You have launched your startup and things seem to be going well.
You may have even secured seed funding or may be even raising the next rounds.
You have a few mentors telling you what you should be doing.
There are many decisions to make, many strategies to consider… Actually way too many!
After 30 yrs in the business world, and being on both sides of the decision making process, here’s what I learnt about advice from those who made it big, and also those who went bust.
Advice is abundant and sometimes based on assumptions.
Advice is always prone to ”perception bias” based on personal experience and even persoanl views.
It often has to do with what the mentor’s accomplishments or what they learned within their narrow business and professional ecosystem. And not necessarily from ”running” a business. Bear in mind that working for a business and running your business is a world of difference!
Business models vary widely based on personal style and actual demand conditions.
How you handle and perceive well-intended advice can mean perfect clarity or total confusion, and even ultimate success or failure!
As we always say; A confused mind never buys! (from the buyers perspective (which could be your customers, your team, your partners and ultimately investors)
Some things I have learnt over the years:
– Given advice is always subjected to two mind traps:
1. Perception bias based on personal experience
2. Irrelevancy due to changing times (time trap) or (evolving) market conditions.
– Business Models are incredibly Dynamic and there are many, many ways of skinning a cat! and business models vary based on personal style and actual demand conditions:
1. Sometimes concentrating all on financial modeling is not the answer! Look at the market-fit, demand curve and adoption!
2. It’s all about sales stupid!
– You are either a Zero or a Hero:
1. Credibility in business depends largely on success and nothing else
2. Again, sales substantiate everything, because you have a revenue and make money!
Chose your mentors, advisors and partners carefully.
Much of the startup journey depends on you doing it yourself.
Someone may point you on the right path, but at the end of the day it’s up to you to make it to the destination.