Firstly, what is a surviving startup?
If you are wondering, I’m talking about an entrepreneur of any age, gender and background who has the ability and capacity to turn their idea into a successful business over the longer term.
The surviving startup thinks and works in a specific way. These people have a different mindset to the majority of ventures people run – which typically fail.
How a surviving startup thinks
A surviving startup transitions through the early stages by focusing on and researching a problem, or rather an unsolved problem that a group of people (let’s call that a market) are experiencing.
Listening is both a practiced and treasured skill.
By contrast, the non-surviving startup focuses their energy on making a product or service (a solution) and then trying to sell it without paying any (or very little) attention to problems people have.
A surviving startup also knows themselves; they know what gets them out of bed in the morning and what fuels their life interests and passions – for want of a cliché. These people also know they don’t know everything so they go in search of support, advice and mentors.
Entrepreneurial success typically results when an individual fuses unsolved problems, market demand, deep personal interest together with a small team of likeminded people.
How a surviving startup works
A surviving startup recognises that there is no perfect way through the maze of entrepreneurship. False dawns and one way streets are inevitable.
Whilst market research, intelligence and business plans are vital allies when it comes to guiding decisions, the savvy startup also knows uncertainty abounds and almost all choices, especially in the early days, carry risk.
As such, the surviving startup is prepared to act but at the same time recognises they will make mistakes. What matters to them is the ability to learn and to learn quickly so that mistakes are not repeated.
Of course, making mistakes is rarely an enjoyable experience, especially if the next step is to get up and go again. The process, especially when repeated is energy sapping and can often be very dispiriting.
Resilience is critical
The surviving startup recognises that life as an entrepreneur is not easy. This person is able to pick themselves up time and again. This person appreciates plans, and especially business plans, change quickly.
In fact, change is constant.
Yet the thriving startup goes one step further because they expect and even enjoy the knocks. You’ll discover these ‘knocks’ have immense hidden value.
For more on this subject, you can listen to the brilliant and highly insightful Diana Kander in Episode 3 of Series 2 of The Startup Survival Podcast. In this episode, Diana says that if you are not getting knocked back, something is wrong.
So do you want to be a surviving startup?
To fast-track your mindset and work ethic, so you give yourself the greatest chance of doing what you want to do really well and succeeding over the longer term, listen to this special episode from the Startup Survival Podcast.
By tuning in, you will learn how to think and work through the very earliest days of any new venture. You’ll create all the right foundations and you’ll be giving yourself the greatest chance of future success.
Listen to the Podcast
Stream and download the podcast using the player or the link below:
Download the podcast from the Series 2 collection of podcasts on BuzzSprout.