The Entrepreneurial Journey

When I was asked to write a post, I thought about sharing my experience in Start-ups, focusing on some mistakes that cost me money, time and a lot of patience.

I will describe this in a 10 bullets schema, describing the way I live the entrepreneurial process and the 10 fundamental elements of it. This way, if you get bored, you know how many bullet point you are missing to finish the post ;)

1. Opportunity

The bullets are not in order of importance. Nevertheless I would say, if there isn’t a clear opportunity out there in the market, and you cannot see it, feel it and describe it properly, you don’t have a starting point.

When I was 7 years old, my good friend and I “saw” a clear opportunity in the “Oil and Gas Industry”. In our elementary school backyard the tiles were joined by tar, and our main hypothesis was tar == petroleum (they look alike!)

We were scolded by our mothers when they found out we were gathering tar in our backpacks…

This reflects the never ending opportunity search Entrepreneurs are involved in on a daily basis.

2. The Entrepreneur

I have never tried Bungee jumping, but I would imagine the feeling is quite similar. You “jump” into your project, at the beginning there is only spirit and positive energy. Then managing risks and developing procedures you start given that spirit structure.

In my case, I have always been very lucky and have shared different entrepreneurial journeys with great partners I am thankful for.

The entrepreneur does not follow a logical path, he or she follows parallel paths simultaneously. Specially at the beginning of any venture, you have to be the sales guy, operations guy, the one who answers the door, fixes the toilet and, at the same time, is responsible for the final outcome. What a mess, right?

3. Sales

Sales are like Lysoform, it kills 99.99% of your company problems. Everybody in your company needs to sell. You, and your company depend on your SALES. Sell! Sell! Sell! Please don’t underestimate sales, this is a very common mistakes in most startups I have been involved in.

4. Team

It is very common to ask people who have a similar profile to join the Team. This might often be a mistake. Look for people who have similar business values and can compliment your skills in the long run. Build a complimentary Team. Don’t partner with someone that supplies a short term need, aim for the long run.

I remember a teacher once told me, the successful people I have met during my life shared a common characteristic: they were hungry! Look for it when you are partnering with someone, you can’t imagine how much it will help you in the bad times.

5. Capital

There is a lot to say about Business Angels, VCs, 4Fs (Founders, Family, Friends and Fool’s Money). Above all these concepts I love to think in a lean and bootstrapped way. I have never seen a good team, with a good idea, missing the opportunity of finding money. Money is not a problem. There is more money in the world than good Teams/Ideas to be executed.

Today, working with AWS, social networks and US$ 25K you can make a big mess. Trust me. Bootstrap, and go for it.

6. Market Size

Size Matters! Really.

If you are thinking about a new venture, look at your potential market size. If you can choose. Choose BIG.

How big should the market be in order to be interesting. That’s is also up you you and your business expectations and strategy. There are no mathematical formulas in this field.

7. Mentors

I haven’t participated in successful projects where I was not supported by successful Mentors. Take your time to find the mentor you need for the project you are working on. Go out, find your mentors.

A mentor is not your priest, nor your psychologist nor your mom. He or she is generally a person that has experience in the field you interested in, usually has a complementary or more objective point of view, and comes in handy when introducing you to new people. The better mentors you have, the higher your chances of success are.

8. Frustration

Is part of the process. You will get frustrated. You need to learn to live and cope with constant frustration. The more you learn to live with frustration, the more chances you have to succeed in the long run.

9. Pitch Vs Prototype

Show me the money! Show me your prototype!

A prototype is 100 times more powerful than a pitch. It is more convincing if you say “I have done this” than “I will do this”

GET STUFF DONE! Go out there and do! No excuses: DO!

10. Uniqueness
What makes your project unique? If you can answer this question without having finished reading this sentence you are on the right path.

If not; if you are still thinking, don’t panic, building “uniqueness” can take a lifetime.