What should all first-time startup founders know before they start their business? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Answer by TJ Nahigian, Co-founder and Managing Partner at Base10 Partners, on Quora:
- It's going to be really hard.
- You will feel like you are failing multiple times per week.
- You likely will have to sacrifice many things in your life for your startup to have a chance at being successful.
- Initially finding co-founders or people to work on your project with you is the most important thing.
- Then finding product market fit.
- Then repeatable go to market strategy.
- Then positive unit economics.
- If you can do all of these things you almost guaranteed will have a positive outcome.
- Then there are 10+ more things that determine how big of an outcome you will have for shareholders and overall, but that doesn't matter unless you can do the previous 3 things.
This question originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world. You can follow Quora on Twitter and Facebook. More questions:
- Venture Capital: What are some essential qualities that venture capitalists look for in potential investments?
- Business Strategy: What are the best business lessons we can learn from companies that got huge?
- Startups: How is running an early stage startup different from a business in its growth stages?
Sep 27, 2019
