Are you planning to start a business, or have you already started? Of course, you want a quick boost and success after the foundation. But most of the time, it is not that easy. My motto, which grew out of 40 years of business experience, my multinational serial-SME-entrepreneurial-career, and more than 25 years of supporting numerous startups, is:
There is no great art to success. The great art is to maintain success! Because being sustainably successful works according to its own rules and mechanisms.
Especially at the beginning, founders are very enthusiastic about their business concept, innovations, and the idea of being an entrepreneur and possibly even acquiring an investor. Out of enthusiasm, they like to bet on beginner's luck. It is understandable that they just go for it, make speedy decisions. At first, things often seem to go quite well during the enthusiasm, but at the same time, this is where the traps lurk. Decisive mistakes happen quickly, with serious, expensive or even fatal consequences later on. However, a "trial and error" or "pivoting" approach, which is so often preached as the ideal for startups, requires much financial stamina, a lot of experience or immense trust in God. From my many years of experience in the support and accompaniment of countless startups, the lack of most of it is predominantly the Achilles' heel.
Burn the Business Plan
It pays off to read the lessons learnt in the book "Burn the Business Plan: What Great Entrepreneurs Really Do" by Carl J. Schramm, as I couldn't agree more. The author is an "evangelist of entrepreneurship" (The Economist), an American economist, entrepreneur, and University Professor. He was one of the greatest connoisseurs and promoters of startups during his long-time presidency of the famous Kauffman Foundation (USA), that's one of the wealthiest private non-profit foundations for entrepreneurship and startups. Carl summed up the problems of the startup-scene with facts and figures of one of the soundest analyses. Here are just a few of his conclusions:
- One of the great fallacies is the mirage created by the success stories of a few, a handful of incredibly successful high-tech innovators.
- These icons are, of course, the household names: Bill Gates, Steve Jobs, Mark Zuckerberg, the myth-making college dropouts who became billionaires before thirty.
- While their stories make fascinating reading, their narratives hold very few actionable lessons for the more than ninety-five per cent of entrepreneurs who want to start a business in any industry or even in the high-tech sector. These are the people more like you and me, from all walks of life, who want to start businesses.
- In fact, the romanticised narrative of the young, mostly male, high-tech wizard, accounts for the smallest constellation in the universe of entrepreneurs - only about five to seven per cent. Their new businesses get almost all the high-profile investment by venture capital firms, most of the media coverage, and - here's a surprise - experience the highest failure rate of business startups. About eight in ten disappear within five years. The real story on startups and their success rates reveals something very different.
- Ninety-five per cent of Everyman entrepreneurs are very different from the "rock star" princes of Silicon Valley.
- Also, entrepreneurship education by a small army of academics is demonstrably unhelpful. Because the more their guidelines are followed, the fewer sustainably successful new companies are created!
- Likewise, venture capital is, in reality, almost irrelevant and no guarantee of success.
- There is no recovering from an idea that just cannot become a successful business.
- What younger founders cannot acquire either through study or money is experience. However, this is extremely important because the chances of success and survival of a new business demonstrably increase with the age of the entrepreneur.
- The support of a very experienced adviser or mentor is crucial! But it's tricky as a mentor or adviser can be as dangerous as helpful. It depends on the right choice, on actual relevant practice and entrepreneurial experience.
The majority of startups fail, that's why it's wise to use the experience of the successful
There are solid reasons why the vast majority of startups fail. Unfortunately, so many ambitious founders fail, even though they had the best intentions and were sure they were doing everything right.
It will be more than a pity if you don't make your startup fly. Therefore, get a competent startup adviser or mentor on board early on, preferably one who has often proven to give founders a significant boost towards a successful take-off and scale-up. It is only wise to use the experience that others have already gained, thus saving yourself many learning costs, to avoid failure. After all, it's a matter of "make or break it"! A missed opportunity with a startup usually has fatal consequences. Experience shows that most founders and entrepreneurs who have failed do not recover and do not dare to start up again. Therefore, get more SECURITY for your SUCCESS on board early on!
With my package SUCCESS·FULL·StartUp, you are relying on an "old fox" who, by the way, also brings many business connections along. Position yourself optimally:
- Do you have all the resources you need to get the business off the ground and keep it up for a long-haul flight?
- Is your product or service, your business model, your marketing viable for the future market?
- Did you do your market research again and again?
- Which rules of the game and traps do you know, which ones probably not yet?
- How do you avoid turbulence? How do you react to defeats?
- What kind of network do you have? Whom else would you need?
- Are you protected from being ripped off as a founder and young, inexperienced entrepreneur?
- How do you generate as much turnover as possible with as little or reasonable effort as possible?
- How do you plan to manage your rapid scaling of the business if it takes off?
Talk to me directly, schedule here online a first complimentary phone call or 30 minutes One-on-One video online-chat or get me into your company! Alternatively, drop me an e-mail.
You can choose between three SUCCESS·FULL·StartUp Package options:
The SUCCESS·FULL·StartUp Classic (TSM-SU1), the SUCCESS·FULL·StartUp Plus (TSM-SU2) and the SUCCESS·FULL·StartUp Premium (TSM-SU3) package. Below you can see which service feature is included in the respective package options.
= is included in the SUCCESS·FULL·StartUp Classic (TSM-SU1) package.
= is included in the SUCCESS·FULL·StartUp Plus (TSM-SU2) package.
= is included in the SUCCESS·FULL·StartUp Premium (TSM-SU3) package.
|Sporadic coaching (on-demand) on specific questions|
|Ongoing coaching and accompanying advice as a sparring partner|
|Personal direct hotline with an emergency number|
|Advisory Board / Supervisory Board Function / Position (as Non-Exec)|