Are you the CEO of an exciting new startup? Well then, you’re in the right place. The company’s high-level decisions and strategies are going to be passed through you. You’re one of the highest authorities; don’t choke under pressure. Let yourself steam off like a kettle and make sure you boil down three important questions in your temple and team!
But before we move onto these questions, let’s be reminded that everything starts out small. Even the most successful businesses started from scratch – so it’s always a long and rigorous journey.
I’ve seen too many startups fail and collapse under the agonizing ignorance of CEOs. They often forget to address key questions and jump into the market and networking web.
Boredom and Breaks
What’s that one thing that grabs your attention? It doesn’t bore you at all, and you would probably love doing it for the rest of your life. If it’s something you would love doing during your breaks or vacations, hold onto that passion. Do it through entrepreneurial means!
You’re the CEO and have a whole team of people relying on you, but just for a second, forget them and ask yourself this:
If the answer is yes and you’re willing to give all that you’ve got to this startup, then enjoy the ride. Being a CEO may come with its perks of traveling and business class treatment, but it takes hard work and wise decisions to reach this point.
If it’s something that won’t bore you and will always have your undivided attention, the chances are that your startup will prosper in the future. You will be better aware of the competitors and innovative marketing strategies being staged every few months.
Lastly, remember that a vacation doesn’t necessarily mean no phone calls or emails. You’re the CEO of a new startup, it’s your baby and you have to nurture it in order for it to grow and stay healthy. The concept of breaks and time off depends on how well your baby is doing.
I discussed this same point with Manohar, CEO at ClickDesk and this is what he has to say about this:
“Don’t get onto the ride thinking that a startup will make you more money quickly, because it won’t! If this is the case, then you need to unbuckle and leave. But if you’re ready to be in this for the long run with passion and consistency enjoy the roller-coaster.
You know what I learned with ClickDesk? That every startup requires the vital ingredients of hard-work and dedication, and only these things can actually make a difference in the world or to the customers. Once you’re absolutely sure about investing time and energy into a startup, with the core idea of making a difference, then you’re likely to be successful.”
Cash and Consideration
So many startups fail in their first year because there’s no more money left! As the CEO you have to be careful about the cash flow and be absolutely sure that your savings can sustain the beginning. Startups aren’t magical beanstalks with money falling off; there probably won’t be any profits in the first year.
You must ask yourself this question:
Only go ahead if you know there’s enough capital to continue the startup; otherwise I’d suggest you wait it out.
If you have the funds to go ahead, you could avoid any financial complications in the future. As the CEO, your initial year should be invested in creating a strong team bond, advertising campaign and networking.
Nobody wants a dummy for a CEO. So put on your thinking cap and don’t get caught up in the excitement. Take time to consider savings and finances. If you keep asking yourself this question in the first year of your startup, the likelihood of success and wiser connections is higher.
Difference and Dedication
No matter what your niche is, every CEO should know whether their startup will make a difference.
This is the question you need to ask yourself:
Sit down and think about this. Will you really be bringing a difference or betterment to people’s lives? If the answer is yes, then you’re probably on the right track. Anything that brings betterment to customers’ lives will have a chance of survival in the market.
Matt Janaway is the head of digital at Workplace Depot and according to him:
“The CEO needs to be immersed in the core ideas and ideals of the startup. It’s your job to think about whether customers will relate to these core ideas in your startup, will they find them agreeable?
Make sure that your ideas serve the customers and cater to bringing positive change. If you’re good at conveying your core ideas and winning hearts, you will probably see dedication and customer loyalty.”
So before you launch your startup, look through these questions and think about them. Leave comments in the section below; don’t forget to share your experiences.