The entrepreneurs’ challenges do not vanish when the profit appears, on the contrary, they even return sometimes, stronger than ever, because challenges multiply as stakes grow higher. Find out what they are from Sergiu Neguț (FintechOS & Business Angel) and Mihai Cepoi (Jobful co-founder).
What can you expect when you have an operational business that you want to grow, and how do you choose your route? Use the insights offered by Sergiu and Mihai and see which are the most relevant for you, at the point you are at.
1. "What is your business model?"
This is the first question an investor will ask you, followed by questions such as: what is the potential for internationalization and scale-up of the business, how mature is the team behind it and how much traction have you achieved so far. If you need more clarity, you can check out the Business Modeling webinar here .
2. The best money you can have is your customers’ money
You need to make sure you have found the right solution that your customers would pay for. Validate your idea. If you haven't found the solution yet, pivot until you do.
3. Sales & marketing.
Having marketing and sales people on the team is important for any business, but for a startup it is vital. That way you will have the traction you need to validate the product and get investors interested in your business. Most of the times entrepreneurs focus a lot on the product and forget that the product development and sales efforts should be more balanced and should be invested, as much as possible, in parallel.
4. Good enough for now, safe enough to try.
Don't wait for the product to be perfect to launch it. If you are not ashamed of your first launch, you launched too late.
5. Embracing change and the crazy joy of learning.
If you avoid change, you level off, especially given the speed at which things happen in today's startup universe. So meet as many people as possible: potential customers, investors, successful entrepreneurs and learn from their experiences and mistakes. And take something from every discussion and new context and apply it to your business.
6. Invest your time wisely.
If you're participating in programs, competitions, or other entrepreneurial development and funding opportunities, make sure they align with your own goals and that you're not actually wasting time that's extremely valuable, especially when you are starting out, and could be invested in something else.
7. Be very clear about the route you want to take.
Keep dreaming and make medium and long term plans. But don't forget about the small, actionable steps. Concrete actions bring you closer to your dream and help you change a market.