Often times when we hear of the word, “startup,” we tend to automatically think of Silicon Valley/Beach tech start ups. Or a garage-based company on the verge of becoming the next big Uber overnight. Let’s ditch the social connotations --This term is generally meant for any organization or business on a mission to find a good, repeatable, scalable business model. From Handlr’s personal experience, it’s quite a wonderful ride to be on. The struggles of working from sunrise to sunset, running off to a meeting that started 10 minutes ago, or just juggling life, they’re predominant in our lives. These struggles confront the face of any entrepreneur launching their start up business regardless of industry. We’d like to share 3 lessons we’ve learned along our journey with service based startups:
Bootstrap and hold on tight
Funding your business from your own savings account lights the biggest fire under your @$$. There’s no cushion from a wealthy bank or investor, just you, yourself, and your business-baby. Staying self-funded leaves you no other choice but to focus on revenue and makes you think, “What’s going to make me money from Day 1.” And the perks? You stay your own boss and you learn the value of the dollar much faster. This is why you chose this entrepreneur lifestyle, don’t forget it
Nothing will end your career as an entrepreneur faster than fear. Having doubts of the worklife you want will inhibit your visions to come to fruition. Fear is also a game of perception. You can see challenges as opportunities of growth, or obstacles that you’ll be stuck behind forever. Challenges, obstacles, failures, whatever your fear is and however you word it --will always be there and it’s a matter of how you react to them. Failure is expected in our industry and will happen at some point in your career. Just remember, be resilient, take it in stride, learn from it, and get back on the bull.
Solve a problem
If you can help people accomplish something in a much more efficient way, or solve a problem, you are probably off to a great beginning in the startup world. Ask yourself, “Is my idea/service different than the competitors in the market?” That’s your value. So provide a solution, find your value, and the profit will follow.