22 Apr The 3 C’s of Forming a Startup
I constantly encounter ambitious future entrepreneurs that are anxious to make the transition from the safety and security of a steady job (or college) to build a startup. So I thought it would be an appropriate time to share with you my 3 C’s of forming a startup. This simple and effective methodology provides an way to establish what type of company you should be starting.
Every entrepreneur must be able to start businesses in areas in which they’re confident, competent and curious. So it is imperative that the founders of a company follow the 3 C’s of forming a startup in order to shorten gaps with investors, customers, partners and recruits.
The first step in mapping out your startup is to accurately identify the areas in which you are confident that you can succeed. Typically, this means that you have some experience in the field and are willing to try and shake things from the existing norm. But sometimes confidence is simply having a strong passion for the industry. For some people just having passion will translate into confidence.
Projecting confidence is a must. You will be constantly hunting new investors, customers and talent and they can all sense false confidence from a mile away. Without confidence, you are dead in the water and won’t even know it.
Ideas are the seeds of strategy, but experience is the seed of ideas.
In order to innovate one must be competent, otherwise it is just a dream. Your experience in a chosen startup field drives the quality of your idea and expands it with realistic possibilities.
As a startup founder you must be able to communicate your ideas, strategies and progress regularly, with all types of people. This means, at times, you may have to stand on your own two feet in heated discussions with experienced people from your chosen industry. I have made the mistake of thinking I could start a business with no experience and can tell you it is no fun being slammed by veterans, no fun at all.
Any and all ideas that do not fall in your core areas of competency should be tossed to the wayside. You will, without fail, need to raise money or acquire new customers and thus need to have some experience and background to sound credible.
Curiosity may have killed the cat, but it definitely makes the startup. Curiosity is what drives innovation. You must be curious about finding new ways of doing things to build something that can have a real impact in the market. Without curiosity, you risk becoming just another copycat business in the market.
Your experience will allow you to move faster because it removes much of the need to research in the early stages. The less you’re wrapped up in your own thinking (have experience), the more you can notice about the world around you which drives more opportunity for innovation.
Because the idea of entrepreneurship is en vogue these days most people forget that the road is long and arduous. In my experience it is absolutely essential that entrepreneurs know exactly what they want to do from day one. Follow these simple steps and you should increase your odds of success. Best of luck to you!