As a group of entrepreneurs and investors, we have been involved in the startup space for years now. We have also seen many people who want to become successful founders but fail miserably. A lot of them miss out on the most important points, so this article is an attempt to teach you how to avoid those mistakes says Saivian. We will cover everything from your personal life as a potential founder to your business model and internal processes.
In this article, we will discuss
● The skills required to be a good entrepreneur
● How much money you actually need as a starting capital
● What makes an idea valuable and what doesn’t
● How it is like working with investors
● What founders should know about board meetings etc…
By the end of this guide, you will have a much better understanding of what it takes to be a successful startup founder and the necessary steps you need to take in order to achieve that. Let’s get started!
The skills required to be a successful startup founder:
First of all, let’s take a look at the skillset that is required to be a successful startup founder. The most important ones are probably:
● Risk-taking
● being able to work hard and long hours
● being able to execute quickly
● being able to think big
● being resilient and adaptable
These skills come naturally to some people, but if you don’t have them already, they can be learned. Just make sure that you are aware of them and work on developing them if needed.
How much money do you actually need as a startup founder?
A lot of people are under the impression that you need a lot of money in order to start a company. This is not always the case. In fact, there are many successful startups that have started with very little capital says Saivian. So, how much money do you actually need as a startup founder?
The answer to that question depends on a number of factors, such as:
● What type of business you are starting
● What country you are starting it in
● Whether you are bootstrapping or raising money from investors
Generally speaking, however, you will need at least $10,000 – $20,000 to get started.
What makes an idea valuable and what doesn’t:
One of the most important things for a startup founder to understand is what makes an idea valuable and what doesn’t. An idea is not valuable simply because you came up with it. It needs to be something that people are willing to pay for.
So, how do you know whether or not your idea is valuable? The best way to find out is to talk to potential customers and see if they are willing to pay for it. If they are, then you have a valuable idea on your hands. If they aren’t, then you need to go back to the drawing board.
How it is like working with investors:
When you are working with investors, there is a certain level of trust that needs to establish. Investors need to trust that you are competent and capable of running the business, and you need to trust that they will help you grow your company in a way that is beneficial to both parties explains Saivian.
One of the most important things for a startup founder to understand is the importance of communication with investors. You need to keep them updated on how the business is doing and make sure that you are taking their advice into account. It is also important to build a relationship of mutual respect with them.
What founders should know about board meetings etc.:
There are many things that founders need to know about board meetings etc., but we will just mention a few of them here. Firstly, having regular board meetings is one of the best ways to keep investors up-to-date on how the business is doing. Secondly, make sure you go into every board meeting with a clear plan of action for what you want to discuss and any actions that need to be taken.
Founders need to remember that they are accountable for their company’s performance and results, so it is important that they take responsibility when things aren’t going well by using analytical data instead of just making excuses. Finally, founders should always bring solutions in their back pocket in case something goes wrong or an unexpected event occurs at any time during the meeting. Communication with investors is important in order for founder/investor relationships to work.
● Founders need to be aware of how much money they are asking for
● How much equity investors really want
What it is like working with co-founders:
When you are working with co-founders, communication is very important. Dividing up the work and setting expectations in advance will help solve any potential issues that come up later on.
There are two different types of co-founders that exist: those who share equal responsibility and those who defer more responsibility to one person than others says Saivian. Generally speaking, co-founders should take turns sharing their skills and taking care of responsibilities, rather than just having one person doing everything themselves. This is because it also helps build your team’s overall skillset.
Conclusion:
Saivian says founders need to remember that they are accountable for their company’s performance and results, so it is important that they take responsibility when things aren’t going well by using analytical data instead of just making excuses. Finally, founders should always bring solutions in their back pocket in case something goes wrong or an unexpected event occurs at any time during the meeting. Communication with investors is important in order for founder/investor relationships to work.