Startup aren't for perfectionists - with Mark Eagle
May 30, 2024You can't be a perfectionist when you're building a startup. You need to move fast and get real traction. Building an MVP has to be done in an efficient and minimalistic way, just enough to prove to yourself and to potential investors that there is a real market need for your solution.
This is one of the topics we discussed with Mark Eagle, a highly experienced founder and investor, on the Meet.Capital Startup Podcast.
Mark started his first startup 30+ years ago, and since was a part of two big exits, he has served as a COO in a public company and a CTO in several others. He was involved in a dozen M&As, helped raise millions for some of his companies, and bootstrapped others. We discussed what he sees as essential for startup success, from building the right team to creating a go-to-market strategy.
* Mark has joined our team and now provides expert sessions for startup founders.
Here are Mark’s 5 tips for startup success:
1. Identify Your Strengths and Passion
Find what you're really good at and what you love doing. When you do what you love, work doesn't feel like a burden. Also, knowing your own strengths and weaknesses will help you choose your partners wisely.
2. Surround Yourself with Great People
Ensure that you have someone by your side who complements your skills. This collaboration can prevent feelings of loneliness and frustration, making your entrepreneurial journey more fulfilling.
Make every effort to surround yourself with experienced and well-connected individuals. Board members or advisors with extensive networks and expertise can open doors and provide guidance that propel your startup forward.
3. Commit Fully
Treat your startup seriously, not as a hobby. It's essential to define whether you have enough runway to sustain your business without external capital for an extended period, typically three to six months, then triple that time. If you lack this runway, reconsider your approach. Full commitment is crucial for success and is a prerequisite to raising capital.
4. Don’t be a Perfectionist
Perfectionism can be a significant hindrance. It slows down your delivery and can frustrate your team, especially when you’re getting started on your journey. Focus on building and launching your Minimum Viable Product (MVP) to gather feedback quickly. The goal is to improve iteratively rather than achieving perfection from the outset.
5. Have a Clear Go-to-Market Strategy
A clear go-to-market strategy is essential for any startup. You need to articulate your strategy, outline your daily actions, and measure your progress with specific metrics. Being able to clearly explain your strategy indicates that you are well-prepared and significantly increases your chances of securing investment.
