Season 2 - Episode 6: The Credibility Crisis of STarting a Company
So you've gotten your fledgling startup going. You're at a co-working space, starbucks in hand, and wondering if this is "it". Is this really what all the hype is about? And cue the doubts: "Is this a good idea?", "am I the right person for this?", "what am I doing here?" There's glamor in starting a business, but it can fade in a real hurry. In our second episode of the "Startup Takeoff" four part series, we tackle the credibility crisis of starting a company.
Background Story
Chris and I remember our first trade show. We had won a $15,000 prize from the Queen’s Smith School of Business and had used the money on an intern and business development. Standing in that booth, stuck in the corner, almost no one talking to us, other than the booth person standing across from us who told us “wow, you guys got nothing!”
I felt like a total jackass. Standing there in a button down with a lanyard and nametag. Jittery on coffee. Nervous, tired, and deflated. Is this really what a startup is? Am I actually doing “it”? Or is this just some facade? Am I “starting-up” right?
There’s an identity crisis that hits. You’ll likely respond to this by looking for levers that can make you feel more legitimate. And this is dangerous.
We’re here to tell you that if you have a business going - a customer is paying you for or to do something, solving a problem, then you’re legit. Ignore that noise!
Outline
Startup Pop Culture and You: So, there’s a lot of crap around startups. All these expectations that you feel you need to live up to.
This is normal. You will be fine. : The perception of what a startup ought to be will weigh on you every day, particularly early on. You’re feeling it out, you don’t quite know where you’re going with this thing.
Push On: So we know there are myths, and we know it’s normal to be disappointed. What now? Push on.
Busted Myths
Silicon Valley says you need to move to California and get millions of dollars of funding or you’d fail. (More on this next week)
Seasoned consultants say you need their guidance or you’d be lost in the market.
Pop culture told you to take ridiculous gambles just to have a chance.
Jaded executives will say you’d get sued into oblivion.
Engineers will say you need a fully baked product before you put it in front of a customer.
Haters will tell you you aren’t a startup. There are many haters.
Some friends will say you’re crazy to leave your “safe” job
Oh, yeah, and for us, our parents were pretty darn nervous about the whole thing. Yours might be too.
Learnings
Celebrate the wins. Every win. There’s an over-focus on setbacks versus successes. (3:1 ratio).
Forget your Setbacks. That is, post-mortem, learn what you can, improve, and flush. Don’t dwell on it. Chris Story: Client appstore accounts.
Stay in the short term needs of the business. Focus on what you need to do this day or this week to move the business forward. Don’t take your eye off of it. I used to get the most nervous when I started thinking longer term.
Summary
Starting a business is glorious at first, then reality hits
There’s tons of startup BS.
You will probably be disappointed (at least a bit) by what a startup actually is.
Some people’s reactions will also disappoint you.
It’s all normal. It’s a documented thing. Social pressure will affect your mental health
The key? Push on.
Data And References
What Makes Entrepreneurs Burn Out
by Eva de Mol, Jeff Pollack, and Violet T. Ho
Harvard Business Review - April 04, 2018