9 Things Entrepreneurs Get Horribly Wrong When Starting a Company [GIFs]
1. What you think it will be like at the end of a VC pitch:
What it actually is like:
There is a perception that venture capitalists throw money at everyone and anyone. But anyone who has actually tried to raise capital knows that it is a mental struggle, and take a ridiculous amount of time and rejection. This is also the reason, that when you succeed if feels that much sweeter.
2. The response you think will happen from your Beta product launch:
What ends up happening:
It is super important to just get your MVP (Minimum Viable Product) out as fast as possible, because basically no matter what, it will not do as well as you want it to do. You never know what your customer wants until the product is in their hands.
3. How easy you think it is to build a product:
How easy it actually feels:
Products are hard to make, they take a lot of time, planning and coordination. My rule is, whatever the timeline you create is, double it. Again, the focus should be on getting the product into the customers hands ASAP, by doing that, it will also make you feel that you are making progress.
4. What you think it will be like to start a company with your friends:
What it actually is like:
There is a saying that I completely agree with, “Do not start a company with a friend, start a company with someone you could be friends with.” Starting a company with a friend only puts a strain on the friendship part of your relationship. Working day in and day out on products, arguing about direction and features will be difficult for anyone's relationship. It is just important to choose a co-founder wisely, they will be on the journey with you for 7 years minimum if it all works out.
5. When you quit your job in order to start your own company:
A week after you started your company:
Starting a company is challenging. Entrepreneurs have great days and bad days, often on the same day. That is why it is important to be building a business that really matters to you, otherwise, when the going get tough, you will stop. The best entrepreneurs are mentally strong, and work because they are passionate about the idea, and not about money. This also makes it an extremely rewarding experience, if you end up solving a problem that you are super passionate about.
6. What you think you look like while raising capital:
What your team thinks you look like while raising capital:
I have been through the process of fundraising. And if you are going through this, I do not envy you. As the CEO, you have to make sure that you keep your founders and product on track, while also fundraising. And while you are fundraising, to your co-founders, it will feel as though you are doing nothing because progress only happens when the money hits the account, and it takes a long time to make that happen.
7. How much you think you will be paid once you have raised a seed round:
The reality is:
The best founders put the company before themselves for years. They are so dedicated, that barely any of the additional capital raised ends up in their pockets. This is a point of debate, but I believe that it is important to stay lean even after raising money.
8. What you think it will be like to be a solo-founder:
What it actually feels like:
Starting a company is a lonely job, and if you have no one around to challenge your ideas, it gets lonely. I think it is important to find someone who is willing to fight in the trenches with you. It is your most important, as well as your first, sale.
9. When you convince someone to be your co-founder:
How you actually feel:
While starting Boost, we have learned that it is not easy to start a company, however it is the most rewarding experience that you can have in your life. the key is to just start it and then be prepared for anything, and wear lots of hats: