact the venture’s destiny for …

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