5 Priorities of A Startup Founder
1). Time -: Time is an extremely critical resource when it come to entrepreneurship. with every passing day, the opportunity cost of foregoing a steady increase. as a result, entrepreneurs often feel a constant pressure to make the most of every minute they have available.
While it is important not to let the pressure get to you, it is equally important to manage your time wisely. here are some tips to manage your time better :
- Don’t slack off – A startup is not a sabbatical
- Prepare a plan
- Follow a schedule
- Plan your next day the previous night
- Set tight deadlines
- Avoid working from “home”
- Be disciplined
- Learn to delegate
- Measure progress
2). Team -: Hiring is the #1 problem for most startups. you compete with well-startups, high paying banking jobs, flying consulting jobs, and secure corporate jobs. you don’t have a brand to sell. you don’t have enough cash to pay. you don’t want to dilute your equity too much. The hardest part was recruiting engineers. world class tech resources in the world are not easy to hire for an early stage startup due to high salaries being offered and just generally paucity of genuinely high quality talent.
Here are some thought around the decisions you will make on recruiting for your startup :
- What skills to hire for?
- Quality vs. speed
- Skill vs. Attitude
- Part time vs. Full Time
- Create a good company culture
3). Product/Service -: The importance of setting up “controllable” milestones. For your Product or Service, you must add “Delivering a Minimum Viable Product (MVP) as a critical milestones. A MVP is a product is a which you can show to your customers and ask for money. once you create your MVP,
Keep the following in Mind :
- Do not lose focus on Sales
- Be Prepared t Pivot
4). Cash -: Pay attention to your startup’s cash flow management. even if you are profitable, you may mot have any real cash to pay the bills if you are not smart about how cash flows into and out of your business. learn basic accounting if you are running a company.
Here are some tips to avoid any surprises in handling your company’s
- Draw a Minimum Survival Salary
- Be Frugal
- Collect cash early
- Do not splurge
- Avoid buying things, in general
- Get Creative to find cheaper alternatives
- Spend where it matters
- Negotiate hard. don’t leave cash on the table
5). Self -: It is important to take good care of yourself. you can’t afford to lose “yourself.” “YOU” are the most important asset of your startup.
- Learn to be Lonely
- Expect the unexpected
- Do not be afraid to make hard decisions
- Stay connected with friends and family
- Maintain and build your professional network
- Build your personal Brand – share your experience on Social media
- Take care of your health