By Demetrio Zema, Founder & Director
There’s never been a better time to build a startup in Australia.
Increasing financial and policy support from the public and private sectors has generated ripe conditions for first-time entrepreneurs. In fact, the Startup Muster 2017 Annual Report revealed that 59.1% of startup founders in 2017 were first-timers.
But it’s no secret that not all startups survive.
The main difference between a successful and unsuccessful startup is mindset. It is your mindset that will make you challenge the status quo and get stuff done. After all, even large, successful companies started from ideas of mere mortals like you and I.
So how should you go about developing a successful startup mindset?
Start with these basic questions.
1. Do you JUST want to make money?
Not surprisingly for many people, there’s a myth that starting a startup is a ‘quick’ way to make money. But if you know how the game called ‘life’ plays out, you’ll soon realise that there is no ‘quick’ way to make money. You need to work for it. It will also probably not work out even if you do work for it.
While having idols and aspirations is great, it’s important to remember that not all uber-successful business owners are literally swimming in cash. For example, a tech billionaire will generally have most of their wealth tied up in shares. They can’t do whatever they want, because they don’t actually have that much cash in their bank.
2. WHY do you want to do it?
So now that we’ve established that you’re in this for more than money, you need to work out your true purpose, vision or mission. Some may ask, “but how do I know this if I haven’t started my business yet?” That’s exactly the point! Because you don’t have a business, you have time to think about what this business will mean to you, your employees and customers.
If you really want to grow the business, the only thing that will drive you and your people is what the business seeks to achieve on a grand scale. People quickly lose energy and motivation when they know their growth is limited – why should they try harder when they know it won’t go far. At the same time, a vague and ambiguous purpose/vision/mission will confuse everyone. It is important and it all starts with you right now.
3. Can you Start RIGHT NOW?
This is said so many times in the startup world, but I really want to emphasise it again. Execution is everything. Fail fast. Unless you do something, you never know if it works. Be thoughtful on implementing business strategies but don’t get bogged down in details and waste money. Once you know roughly what you want to do, do it and figure out from there. Keep revisiting the strategy for any feedback and issues and go back to it with improvements. Make your business better, bit by bit.
You don’t need to quit your daytime job, chew up your savings and supercharge everything. In my experience, founders who start businesses while working part-time or casually elsewhere are more likely to succeed. This is because in these circumstances you are forced to be ruthless and diligent with your time, and will only persevere if you’re REALLY determined to succeed.
Starting a small business is hard. Starting a startup is even harder due to high risk you accept and big vision you are after. But the conditions are ripe, and the answers to your problems can always be driven a powerful mindset. Good luck!
At Law Squared, we partner with passionate entrepreneurs and businesses who need our technical help and expertise. We’d love to have a chat with you, so feel free to drop us an email firstname.lastname@example.org
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