The Knowledge Gap Between starting and doing a startup.

Photo by engin akyurt on Unsplash

How many times have you stated, “I’ve got a great idea!” or “This would be easy to fix.” or “I’d love to do a startup!”

All great, and for 99% of humans, nothing will happen (sorry, not very optimistic), but for that 1%, there is typically a knowledge gap between what you know and the business you are trying to create. Below are ten ideas/concepts I learned that I wished I had known before starting my previous startup.

1. Just because you are told your idea is good, it doesn’t mean people will buy what you build….often people will appease you because of their inability to tell you the truth. Be patient and systematic when developing your product. Real users will tell you the real story.
2. Spend minimal time creating ‘unique’ language about your newly created product experience until you know what your users love most about your solution, what killer features are so good that your users won’t abandon your solution no matter how bad other aspects are perceived, and you’ve found your superusers.
3. Worry less about your business model in the early days. If your product meets and exceeds a sizable need, you will find the business model that works for your business.
4. Ask yourself, ‘Why?’ do I want to start a business? If you can’t answer this with passion, focus, and a desire to live a challenging few years, think twice. Anything is possible; you must face the reality that not every startup is an episode of “How I Built This w/ Guy Raz.”
5. Live with ambiguity. There is always something to do and insufficient time to do it. Be quick, silent, and agile in your activities and thinking. You never know when you will be stuck in an alley getting ready to fight the good startup fight. If you are rigid, you can miss the moments that matter.
6. What you put in your body matters when running a marathon. Fueling your body with healthy food will help fuel your brain and allow you to take on the startup marathon.
7. Make sure to have a good fight, a good cry, and a great hug with those in the boat you are with. All will happen, but the only way to survive is clear communication with those in the boat with you.
8. Park your ego. Unless, you’ve successfully launched, grown, and sold multiple businesses in the same category, there are many situations you have no idea about. So come to those situations with humility. It will minimize your blind spots.
9. Make time to read. Too often, I hear, “I just put my head down and go.” The problem is that you are not lifting your head to think. Thinking is where innovation occurs. It is at the cross-section of curiosity and clairvoyance.
10. Be stingy with how you spend your funds until you have reoccurring revenue. The money will always go faster than when product-market fit occurs. Create a rainy day fund because there will be a rainy day.

Bonus: Being wrong is inevitable. It takes courage to admit it, as it shows greater strength than doubling down on a bad idea with bad results. Side note, not admitting a mistake typically is attached to fear and ego. Pretty essential to shelve those in a startup.

Head over to Dr.jameskelley.com to read more blog posts.