Startups: Start Slow to Move Fast (and Take Less Money)

Start Slower, Finish Faster (and Better)

We believe that starting slower and more methodically, especially in the early stages as you’re vetting your idea and the target market, is the key to shifting the odds of creating a successful startup in your favor. Here’s why:

  • You’ll get to market with a solid, finished product at least as fast (we’re being generous here, in all likelihood, faster)
  • You’ll have more customers lined up to purchase once you deliver your product
  • You’ll end up with a more solid product that can quickly be modified to meet the needs of an expanding customer base — you’ll be able to scale better and faster.
  • And here’s a secret: You’ll need less funding along the way.

An All-too-Common Startup Story

To drive the point home further, here’s a short story that illuminates the problem. Names have been removed to protect those responsible for the trainwreck . . .

The Vetting Process — Doing the Hard Stuff When it’s Easy(ier)

But, when you’re more methodical about the vetting process, you work through the fundamental needs of your customer, the market, and developing a deep understanding of your competition so that meeting your customer’s needs is baked into the product, instead of patched together once the product is in the customer’s hands.

  1. What is your idea? The problem AND the solution.
  2. Who are your customers?
  3. What is your value proposition?
  4. Do you have product-market fit?
  5. Can you build a team?
  6. Can you build the product?
  7. How will you be different?
  8. How will you go to market?
  9. How will you make money?
  10. Can you get funding?

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Will Herman is a 5X entrepreneur, active angel investor, corporate director and startup mentor. He’s also the author of The Startup Playbook.

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Will Herman

Will Herman

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Will Herman is a 5X entrepreneur, active angel investor, corporate director and startup mentor. He’s also the author of The Startup Playbook.