After receiving their first large payout, some business owners sail into the sunset in joy. There is nothing more dull, in the opinion of those like ourselves. Rather, we thrive on continuously taking chances to create something from nothing. I refer to this state of serial entrepreneurship as “one-and-not-done” syndrome. We are aware that it will be difficult, if not impossible, and that we will occasionally become quite frustrated. We are aware that the trip is worthwhile despite this.
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The work that we entrepreneurs perform is magical. Almost nothing can stop us from building a successful company. What could be more amazing than that? The fact that 99.95 percent of business entrepreneurs do not obtain venture capitalist investment makes this miracle even more astounding.
This magic trick has left me scarred, like most company owners. I’ve made mistakes, made poor hiring decisions, mishandled money, and rejected reality, all of which have prevented the vision from becoming a reality. These factors may have postponed the magic trick’s appearance, yet it never failed.
Five Strategies to Boost the Momentum of Your Upcoming Startup
If there’s one thing I like about being a “one-and-not-done’er,” it’s the opportunity to refine and improve the entrepreneurial process every time we have the courage to launch a new company. We have an opportunity, in a sense, to refine our magic trick and surprise everyone once more.
Therefore, I’d like to greet you, fellow “one-and-not-done’ers,” with the following insights I’ve gained from launching a couple of my own businesses:
1. Establish Corporate Values
Putting your company’s principles in writing makes it easier for people to understand your priorities, facilitates efficient recruiting, and influences decision-making. More significantly, it establishes responsibility and clarifies who need to be employed and discharged.
A shared belief in the firm’s goal, individual virtues, and organizational values all work together to create hardworking, productive teams. Employee motivation won’t be necessary if these three areas are in harmony. Because they are confident in their abilities and know they are trusted, they will always present themselves in the best possible light.
At SpaceX, that is what took place. People were self-motivated and worked with enthusiasm, according to one former employee. They were able to connect with the company’s objective and work extra hours without the need for many extravagant benefits. Make it your objective when you’re honing your own personal and business principles.
2. Admit Brutal Truths
Every business owner makes mistakes. However, correct errors as soon as they occur. Did you hire the wrong person? Release him or her. Did you make a poor business choice? Fix it. The worst mistake isn’t that you made a mistake; rather, it’s not owning up to it and hoping for improvement. No matter how difficult it may be, hope is thrown away when the harsh truths are faced.
Accepting where your startup is at any given time is the most painful reality of all. It is quite uncommon — and unreasonable — to expect your firm to develop rapidly over night. Weeks of loss will come after days of gain. The success of your company depends on both anticipating these ups and downs and developing resilience during slower periods.
3. Recognize the Dough’s Path
Keeping an eye on the money coming in and going out is essential to your existence. You will spend more than you earn at the beginning of your adventure. Remain composed while keeping an eye on your burn rate. When circumstances are hard, I usually overfire, and when there is evidence of traction, I overhire.
Don’t forget to put money into the proof points you assured investors would be there. Future investment rounds will be impacted by your capacity to meet those benchmarks. It’s okay if you change your direction, as we all do. But, in order to get your investors to support the company’s new course, be sure to go over updated proof points with them.
4. Be Genuine
Culture cannot be faked. Gimmicks that deviate from the principles and objectives of your business can seriously undermine its legitimacy.
For instance, if you have a passionate, ferocious crew, it could make sense for one firm to have an internal punching bag. The punching bag can withstand physical blows while under stress. But not every startup would benefit from a punching bag, and imposing a certain culture on a business merely for the purpose of doing so is pointless. Keep in mind that ownership shapes corporate culture, which is then transmitted by management and demonstrated by workers’ behavior.
5. Never Give Up
You understand the meaning of perseverance if you are a “one-and-not-done’er.” You have experienced the hardships of being an entrepreneur. Sometimes, though, you will feel as though you won’t be able to pull the rabbit out of the hat. Close your eyes and inhale when this occurs. This is something you can overcome. You have previously. This time, too, you will.
Start reading when things get extremely difficult. Books like Napoleon Hill’s “Think and Grow Rich” and Elon Musk’s biography may inspire you and alter your viewpoint.
The greatest of highs and the lowest of lows are acceptable to us “one-and-not-done’ers.” We are aware that one of the greatest achievements in the world is creating something out of nothing. We leave others speechless because we possess a talent that very few others possess: magic. And we will undoubtedly go on to the greatest experiences and innovations as long as we never stop trying to get better.