09/03/2021
Tips for early stage Start-up founders.
Matthew T Jubenkanda
March 8, 2021
7:30 am
Do you have the next great business idea? More than just an idea — are you working on building a startup that’s going to disrupt the market and impact millions of lives?
Do you have the next great business idea? More than just an idea — are you working on building a startup that’s going to disrupt the market and impact millions of lives?
If you know your startup is going to reach millions of people and make a difference in this world, you need to think big. How are you going to get there? Thinking big can be scary, but thinking small can be detrimental.
Here are tips and mindset shifts I’ve learned from working with entrepreneurs — both those ready to think big and those thinking too small.
1. Intimately Know your Market
To be a successful company, and to think big, founders must have, and continue to deepen their knowledge of the market they’re serving.
What do users want/need?
Where gaps are there?
How does this new product fit?
What pain points is the product solving?
These are just some of the question you need to have answers too.
2. Think Global
Some founders think small and local when it comes to their product/service offering, and that’s restricting. Ask yourself, "Is my business scalable?" Think beyond your boarders and design products that appeal to a global audience. If you only know your market in terms of your immediate environment, and don’t step outside your existing bubble, you’ll be stuck thinking small.
3. See Yourself as a Leader
Once you know your market and are confident about your business idea, picture yourself leading a company of several hundred employees. As a founder, you are the de facto leader of your startup. You’ll hire strong leaders around you as you build your team, but you have to see yourself as a leader so others will see you as one as well.
Leadership skills be acquired in many ways. One such way is to learn from other entrepreneurs, listen to podcasts, read books, take courses, and work closely with mentors.
4. Have a "People Focus"
Are you constantly thinking about the people who will be helped by your startup? You should be. You should always be thinking about how you help more people and how you can help them better. For many founders, it becomes an obsession — and it has to be during the early stages. Being a founder is an all-encompassing role.
More than just thinking about your ideas to help people, you have to talk about them. Share your ideas, get feedback, and learn from others.
I’m sure many of us have heard this one before, “I don’t want to talk about my idea because someone might steal it.” That mindset has to stop. Ideas come and go it’s what you build around them, and how you execute them, that matters.
5. Leverage your Network
Hard work is not enough. Every founder needs to have a network. if you want to be successful as an entrepreneur it’s inevitable. Some founders are great at it, while others need to practice and get outside their comfort zone. In general, you should be so passionate about your business that you can’t stop talking about it.
Going big means growing your network, building relationships, and enrolling people in your vision. You cant do it all on your own. Get great people to join your team; join your business advisory board; or become an investor, advocate, or partner.
Also consider joining an accelerator or incubator program. Often times you usually find, experienced startup mentors, industry experts, and more. Accelerators have so many benefits, and networking is one of them.
6. Work on You and Your Personal Barriers
Many of the things that hold founders back from thinking big are internal. Some mindset shifts can help you overcome common personal and professional obstacles and think bigger. Building on the previous point (leverage your network), associating with people who have a positive outlook on life in general tends to be contagious.
7. Conquer Imposter Syndrome
Eliminate self-doubt, statements like “Am I good enough?” “Can I really do this?” or “I don’t belong here” — will do you no good. This self-doubt is the imposter syndrome rearing its ugly head.
It may feel like you don’t have the background of a founder and you feel out of place in your role. But know this: There is no “normal” founder background. Every founder gets to where they are through a unique, often winding, journey. Take time to reflect on your experience, identify your strengths, and build on that. I would suggest you read the book “Finding Your Unfair Advantage” by Ash Ali & Hasan Kubba
8. Overcome the Fear of Selling
Everyone is selling something accept it! “I’m not a salesperson,” is false. Every founder has to be a salesperson. In the early stage you also have to sell your idea to investors, employees, and other stakeholders. You don’t have to be a pyramid marketing salesperson or a closer. You can sell just by helping people while advocating for your product. That small shift can put you at ease and take the pressure off when it comes to thinking of yourself as “selling.”
9. Focus on the problem/solution fit.
Knowing the exact problem you are solving will also help you think big. Focus on the problem you’re solving and the benefits they will be receiving. Thinking along such lines gives you confidence and overcome the fear of selling. People will always pay where they see value and that's how you will create your pipeline and redeem your claim to fortune.
10.Get Comfortable With “No”
Overcome the fear of rejection. Founders have to learn to be OK with "NO". Along your startup journey, you’re going to hear no — a lot. You’ve likely already had your fair share of no’s. It’s part of the process and can’t stop you from moving forward. Hear no from a potential investor? You can do all of your homework and still be pitching at the wrong time, at the wrong stage, or you might fit their thesis generally but not specifically. It doesn’t mean the next pitch won’t be the right one. Use these no’s to fuel your next pitch.
In addition to hearing no, you also have to get comfortable saying no. Not every opportunity, team member, or feature requested by a customer is the right fit or focus.
Say yes to the right things; say no to the wrong things.
Take some time to reflect: Are you thinking big enough? If not, what do you need to get there?