Disclaimer: please note the following is a collection of personal thoughts. All info is publicly available. The content hereby written does not reflect in any way the position of the company I work for.
Warning! This article contains juicy tips on how to build a successful start-up.
Warning 2! It’s also about avoiding huge mistakes.
20.BE FLEXIBLE. Flexibility and adaptability are key to success. 7% of start-ups fail because of lack of flexibility. They fail to pivot when it’s needed. A pivot is needed when it’s necessary to shift the business model, change the customer target or something else in the value chain.
Flexibility and adaptability to changes are also key characteristics for start-ups that are growing fast and need to constantly upgrade themselves, their model and talent pool. This last point is especially hard: it is very difficult to realize you need specific skills for each stage of a start-up and to lay down employees is always an emotional challenge. I highly recommend The Founder’s Dilemmas to know more about the topic.
Keywords: flexibility, adaptability, start-up, up-start, pivot
19. BALANCE WORK with (REAL) LIFE. You might be tempted to think that working hard is the same as to working long hours. You might think you need to give 200% in order to succeed. Well, guess what? 8% of start-ups fail because of burning out.