How I messed up my first startup (and what you can learn from it…)
I want to introduce you to a couple of people I know. I’m taking a guess — because you’re here — that you might have some things in common. I’m saying this, because not too long ago, I was like them too…
Meet Alice and Tom.
Alice and Tom are real clients of ours.
For a bunch of reasons I’ve anonymised them, to make them more models of a mindset than just a real person.
Now it’s likely you’ll notice a few traits. You might be able to identify with one of these people.
That’s what I’m hoping.
Alice has started an early stage side-business. She had an idea. She created a product. But she’s created a monster. It’s getting overwhelming to do the hundreds of tasks that she figures she needs to do to keep it running. So despite the small sales, she’s thinking of quitting her job to pursue it, because there really aren’t enough hours in the day to everything done that she wants to do.
Tom is frustrated. Intrigued about other ways to earn a living. Wants to experiment without giving up the day job. But it’s tough to know where to start with so much written on the ‘net. It’s simply overwhelming. He’s stuck in a cycle of read, rinse, repeat.
It’s difficult moving things forward.
If you see Alice or Tom in yourself, you’re not alone. I was once here too.
My first startup business was an internet-of-things cat-tech business (yes, you read it right).
I knew I had one — maybe two — shots at entrepreneurship before I had to get back into an office. Find myself a real job with a wage and a pension. A company car and nice, safe stability and pro-gr-ession.
Like Tom, I spent years thinking about ideas, and not getting on with DOING IT.
Then, like Alice, I jumped right into execution without really working out what I was doing because everything I read and everyone I talked to — from investors, experts, gurus and accelerators — told me that execution was the only thing that mattered.
I learnt to programme. To build algorithms and apps, so I could produce a first product.
I learnt to build hardware. Use CAD, and 3d printers.
I did it so I could put a physical prototype in front of people too, because I thought that that’s what investors told me I had to do to prove I’d got a business to fund.
I soon found it wasn’t enough.
Every investor I chased told me ‘sure, you have an MVP now, but you don’t have traction’.
So I subscribed to every guru I could find on startups. I joined private members groups. Bought courses. And signed up for mailing lists.
I got hundreds of emails every day, telling me something new.
What the best business model was for my startup.
How to raise funds.
What investors really wanted to see (traction, traction, traction).
Each promised a magic bullet.
For proving traction.
Product market fit.
For getting that magical investment.
I feverishly follow the advice.
I pumped out social media to get some attention, because investors want traction.
I posted articles to LinkedIn, Facebook and Twitter 5 times a day.
I built grew a following on instagram. Snap Chat.
Wrote 5 blog articles a week.
Sent hundreds of mails out to find guest posting on other sites.
I created an newsletter. And a wait list.
I advertised on facebook. Twitter. Google Ads.
I attended at least 3 events every week.
Oh, and quit my job to focus on it full time.
But the endless stream of customers didn’t come.
It was literally killing me.
I got my first grey hairs.
I stopped going out and seeing people.
I turned inwards and focused every part of my being on making it work.
I was stuck in the traction trap. Needing more visitors. More sign ups. More pledges that people would buy my thing. Because that’s what I’d been told was the best way to build a business. To be a successful entrepreneur.
Little did I know, that it didn’t have to be that way.
Ask yourself one question today.
What’s holding you back?
Think about Alice’s and Tom’s situation. Mine, if you want to.
Is starting something really down to not having funding?
Not knowing where to start?
Or trying to do too many things?
Now I know it’s tough being brutally honest, especially with yourself.
But really spend some time on this.
If you really want it, figuring out why you haven’t done it already is the first step to really working out how to get your idea off paper and into market.
A few final thoughts.
Growing a startup is tough. Mindset is the first step. Once you’ve really decided that you want it, give us a call. I’m a Partner at Think Plan Thrive, a strategic growth company. We help companies grow faster at every stage of the journey from raising or scaling.
- If you have any questions, comments or queries, I’d love to hear from you. Drop me a line by clicking here.
- For more on us or to book a free consultation with a growth strategist, visit thinkplanthrive.com.
- London based? Consider joining us — and people just like you — for our next Good Growth Meetup — see more here.
