Recently, I’ve had several discussions with startup CEOs who were frustrated by how difficult it was for them to secure their pre-seed or seed rounds. One of the reasons is that in recent years, seed investors have been putting more dollars into fewer deals, which sometimes means that they prefer slightly more mature companies. However, this mostly happens because companies try to raise funds when they’re not ready to do so.
These CEOs felt that they did a great job of turning their idea into a working MVP. They thought they had some customer traction and a basic sales and…
Early-stage startups must go through a sanity-check process as early as possible. The definition of a sanity check varies, but the basic one is as follows: a sanity check is a basic test to quickly evaluate whether your business plan makes sense by verifying that your assumptions are supported by evidence.
Why is this process so important? A recent CB Insights study indicated that the top 3 reasons startups fail are:
There are many reasons why our short-term actions often don’t align with our long-term goals and aspirations.
To understand these reasons, let’s divide them into two categories: the barriers that influence us when we are engaged in advance planning, and the ones that occur in real time as we try to decide what we should do next. Please note that these barriers are not truly independent. They both share similarities.
Barriers related to advanced planning:
1. Visualizing the cost of time is hard In some ways, time is like money. If you spend it on one thing, you won’t have…
I have always been a big fan of planning. Early in my career, I managed large scale projects, which involved people, processes and information systems, sometimes I was required to cross continents and time zones. So, I always used very detailed work plans to manage the timeline and tasks. However, THERE IS such thing as too much detail with work plans, and at some point, regardless of the tool you are using, you will find yourself working for the tool instead of the tool work for you.
So, I decided to break down the various areas of the plans to…
20 years of entrepreneurial and business experience, CEO at Agrinoze, co-founder of Profitect inc (sold to Zebra Technologies), maker, startup advisor, cyclist.