51 Ugly truths about being a start up

This is the best time ever to start a new business or expand your current business.

But, it may not be as glamorous as it appears. Here is a list of some not- so- pleasant truths, you must be aware of. You will not be able to change most of them- but being aware will give  you a definite edge.

 

  1. It will not be a free lunch -It will be hard work
  2. You will work long hours- most of the time.
  3. You will need to learn new things.
  4. You will be constantly surprised.
  5. You must learn to delegate and outsource.
  6. You can’t do it all yourself.
  7. You will not know it all- you will need help.
  8. You will make mistakes- the earlier you accept this, better for you.
  9. It is not easy to raise money.
  10. Your forecast to be cash positive after year 1 is too optimistic.

 

  1. Your launch will take 2 -3 times longer than you forecasted.
  2. You will realize that a dream is not a goal.
  3. You will realize that hope is not a strategy.
  4. A business without revenue is a hobby.
  5. You need a unique selling proposition to sell anything.
  6. You will need 50 % more cash than you think.
  7. Your burn rate of cash will always be faster than you planned.
  8. New customer’s acquisition will take longer than you planned.
  9. A vision is not a business plan- making grand vision statements is a waste of time.
  10. You should be in the business to solve some problem-even a small one. Of course you want to make money – but you will not be successful with this reason alone.
  1. You will need others, directly or through a strong network.
  2. You must be committed to read expense/revenue statements.
  3. You will need a strong accounting system- hire a good number cruncher first.
  4. You will need to develop a clear road map.
  1. You need to learn to say no.
  2. People will disappoint you.
  3. Customers will not pay you.
  4. You will get frustrated because you will not find good people to join you.
  5. Your sales team will take two years to stabilize.
  6. You will be scared to delegate-, as you believe that anybody else will screw up things.
  7. .You will have difficulty taking vacations.
  8. You will struggle to relax, as there is always something to do.
  1. You will be busy, very busy.
  2. You need discipline to work unsupervised.
  3. Think exit before you enter.
  4. It may strain your relationship with your spouse.
  5. It may strain your relationship with your children.
  6. You will understand the value of social media- not just because it is cheap.
  7. You will realize that you are the brand ambassador of your company and you need to act accordingly.
  8. You will need to watch your expenses like a hawk; because cash has a mysterious way of disappearing.

 

  1. You will need a relationship with a banker
  2. “Motion creates emotions” –you will soon realize that only activities will give you results.
  3. You must take time for your daily exercise.
  4. You will be stressed.
  5. You will have sleepless nights.
  6. Your friends or relatives may not help you.
  7. Some of your employees will cheat you.
  8. You will live a roller coaster of emotions.
  9. You will have enemies, who will try to take you out.
  10. You will doubt your ability to succeed.
  11. In the end, you will believe that it was worth it.

 

But in spite of these ugly truths, I would still recommend you to take this leap of faith-because you will never get this chance again.

  1. The economy is looking good for another five years at least.
  2. The business environment will support you.
  3. You will be able to attract good people, as young people do not mind taking risk with start-ups.
  4. It will provide meaning to your life-nothing can ever replace the moment-when you succeed.

Go for it. Seize the moment.

Comments (1)

Valuable info. Have gone through this thrice.

Leave a comment