One of the general misconceptions about startups is that too much value is being placed on the idea itself or the work you have already done, and not enough value is placed on what’s needed in order to get to where you want to be with your company in the future.
It is so easy to scoff at a product vision, but the reality of the matter is that when you define a bold and daring vision for your new venture, it becomes more apparent all the things you need to get in place in order to have any chance of getting there.
Let me mention a couple;
In-depth knowledge about the market, market dynamics and the customers, you’re addressing so you know what’s needed from the product(s) in order to get in front of the right future customers and actually convert into sales.
The talent needed to make things happen, so you make sure you have all the right competencies in place, which – if they are just remotely good at what they do – will have plenty of other options on the table than to join your merry crew.
The money needed to make the vision come through and fuel both the roadmap and the growth you have envisaged in order to get to the position, you want to get in.
And these are just to name a few.
The easy thing to do here is to just not care about these things, save them for later – and run into big, big trouble later on.
When you build something nobody wants or there is just not a big enough market for. It remains the primary reason startups fail.
You cannot attract the talent you need because they have all chosen to join the other companies where they have a better feeling of what they are aspiring to do and they’re moving more diligently in the right direction.
Investors will turn their backs on you because your basically not fundable for above reasons or for something else.
See the connection here?
The best decision, you can make, is to focus less on past achievements and more on what is needed – not from you yourself necessarily but from everybody else – in order to get to where you want to be in a few years time. And then work towards ensuring that can actually happen.
That is going to make all the difference to your success.