Before I went to Korea the other week I nipped over to Google Campus to join a panel talk on Start Up Do’s & Don’t’s hosted by The Geekettes ( a great community of women offering help to aspiring female tech innovators) . Having started selling jewellery online at MYFLASHTRASH.COM at the age of 16, I’ve been on that cliched roller coaster ride for the past 6 years and it’s always encouraging to meet up with other founders. Grasping as much information from other entrepreneurs who have had more time and experience than you is invaluable- so you can learn from their lessons and counterbalance your own self-advice with their guidance. Here are some of my favourite points from the panel speakers that included Tom Woolway from Twitter, Alice Bentick from accelerator programme Entrepreneur First, David Norris from Forward Partners and Jason Trost of of smarkets.
1) #PRODUCTMARKETFIT just because it works there doesn’t mean it will work here
I often consider the constraints of environment. How many start ups or brands would have succeeded if they were based say in the US instead of the UK? Or in China instead of Australia? Analyse global markets where can you really set up for the most viable shot at traction? Or where do you need to dip your toe first to expand?
2) #VALUEPERCEPTION you can be too expensive but you can also be too cheap
Understanding pricing models and the perception of value for money is a key. Making one simple change in the price structure changed the profitability and conversion of a business David was part of almost over night.
3) #DOIT because most people won’t
Starting your own business takes ridiculous amounts of self-conviction and determination and probably a lack of understanding of fear. But you have to know there is never a right time, there is no rule book. Too many people are afraid that they don’t jump in, if you’ve got an idea and a passion and you’re willing to sacrifice everything to make it work then do it because most people are happy with the security of a 9-5 routine. You are not.
4) Don’t.. stop
Over half of all new businesses fail. This of course is not only due to people just giving up, maybe their model wasn’t right for the time or the right team wasn’t in place. But when you reach those low moments and you scream to your bedroom wall ‘WHY AM I DOING THIS!’ don’t stop. You may need to pivot, but don’t under any circumstances stop.
4) Remember you’re in it for the long haul
Yes you need to constantly have your eye on cash flow, but if you take too many short term cash opportunities that lead you off course, it will only push your long term vision further and further away. Learn to say no to almost everything and yes only to opportunities that fit with your long term vision. Keep your head up and remember ‘Rome wasn’t built in a day’
5) Don’t listen to anything and everything everyone says, forge your own path
Earlier in the month I spoke at the Adobe conference ( above) and one of the insights I shared is to persevere and know when to pivot. Having a start up is like having a baby, you can’t really have days off, and you probably won’t want to either ,but you can have moments off and not feel guilty about that.
