Lots of people say they are eager to do a startup, but few people really do. You’re giving up security for a chance to lose a lot of money, your own or borrowed, and that can be humbling and scary.
However hard you think launching a startup is, it can be way tougher than that – times 10.
The managing director of Altabel Group, a company which mainly works with startups, is running his own Linkedin group “IT start ups – innovate together” and definitely has some thoughts to share on this topic:
1. When you leave a position in a big and stable company to create your own startup, many people including former coworkers and family, will think you’re slightly unhinged. But if you never tried to do a startup company than most likely you have never tried to realize potential in full.
2. Hiring the right people is critical and sometimes the people you most need to convince aren’t the ones you’re actually going to hire. Startup is all about people on the team, and overall idea behind it.
3. The most valuable hires can come up from anywhere and their CVs at first may even raise doubts. Generally start ups do not have HR department, which too often screens out people without the “right” background. You should be anxious for getting best from each member of startup and seek for candidates you could get the most from.
4. You’ll need to be flexible however and whenever possible. You should be flexible while brushing up your idea for startup, and be ready to adjust your idea according to the circumstances.
5. When running a start up you are likely to have both moments of triumph and moments of despair. And they come and go so fast, and only your team mates may understand the feeling appearing at that. You should be ready to survive hard times and keep your operational expenses as low as possible even during good times – just to be ready and have reserves for hard times.
6. You’ll need to gain respect at all times and finally some of the toughest critics will become your own peers. You should build up self-confidence and confidence around you so that you and your team could think freely and be creative in all aspects of startup development.
7. Just when you think you’re on the rocket ride up, it can all come crashing down, and you’ve to work hard and fast and think on your feet to force it back up again.
You should not be over-confident when working toward certain goals. You should always be ready to adjust your ways.
8. You’ll meet familiar faces in new and surprising roles. You should discover new potential capabilities in your team and your idea and let them grow and develop continuously.
9. The need to work hard and prove your ideas never stops because the race is never ending. I hardly know anybody in the startup world who gets relaxed while still in the race. You should work not only hard but smart, and be ready to be as smart as possible while working hard 😉
10. If you are making progress, you owe it to everyone you worked with to support the team and the company you built. Be grateful to your team and your clients
You’re welcome to share your experience and your thoughts on this topic