When I quit Edelweiss Capital to start my startup business, many people including friends & family were very excited as well as nervous about my new business and how I will be doing something new — “Be my own boss”, making my own choices and decide when to take off etc etc ….. Sure the accuracy of their assumptions is altogether another story. I found this very interesting of how the concept of starting something new, on my own was fascinating — likegetting a new girlfriend.
I borrowed this phrase from my friend (founder of an awesome Chat for Websites Startup — Flyzoo), “the new girlfriend” — it was an excitement of something new to begin with a potential of infinite possibilities.
Let’s read out what this “NEW GIRLFRIEND” phrased mean to my startup
Investors… a sure thing
Like any early stage capital, a startup is high capital — high risk thing where in angel investors are keen to invest in something new and fresh. The investment thesis usually assumed that out of 1 out of 100 works and so the investors flock to unique business ideas.
Finding investors was never a problem, since my business was trending one but finding a right investor was certainly a problem.
How to choose a right investor, what things to look out for, what kind of background check needed –everything was new for me.
Manpower — Building a team
Some of the toughest job was to find the right resources that will make an extraordinary team. When I was hunting for the resources, I got to meet a lot of people that I would have never met otherwise. Indeed it was some exploring and interesting thing that I revealed to whom I reached out to — some came on-board, offered to join the venture, become a consultant, mentor, partner and offered free advice.
Hiring was not a problem, but finding enough opportunities for the role was definitely a question.
Markets — Exploring is fun
When you are entering the market as a startup, there is a zing in you to explore every minute detail about it — eager to be more novel to grab customer’s attention. Thus, you are able to get build business, grow your customer base etc.
Media — Does the talking
Everybody like to talk about the “new flavor of the season”, especially when there’s a startup company entering the markets. The media is keen to know about you, talk about you. However, I realized that my startup doesn’t need a good PR agency. So it was better to start with the social media networking and folks that are sure to write about you.
Hence the feeling of starting a new business is surely similar to one getting a new girlfriend. There is a lot of exploring, discovering the person which goes same with any new business startup as well.
As always, let me know your thoughts on the topic. I’d love to hear your ideas and views in the comments below.