When a baby is born, it needs to go through all sorts of growth, maturity, and developmental stages to become self-sufficient. It needs to learn how to walk, hold utensils, learn a language, learn to read, learn a variety of subjects about the world, learn to drive, and so on.
Typically, this process takes decades. We understand this and, therefore, don’t set too high expectations. We wouldn’t expect a toddler to answer questions about complex literature or math, or ask one to drive us to the airport.
When a new company is formed, what is the expectation that this new company becomes self-sufficient where it can be supported by revenue and can become profitable?
One has an expectation that it will take 20+ years to reach a level of adequate maturity, and the other is given a few months or a few years. Otherwise it is deemed a failure, or as Kevin O’Leary would say, “Take it behind the barn…”
What is a reasonable expectation for a startup to become self-sufficient?
A new business must also go through various stages:
👉 Ideation and prototyping MVP
👉 Fundraising
👉 Product development / product maturity
👉 Hiring / team building / culture
👉 Operations and process development
👉 Manufacturing
👉 Marketing
Each one of these functions has a million tasks and processes attached to it, and they are often unique to the business. This takes time. This timeline needs to be factored into your business plan. Therefore, you’ll need to have the financial stamina or runway to carry the business until it can lift off and take flight. This timeline may be longer than you expected and longer than you have the capital for. Sure there are unicorns that hit an exponential growth curve almost instantly. But for the vast majority of startups, their growth is much slower.
The Role of Resilience and Adaptability
From product development hurdles to market fluctuations, there’s no shortage of obstacles that startups must overcome. The key to success lies in the ability to adapt to these challenges with resilience and creativity. Instead of viewing setbacks as failures, successful entrepreneurs see them as opportunities to learn and grow. By embracing a mindset of adaptability, founders can navigate the ups and downs of entrepreneurship with confidence and determination.
Every stage of the startup journey offers valuable lessons for founders. Successful entrepreneurs are lifelong learners who are constantly seeking to improve themselves and their businesses. By approaching challenges with a growth mindset, founders can turn obstacles into opportunities and propel their startups toward success.
The Importance of Community and Networking
Entrepreneurship can be a lonely journey, but it doesn’t have to be. Building a strong support network of fellow entrepreneurs, mentors, and industry experts can provide invaluable guidance and encouragement along the way. Whether it’s joining a startup accelerator program or attending networking events, connecting with others in the startup community can help founders navigate the challenges of entrepreneurship and avoid feeling isolated.
Collaboration is key to success in the startup world. By partnering with other startups, businesses, or organizations, founders can leverage each other’s strengths and resources to achieve mutual goals. Whether it’s co-marketing initiatives or joint product development projects, collaborations can open up new opportunities for growth and expansion. By fostering a spirit of collaboration, founders can build a strong network of allies who are invested in their success.
Continue reading: So You Want to Be a Growth Hacker?
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