What Does It Take to Start a Startup? (Cindy Lindsay)
Taking a company from ‘gleam in the eye’ idea stage to fully functional company is a huge endeavor. Here are a few things to have in place before you start:
1. Don’t start unless you are obsessed and doing something you truly love. It only gets harder and, sometimes, the love of it is the only thing that will keep you going.
2. Focus on what you know and surround yourself with people who are smarter than you – employees, mentors, investors, etc.
3. Concentrate on building the company. If you are constantly thinking about your exit strategy, the company itself is not your obsession.
4. Determine your business model early. If you can’t clearly see how to make money, you will not be able to make your company successful.
5. Keep things simple – create a flat organization, well-understood responsibilities, and clear goals & timelines.
6. Hire people who have great skills/experience, also fit the company culture and will love working with you – make the job fun for employees. A startup is a very stressful environment. Look for opportunities to blow off the steam and build a sense of team at the same time.
7. Take care of yourself. You are the visionary and leader for the company – a VERY valuable asset.
Cindy Lindsay is a strategic consultant at http://www.flsassociates.com/.