Launching a startup is hard work.

The hours are long, and there are many obstacles to overcome.

The key to a successful startup is not funding from investors, but rather founders who stick with it.

Losing faith in the business is the first step toward shutting down.

To avoid this, consider the following:

Find a source of revenue to keep the lights on.

Even if this means moving into consulting, training, or other ancillary services.

Have a backup plan if the proposed product doesn’t work.

Keep costs low and manageable in the early stages of the business until the product gains traction.

Have a scaled-back version of the startup ready in case the unexpected happens.

Don’t be afraid to pivot the business to something else in case the technology or market proves to be unviable.

During difficult times, narrow the focus of the solution to meet just a few customers.

It’s better to have a small number using your product than a large number ignoring it.

The business can live to see another day as long as the founding team stays with the business.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.