Startups · Entrepreneurship

What are the basic survival skills you need to run a startup?

Nadya Paleyes

September 16th, 2016

I keep hearing that at an early stage founders are for the most part focused on putting out fires. Do you have any thoughts on what are some of the skills required to survive when building a tech startup from the ground up? Appreciate the comments here :)
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John Robinson Entrepreneur; Partner & VP Technology Strategy at CAVA Robotics, CEO Concept Management Partners

September 16th, 2016

Really understand what your business is good at delivering. 

Be able to juggle wearing many hats sometimes at the same time. 

Be excellent with people, most people claim to be but successful owners are. 

Ability to manage stress in many forms or have a support network to work thru difficult times. 

Recruit well and deliver on your word. 

Many more, its a long journey for most people especially if starting with no funding, limited contacts and people in your life saying you cant make it, which sadly is the case often. As you can see many skills needed are more about your character than technical skills. 

Good luck!
John

Abhishek Krishna 14 yrs+ Business Planning Expert/ Corporate Finance / M&A

September 16th, 2016

Nadya, I think the key is to maintain work life balance since priorities must be clear to the enterpreneur as to what their goals and objectives are in the short and long term say 1yr/ 3yr/5yr. 

It should be good to have a Plan B if Plan A fails...this is not to say that be pessimistic but that things are bound to change from your idea conception stage.

I think also best is to have a regular routine such as Meditation, Running etc whatever gives you endurance and energy to manage burning issues with clarity of mind and feel less stressed. 


antony May Founder/CEO at Founder/ CEO of Andron Ltd

September 16th, 2016

Starting lean then expanding as growth takes shape. I sometimes had to put up poultry farming to supplement our income lol....doing anything to survive and keeping afloat there...

Rod Abbamonte Co Founder at STARTREK / @startupHunter / @startupWay / @CoFounderFound / @GOcapital / @startupClub / @lastminute

September 16th, 2016

Resilience

Martin Omansky Independent Venture Capital & Private Equity Professional

September 16th, 2016

Where do I start? OK. The general rule is to have a working knowledge of the basics (technology, corporate, securities, and IP law, taxes, finance, marketing methods, regulatory matters -the list goes on) and to get help from specialists when appropriate. Heavy doses of experience, sophistication, and realism also are useful. Sent from my iPhone

Chicke Fitzgerald

September 17th, 2016

Being a startup founder of a tech firm is not for the faint of heart.  It is one part vision, one part drive, one part resilience and one part pure stubbornness and a refusal to fail.  

You have to be Apollo 13.  

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You need to be clear on whether there is a market for what you are building, who your customers will be and ask them their input all along the way.  You need to know what it takes to succeed (your key metrics) and how you will fund each phase.  Whether you have a day job income that you can draw from, friends and family support, insurance policies or savings to draw from, the possibility of a second mortgage or all of the above, you need to know how far that will take you and spend every penny as if it is your last.  You have to be able to be creative in how to get things done.  You will become an expert at bartering your own services for the services of others and selling others on your vision.

There will be hard days.  There will be days when you question your sanity.  If you have a spouse, there will definitely be days when they question that same thing.  

For me, faith has been essential to this whole process and making sure that this is really my calling and that there is a long term legacy that will remain as a result of what I am doing.  

Don't give up.


Saravjit Singh Independent Consultant and Trainer

September 17th, 2016

Two survival skills you need to get your startup off the ground:
  1. Be willing to take risks
  2. Do not give up, no matter what