The Danger of Getting Lost in the Fantastic World of Startups

Real entrepreneurs are those who do not make mistakes. These are the ones who know how to identify their mistakes quickly and rectify the sh...

Real entrepreneurs are those who do not make mistakes. These are the ones who know how to identify their mistakes quickly and rectify the shot. I aspire to belong to the second group.

Also, three weeks after my startup began its activities, I found that I made a mistake by devoting too much time to doing start-up tricks and not enough to create value for my startup and it's users.

The Danger of Getting Lost in the Fantastic World of Startups
It must be said that it is easy to get distracted in the wonderful world of start-ups where, for example, everyone believes in unicorns. In this parallel universe, the mythical creature takes the form of a company that loses a lot of money, but that miraculously is valued at over a billion dollars.

During the last few days, I did not waste my time looking for unicorns or, worse yet, Pokemon.

However, I made the mistake of going to cafes with people without first determining what I wanted to get from these meetings.

Of course, the fact that there is a lot of mutual support in the start-up business is an advantage that allows entrepreneurs to get out of solitary confinement and benefit from the experience of others. However, it can quickly become a trap, especially for those who lose sight of their business goals. 

I also feel that I have devoted too much effort to highlight my startup in the framework of Startupfest, an event that I do not regret having participated in. After all, I traded 0.05% of my venture to join!

Indeed, my business succeeded in getting noticed by creating a deck of cards enabling Startupfest participants to quickly identify the judges awarding the grand prize of $ 200,000.

The campaign was a success. Many members printed our cards, designed by my wife, or used the mobile application created by my office neighbors. The microsite generated 3109 unique visits, and our promotional video was viewed by 27400 people on Facebook & Youtube without spending a cent on advertising.

This initiative allowed our business to make himself known to an audience of young influencers and I am proud of it. On the other hand, when I embarked on this project, I had misjudged the amount of time needed to complete it. If it were to be done again, I would invest these hours in a project that directly contributes to our business's primary mission, which is not to help entrepreneurs identify investors, but to help ordinary people grow their business, Hard earned money.

When you go into business, the issue is not just eliminating additional tasks. In fact, I could perform 100 hours of relatively useful tasks each day ... if I had a machine capable of changing the space-time curve. 

The challenge is to quickly identify which tasks have the greatest impact and to accept that there is no time to perform the others. In short, in a context where resources are limited, there is no choice but to use the 80-20 principle in its favor, which requires that 80% of the impact be generated by 20% of efforts.

In caf├ęs with no clear objectives and numerous networking events, there is a broad range of aid programs, incubators, accelerators and moral business people in the start-up Than to give to the next. All these initiatives are active and can be very useful for an entrepreneur, provided he is able to clearly identify how this help brings him closer to his business objectives and how long he will put it there.

Without this prerequisite, it is incredibly easy to lose sight of the destination and start working 100 hours a week to become the most prominent start-up in the city, as opposed to the company that creates the most value for his clients. Until the music stops and you realize that all the chairs are busy. You know, when the bubble bursts and venture capitalists understand that unicorns do not exist.

Significant achievements:

  • Recruitment of two new trainees/co-founders
  • 80% of the data collected for the first comparator
  • First definitions of our encyclopedia of financial terms delivered
  • Realization of the models of the Wordpress theme of my site
  • 4 interviews with different media
  • Initial contact with potential investors at Startupfest

Growth metrics:

  • Revenues: $ 21
  • New subscribers to the newsletter: 314 (total: 1197, Weekly growth: 36%)
  • New customers on Snapchat: 13 (total 62, weekly growth: 27%)
  • New subscribers on Instagram: 75 (total: 215, Weekly growth: 54%)
  • I like it on Facebook: 198 (total: 1090, weekly increase: 22%)

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