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Best & Worst Startup Advice I’ve Ever Received


  • Best & Worst Startup Advice I’ve Ever Received

    The folks at Startup Storey decided to contribute an article to share their knowledge on what makes a startup tick. Great piece of content if you’re thinking of starting your own business.

    With the speed at which technology evolves, running a startup often feels like a race.

    A race to being the first, becoming the best, and growing to be the one with the most market share (whatever it is you want to achieve).

    It’s rather common sense that in order to achieve your desired income or development quickly, you require more resources, a bigger team and more money. So I’m going to go out on a limb and say that the worst advice I’ve heard pertains to investment.

    Entrepreneurs are often led to believe that their idea is only validated when they’ve successfully raised investment from the outside.

    Entrepreneurs jump on the funding boat without even thinking of going it alone on their own. To make things worse, some don’t even think of bootstrapping for some time.

    Creating a minimum viable product, proving your concept without prior investment will not only enable you to give less of your equity when you do raise a round, but it will also teach you lots.

    Moreover, the ability to raise finance does not solely depend on the potential of your idea/business or even your execution - there are simply too many factors that are outside of your control too.

    Hence, I would encourage entrepreneurs not to seek external investment from the outset, but rather to test how far they can go by themselves. I surmise that way lesser time would eventually be wasted on futile ideas, startups and ventures.

    So, what should I really do to growth hack my startup?

    Start executing on your business plan.

    The clock is ticking. Do not waste time over analyzing things. Try not to make irrational decisions based on unbound assumptions. Don't try to be the person that always questions stuff just to show that you're thinking.

    You and your partners obviously know how to make decisions or you wouldn't have made it this far.

    Consult with a mentor. Someone who's "been there and done that" before.

    For startup sales advice, Startup Storey has some of the best and most actionable information out there.

    Here are a few posts to get you started.
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