3 important lessons from serial founders: inside
There are around 70,000 startups in Germany alone; The developments in the scene are rapid and more and more people are daring to start their own business. Serial founders know best what to look out for.
Independence, passion, flexibility – there are many incentives to found your own startup. However, in order to be really successful as a founder, it takes more than a good idea. In the first few weeks and months in particular, founders encounter many hurdles – whether they are coming up with ideas or looking for their first employees and customers. That is why, in the experience of serial founders, it makes sense to talk to investors about their own business model before committing to a certain direction. In this way, you can support you in the brainstorming phase with industry knowledge and expertise from previous investments.
Serial founders also know that the business idea should be validated through direct exchange with potential customers and not through months of analyzing models on paper. In this way you can quickly determine whether customers would be willing to use or buy the product or service. If the interest is too low, the founding team should adapt the idea accordingly or, if necessary, even redefine it. The equation is quite simple: without customers, even the best idea won’t turn into a business.
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Long-term partnership instead of quick money
As soon as a good business idea is established in an exciting market and you are ready to collect money from external investors, it quickly becomes clear: In the current market environment, financial support seems to have become an infinite resource. When choosing the investor, one should therefore pay attention to the extent to which he or she can support strategic issues and whether one would also like to work together on a personal level. Because with many successful investors: inside – even if that’s the first association – it’s not just about money, but above all about partnership.
Transparency and openness are essential for effective and targeted collaboration. The founding team should reflect on the comments and ideas of the investor side and find out whether the possible cooperation is based on a similar vision for the product and the company. If that is the case, a collaborative exchange quickly develops – and gradually a good relationship between the investor and the founding team. Only then should the actual investment begin.
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A good network is worth its weight in gold
The importance of building and maintaining a strong personal network is enormous, especially in the start-up scene. That is why founders should ask themselves with a view to their colleagues: who or what can I still learn from? Who do I want to work with? Who do I have to keep an eye on? It is most helpful when founders build up a mini-peer group with which they can exchange ideas in a trusting manner. Ideally, it consists of founders who are in a similar phase of the company, as well as those who have already successfully passed through their own phase and want to share their experiences.
Since the company’s success also depends to a large extent on the personal growth of the founders, one should consciously look for one or more mentors, for example from the mini-peer group. They differ from pure consultants: while the latter mainly give recommendations, mentors actively help to overcome hurdles and develop themselves further – both as a company and as an entrepreneur: in – to deal with various challenges and questions in the course of the process to be able to master the company structure reflected and consciously. If you then still have expertise in the area in which the startup is located, or if you have already founded a successful company yourself and are so convinced of the new startup idea that as a business angel you have your own capital and so-called “skin in the Game ”, the big lot was won.
Not just your own boss
Being your own boss is a tempting reason to start your own business and start your own business. But it must be clear to everyone that if things go well, you can quickly become responsible for several people. In the early personnel decisions in particular, you should therefore not just hire someone, but specifically look for the right person and then get them excited about your own idea. The initial team has a great impact on the other employees who will be hired, and the type of collaboration shapes the company’s culture far more than a written vision or proclaimed values. If, contrary to expectations, it does not fit, founders should be honest with themselves and their employees and act quickly. Most learn this too late. In the end, what counts: Always keep an eye on the company’s interests, learn from mistakes and remain flexible in your decisions, inspire people and have a specific goal in mind.
