Starting a company is like going on a very long road trip, in unknown countries. The key to good trip is to plan and this is no different to when launching your start-up. Numbered below is a set of minimum requirements for a great start-up.
1- Your team rocks!
An associate is worth more than a girlfriend: you spend ten hours a day with him, four more hours chatting via text and hours extra thinking of ways to make the project better. Like a girlfriend, there will be times when you have issues together and so choosing an associate who you can work well with and stay united in an overall goal is vital. Many entrepreneurs get together with their best friends thinking that it’s the best way to collaborate, however, this could be a poor decision, as being good friends does not mean you will make good work colleagues. One way to choose an associate is to know how they react in difficult situations as well as how strong the trust is between yourself and your associate.
2- You are ready to be a father.
You will dedicate 100% of your time to your project or at least 100% of your extra-time at the beginning of the start-up. If you are truly passionate about your idea and have a strong belief that it will be successful then you will enjoy working at it and will constantly improve and make progress, if the passion is not present the start-up will never get going, 100% is required. You have to see it like your own child: you have to take care of it 24 hours a day until he is autonomous. Many entrepreneurs give up after one or two years because they face to problems and they doubt. Doubt is natural, but only passion and conviction can surpass it.
3- You are ready to dedicate time.
Launching a start-up is time consuming and there are only 24 hours in a day hence a good daily schedule is key in order to make the most of the time you have available. You have to realise that you will say goodbye to your previous way of life: no more lie-ins, no more partying on the weekend and no more time to chill! It sounds tough but once your start-up is up and running you will be happy to have those extra hours as there is often a lot of work to do!
4- You will keep eating pasta.
Unfortunately, in the early years of your start-up it is likely you will not make any money to fund your living. This is often annoying when you consider the effort you have put in but life is life and good will come eventually if you stay 100% committed. If you have just graduated it can be frustrating seeing your friend moving into good jobs and earning high wages however you have to stay focused on your own personal goals. You have lived off a student’s wage for ten years now, a couple more won’t change anything. If you are slightly older, you will have to anticipate a drop in your wage before any sort of improvement. Money is a very sensitive issue but do not be naïve in your goals, often people think they will earn millions straight up with a revolutionary idea however most of the time this is not the case. We hope this is wrong however it is sensible to accept a low income in the first few years of your start-up.
Launching a start-up is a fascinating but stressful experience. If you are well aware of the previous four points outlined then you will make a great entrepreneur and know what it takes to be successful. Now we wish you the best of luck!
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