Lessons From A Failed Founder #1: Forget The Logo, Focus On Strategy
About to splurge on vibrant colours and a quirky logo? Think again: Here’s why you should spend time and money on strategy.
There we were, a trio of young founders, ready to change the world. Alive and funded. Filled with the kind of unbridled joy reserved for those who just received their first tranche of Seed money on their brand new bank account. Glowing with ambition and optimism. We accomplished the impossible: We’re actually doing this!
First came the idea, then the mock-ups. Soon we built our first MVP, basically a shoe box filled with ideas. Then, we managed to convince a couple of private investors, convinced that venture capital firms would follow suit in the next round. Oh yes, there would definitely be a next round. And another one. Why, this is merely the beginning!
Soon, people would mention our startup in one breath with Apple, Nike and Starbucks!
I strongly felt we needed a state-of-the-art identity. Not just an icon. A symbol of hope and progress that would instantly convert even the staunchest of disbelievers. Yes, our logo would mark the beginning of a movement. Soon, people would mention our startup in one breath with Apple, Nike and Starbucks!
So off we went. With fresh money to burn, we booked session after session with one of the city’s finest brand agencies. ‘Yes, yessss, no question about it’, said the sleek Brand Guru cum CEO of said agency, ‘you need something that is enigmatic yet crystal clear. Something that looks like it’s been around for ages, but also fresh. New. Now.’ Oh, something!
We wasted thousands of dollars on identity workshops, mood boards and elaborate designs. Mr Brand Guru’s approach wasn’t wrong. In fact, he’d been spot on if we’d knock on his door after generating profits for three years in a row. If that were the case, I would’ve said: “We spent thousands of dollars on taking our brand to a much-needed higher level”.
We wasted good money on something that would yield zero Return On Investment.
While we were focused on getting a shiny brand, we didn’t pay attention to defining an inspiring vision, a daring mission and a crystal clear go-to-market strategy. And because we lost so much time and money on branding, we didn’t realise we’d need OKRs from day one in order to get this thing off the ground. And that’s why we failed. That’s how I failed.
So what did I learn? I learnt that great branding doesn’t equal great sales. That a sassy logo won’t attract top talent. That a solid style guide doesn’t mean you got your act together. And that a quirky slogan doesn’t foster a healthy company culture. For my next company, I would…
- Write the company’s name on a whiteboard and draw a circle around it. There. That’s our logo for now.
- Spend a full day on creating a stellar vision and mission.
See my 2nd article for more information. - Spend the next workday on a no-bullshit GTM strategy for the first year.
We need to generate traction! - Use the third workday to work out three simple OKRs.
Update May 2019: I just published two articles on OKRs - Spend Friday afternoon on coming up with two rough ideas for the brand.
Then hand it over to a designer on Fiverr.
A solid style guide doesn’t mean you got your act together.
Based on the vision, mission, GTM strategy and ten keywords that describe your company, a graphic designer will craft a beautiful identity for you. Packed in a neat, little style guide with two base colours and some ground rules, you can start producing professional collaterals like a website and flyers in the third week. Talk about hitting the ground running!
Don’t waste resources on branding: Focus on strategy, stupid.
Lessons From A Failed Founder is a series of blog posts by a thirty-something entrepreneur who made all the mistakes in the big startup playbook, and then some. My posts are no pearls of wisdom: Consider them the cautionary tales of a young founder who wants you to avoid making the same mistakes.
Feel free to reach out to me at failedfounder{AT}gmail.com
