Business Insider Deutschland wrote:
Whether a founder is launching their first company or their fifth, there’s one universal fact they can’t ignore: The path to success starts with survival.Getty Images
- Joe Procopio is a multi-exit, multi-failure entrepreneur. He is currently the chief product officer at Spiffy, an on-demand vehicle care and maintenance startup.
- In 2015, he sold Automated Insights to Vista Equity Partners. In 2013, he sold ExitEvent to Capitol Broadcasting. Before that, he built Intrepid Media, the first social network for writers.
- In his time at startups — founding them, working at them, and advising them — he’s seen entrepreneurs fall into the trap of tasks that don’t bring in money.
- Raising money isn’t the same as having revenue, he says, and companies shouldn’t build out things like offices or teams before their products.
- Visit Business Insider’s homepage for more stories.
At startups, the difference between survival and running out of runway always comes down to taking our eyes off revenue.
We don’t want to do this, and we certainly don’t do it on purpose. But when we’re in the middle of the startup run, it’s pretty easy to fall into a trap of wasting time on feel-good tasks that feel like progress but don’t bring in any money.
Joe ProcopioCourtesy of Joe Procopio
No entrepreneur is immune to this trap, myself included. It’s part of the drive that makes the successful entrepreneurs successful.
I’ve founded, worked at, and advised a ton of startups, and each one tends to make the same mistakes where revenue is concerned. Whether a founder is launching their first company or their fifth, there’s one universal fact they can’t ignore: The path to success starts with survival.
The odds of survival depend on how fast you can generate revenue. The key to getting to revenue fast is to do nothing else but seek it out. Here are the easiest traps to fall into and how to sidestep them.
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