Are you about to make the plunge and enter the startup world?
Do you have a failed startup and are looking to launch a new concept?
Are you simply curious as to what it might be like to dip your toes in something new?
Startups vary from concept to customer type to successful traction strategies, however, there are some consistencies in the mindset of a startup founder and entrepreneur. And it truly is mindset: a high level of internal accountability that over time forms specific, desired behaviors. (My personal definition)
Often times, it’s a lack of the proper mindset that is the root cause of a failed startup, which means they’ve failed before they’ve even begun. If you want to avoid this pitfall, here are 3 questions to ask yourself before you make the commitment to ensure you’re doing it for the right reasons and are properly prepared mentally, for what you are about to embark upon.
1. Are you a facilitator?
This taps into the pain point, the problem, or the reason you came up with your concept. Is this a personal problem you’ve faced and feel you have the solution to it? Do you truly feel your concept and subsequent company or product will change and/or improve people’s lives positively? If so, you are a facilitator, and this is good. Facilitators form a startup because they truly feel they and their product are the conduit to improving people’s lives whether it’s through simplification, education, or a multitude of other reasons. This internal motivator will make things easier when things are at their lowest and hope seems to be lost, and I assure you, regardless of how successful you end up, there will be moments of hopelessness.
2. Are you willing to sacrifice everything?
Yes of course we’re all aware that being an entrepreneur requires sacrifice. But do you actually consider what you’re entirely willing to sacrifice to be successful? Behind every overnight success, there are 100 failures, and many of those incur simply because the founder(s) weren’t truly willing to make the necessary sacrifices. Depending on the issues at hand such as the market, cost of production, and other unforeseen circumstances, along with your own personal life, each founder’s specific sacrifices will vary, but the most important thing to ponder prior to diving into the world of being a founder is just how much are you willing to give up and go without in order to achieve the success you desire.
3. Can you embrace your weaknesses?
We’re all very aware of what we’re good at, however, a true leader encompasses a level of humility to whole-heartedly acknowledge their weaknesses. This goes beyond self realization though. As a founder, you have to build a team, and by embracing your weaknesses you can more ably build a team with strengths around your weaknesses. Every startup is idiosyncratic in nature, and there is only one CEO, CMO, CTO, et cetera that is best for that particular startup and the more you realize and embrace your weaknesses, the easier it will be to build the perfect, complementary team.