It’s no surprise that headlines are often concerned with how much money a startup raises or new investors that join in the cause, but it leads one to wonder just how much we focus on the capital versus how much worth we give to the actual company and its product.
Jules Matlz, a General Partner at Institutional Venture Partners (IVP) and guest writer for TechCrunch, writes:
“Having a successful mega-fundraising is a lot like being an NBA lottery draft pick. It can feel great at the time, but just like for Darko Milicic, Michael Olowokandi, or Sam Bowie (drafted ahead of Michael Jordan), it doesn’t guarantee success.”
Tips to not let fundraising get the best of you... or your startup:
Don’t get caught up with fundraising
Though fundraising is an essential part of any startup’s development, nothing can justify a product if it has no actual value. At the end of the day, the product will need to stand on its own, so make sure you have something of worth to show.
Startup Worth Supporting
To gain support for your product, you will need to publicize your idea and build a reputation. Make sure that when you speak to possible investors and customers you are not describing a product that you can’t actually create. Be honest with yourself and others. Also, be realistic. Make sure that your product can live up to the picture you paint of it to others. If you get people thinking that you have a product that will exceed any expectation, then no matter what you produce, it won’t live up to those standards. That being said, dream big and go after those dreams to make them realities.
Be Proud of Your Accomplishments, Big or Small
Realize that with a startup, as with any other business, it takes time and effort to gain a good reputation so be proud of your small accomplishments as well as your big ones. Take satisfaction and enjoy the moments when your goals have been reached because that feeling of success will help drive you forward and will carry you through the times that seem more difficult. Also, realize that each step you take towards your end goal is another step forward. If you are able to detail your progress then you can become a more efficient and productive worker, and frankly- you’ll realize how far you’ve come!
Don’t let the many processes that are required to successfully manage a startup overwhelm you. Be real about your product, with yourself and others. Take a moment to enjoy your accomplishments and mark your success as you continue working towards your dream product. Finally, acknowledge that there is only so much you can do and sooner or later, you’ll have to sit back, reflect on all the work you’ve put into your startup, and hope for the best! On that note, good luck to you all!