In the race to funding, so many startups can lose sight of the original goal. That should never be the case when it comes to growing your business. However, we see it all the time. It’s easy to lose sight of where you’re going in your startup, especially when you seek out funding
Navigating the Funding Waters
Should you do an accelerator? Should you look for Angel Investors or venture capital? And when is the right time? You can go in circles trying to figure out what to do and when. For a founder, this can be hard because you probably didn’t get into business to be an expert in the investing process. You have a passion for solving a unique problem, and growing the business can often feel like something you’re learning as you grow.
Focus on Solving Problems
We see a lot of companies adding flashy “AI” to their offer, simply because it’s the latest buzzword. However, adding bells and whistles to your product isn’t going to help if you don’t solve an innate problem to start. Focus on the problem first, and always. This focus will always come back to serve you as your company grows.
Customers First
Nothing ruins a company faster than chasing investor sentiment over customer interest. Always be asking yourself who is benefiting from the work you’re doing. If you find your core intent is to support the investors over the end-user customer, it’s time to take a step back and look at your direction.
Stay True to You
If a prospective date told you to lose 20 lbs and get veneers before considering a date, would you do it? If not, why do you let VCs do this to you as a founder with your business? Be careful as you seek out funding. Be careful who you are listening to and allowing to influence key decisions to who your startup is at the heart. It’s one thing for a trusted business advisor to tell you to change things; it’s another for someone who doesn’t know you yet to dictate changes.
So what gives? What can you realistically do to avoid losing sight of your original goal?
Be wise in who you partner with for investment.
Be wise in seeking sound business counsel and advice.
Pull out your old notes when your startup was just a few ideas on the backs of napkins. Get back to the root of why you built this in the first place.
It’s easy to get distracted when you’re focused on growing and scaling your startup. We live in a noisy, distracting world that is always trying to get you to focus on other things. It’s up to you to make sure your startup keeps moving with intention toward your mission, and as you do so, the right counsel, investors, and customers will gravitate toward you.