How to not die.
as a startup.
Whether you’re building the next billion-dollar company or the hipster coffee shop, your job as a founder can be boiled down to something very simple:
Shorter cycles (and with that, nearer targets). That’s it.
So why do so many startups run by smart, capable founders fail?
I don’t have all the answers, but I have a heuristic that I encourage all startups (and larger orgs) to practice: DO NOT DIE.
Let me explain.
Wait — a picture first:
This is how most companies get started. You have one big goal, and if you don’t hit it: it’s game over. (most) VCs and accelerators (typically) amplify this mindset.
Why?
Why give yourself one shot? What’s the point? There are cheaper ways to test for failure and there are smarter ways to run a company.
Why think about what’s behind turn #2 before you even get to turn #1? (read that again and look back at the graphic above).
One of the most beautiful things about running your own company is the freedom that comes with being your own boss. So as your own boss, why would you ever give yourself just one shot? Why give in to outside pressure that may not have you and your company’s best interests in mind?
Take a look and think for yourself. Just about every one of these failures can be boiled down to the problems I describe above (Except maybe Juicero? that was just dumb.):
The world has evolved. “Fail fast”, with a massive, single-minded focus and a single shot of success isn’t the only way to do things. It typically leads to:
So what should you do instead?
Shorter cycles.
It sounds simple, and that’s because it is.
- If you have a $100,000 budget, plan $10K of it for now and plan the remaining $90K after you’ve learned from the first 10.
- If you need to hire someone but you aren’t sure yet or don’t have the funds, start with 10-hours a week.
- If you need to build an iOS, Android, and Web app, build one first and learn from it.
Not only will you decrease your chances of death, you’ll also learn from each cycle.
Building that first feature will teach you and your team about your product, your market, and your strengths and weaknesses as a team. Pause and reflect. Get better with each cycle.
That’s right, just like that Mario dude:
Alright, that’s it.
Please consider this trick if you’re building a company, planning on building one, or take it up with your boss if they’re fucking it all up. And if you or your boss disagree with me, we can fight about it on Twitter.
Many thanks to the incredible Denis for these illustrations!
