There is a lot of talk these days about startups. It’s almost an obsession in our culture. I heard a stat today that 54% of college students say they want to be part of a startup. The truth is startups are hard, take a lot of energy, and many people simply are not wired for them. Here are 11 questions to slow you down and purify your thinking as you think about starting something.
Why are you starting this? Many people are starting things, because the idea seems exciting, but they can’t give a compelling reason why. Like Simon Sinek says in his book, make sure to start with why.
Are you more of a starter or sustainer? This is important. Really important. You have to know whether you are wired for creating something from nothing or taking something from good to better.
How much energy will this take to start? You only have so much energy in your life, so you need to figure out where your energy will come from. You’ll likely need to drop something else to pick this up.
How much energy will this take to sustain? This is your baby. You can’t just think about birthing a child; you have to plan to parent it. Think through the weekly, monthly and yearly investment of time you will expend in this venture.
What are you wired to do better than 1,000 other people? We are have innate abilities to do a few things so naturally that they feel effortless. You need to figure out what you are wired to do well and if that matches the demands of your startup.
What team do you need around you to succeed? In addition to effortless strengths we all also have weaknesses we will struggle with. Good leaders recognize their weakness and build teams around them to cover all areas.
Why would people want to be led by you? This is a hard question, but you need to answer it. You offer something unique as a leader, but ultimately leadership is influence. To launch something new people must want to be led by you and you must figure out why.
What unique good, service or niche will you serve? Make sure what you are trying to provide is actually a need. If you are convinced it is needed focus on your niche. Aim small, miss small.
What will your core practices be? DNA is infused through practices, not dreams. What you spend your time doing is important. The practices you build in now will become your DNA in the future.
How will you raise money? to put it another way, what is your financial paradigm? Money is part of every start up. There are a lot of ways to raise funds, get creative and craft budgets, but you need to figure out your plan. Know your model for raising funds and push hard on it.
How will you contribute to the common good of your place? It’s not enough to simply make money anymore. Before you launch figure out how your organization will be a gift to your place.