That’s never a good idea, because you’d probably be doing the weight lifting yourself. In my experience, finding the right people takes a lot of time in the beginning but eventually most startups just die out in the incubation phases, and the testing phases of the product due to lack of sufficient human resources i.e. your friends are lame and they didn’t take it seriously enough.
“Hiring people smarter than you for a specific role is always helpful, but people who fear failure would never actually join such a venture because people desire stability” and startups overall are a very risky venture but that’s what an entrepreneur is all about taking calculable risks in determining the best course of action.
Furthermore, dialing down the entrepreneurial spirit is also a good idea because that calls for disaster. There are other issues with Entrepreneurs fresh out of the oven, that they lack the insight to sustain their chain of income to support logistics and operation. In my experience, our Start up burned out of our revenue’s in the first 6 months as the investors took a huge chunk of the company with a break even period of 12 months and equity of 50%… without any proper mentoring or guidance. They were inexperienced with the business and my partners were as well. I tried to probably make it survive for a bit longer but there are many mistakes i did during that time, one lesson however i learned was that don’t ever add your friends into your business unless they have the capacity to support the operations of a start up.
All the points mentioned are definitely good pointers, but my advice to anyone hoping to make it big,
“If someone offers you, a chance to work or market their product that is similar to yours, take that opportunity to gain experience, guidance and moreover the insight to make proper connections. The risk is worth it, in the end, but there is a 50% chance to fail at marketing their service or product.”
because they actually failed to launch their service, as their marketing plans weren’t properly thought out… I believe any Startup has a 2 year testing phase where it either makes it or breaks. A sustainable revenue drives a startup, even if it is properly planned and operations are carried out successfully, most start ups just get swallowed up by big corporations eventually or they just get stuck in a rut when they can’t adapt to their competitors!
I wanted to write a topic about Entrepreneurship someday! Well you beat me to it! Sir Terry. It was a good read, very actionable insight indeed. Hopefully, it will help people looking for guidance.
Thanks for the great read yet again.