CapitalPitch Blog

Episode 12 Part 1 - Ricky Sutton on overcoming adversity to build a successful Startup

[fa icon="calendar"] 28/08/2018 9:23:18 AM / by Lucy Courtenay

Lucy Courtenay

Building a business is no easy task. If it was, everyone would do it!

To be a successful founder, you need to be passionate, tenacious and determined to solve a problem, which is a huge headache for your customers and clients. Building and selling the solution will take long hours, sleepless nights, hard work and dedication. And may can come at the cost of families, friends, colleagues and investors. But, if you have the right product market fit and the drive to succeed, the end result and reward may pay off in the end. 

 

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Loss of regular pay cheque

One of the challenges that comes with starting a business is no steady pay cheque. Many founders start a business, while continuing to work in another job. When the Startup starts to show the rewards, money, clients and customers, only then do some entrepreneurs feel it is safe to leave their current full time employer and focus solely on the startup.

 

Another type of entrepreneurs doesn’t believe in working for a pay cheque from another company for survival. They hustle on the side for money. Both options have merit, but it’s up to you to choose the right method for you.

Either way it takes time to grow and build a startup so have patience.

 

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More mature founders:

Being an older founder (over the age of 40) can mean that you have the battle scars, bruises and determination to succeed.

 

A startup entrepreneur performs a plethora of duties, in charge of virtually every aspect of starting and operating a company. These responsibilities include budgeting, marketing, finding a venue, maintenance on the facility, purchasing equipment, hiring staff and training these employees. The sheer volume of work can be overwhelming to those not completely dedicated to their self employment dream.

 

Being a mature founder can mean that you are more prepared to take on these responsibilities, having more years of work experience.

 

Failure becomes your friend

As an entrepreneur, you need to be able to recognise that success is a destination and that failure will become your friend. Entrepreneurs should never be scared of failure as it can lead to changes, developments and improvements in the product offering. Many a startup, has pivoted to address the concerns of it’s customers and clients, due to the failure of its product offering.

 

Once you can recognise that failure is part of the Startup process and that all entrepreneurs have failed at some point in their careers, failure can increase confidence, drive and determination to succeed.

 

 Listen to the Lead Investor Podcast

 

Support of family & friends

In the beginning an entrepreneur will often find they have the support of the Three F’s - Family, friends and Fans!

 

In the early days of starting a business, it is not uncommon for an entrepreneur to fund their initial startup themselves. They might have a pool of capital from a previously sold business, or have sold the family home or have good investor connections. Whatever the situation, unless you have a proven track record of being an successful entrepreneur, the support of family and friends is important to make the initial start.

 

Linkes

Grit by Angela Duckworth - Link to Amazon Australia

https://www.amazon.com.au/Grit-Angela-Duckworth/dp/1501111108

  

Listen to the Lead Investor Podcast

 

Topics: investors, Podcast, Startup, Entrepreneur, Venture Capital, investing

Lucy Courtenay

Written by Lucy Courtenay