BUILDING A STARTUP?
Are you starting on the start-up? Are you starting a newsletter like myself? Starting a Greenfield idea, you have. a blank sheet of paper in front of you. The biggest thing is that you don’t know what you don’t know. No one has all the answers at the start. You’re starting a project do you may think you have an idea of what’s going but until you do it, you won’t find out what you don't know.
Starting this start-up newsletter, I did find out a lot, a lot about myself and a lot about how to build when I was building. That being said, this isn’t my first start-up. After the first start-up, I saw the flaws in my business model, and I used what I learned in the first start-up for the second start-up, which corrected the failings in the first start-up. I learned more and more about the process, structure, and building true value in a company.
ITERATION IS VALUED IN STARTUPS
To understand how much interaction is valued, you can look at how some startups with little traction past an MVP get funded. We wonder how did founders get so much money. It wasn’t that the founders knew what he was doing. It wasn’t that founders were some kind of gifted genius. The reason he got the money was that investors believed in the founder. They believed the founder would be around long enough to iterate to figure out the business model. They were investing in a person being able to work that’s why you see a lot of founders don’t come from really good schools because investors believe they are smart enough that they can iterate and find out. They are betting on iteration.
Finding out what doesn't work is part of the process. Failure is part of the iteration. If you are running an innovative business, be it a newsletter like this one, an influencer business, or a hardware start-up. Get out there, start what you are doing, and iterate. It may or not work out, but one thing that will happen is that you will learn.