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5 Things I Learned For My Next Startup

I officially have one notch on my belt. When I say that I have a failed startup it is both a painful reminder of my lack of experience and a driver to move forward with the experience I gained. There are unlimited articles describing what a great entrepreneur needs, potential chasms, tips and tricks for startups, blah, blah, blah. Trust me, I have read it all and nothing compares to the feeling when you have to make that horrible decision to cut your losses. If you have failed at a startup and did not experience this, then you weren’t committed enough. So here are the things that I will keep in mind as I work on my next startup,
1) I’m not that special: I have been fortunate enough to have accomplished everything in my life that I wanted to accomplish. This includes academic goals, early professional goals and personal adventures. I was taught to never say never and go for anything I want. So when it came to building a startup it was a rude awakening. Everyone hears all these great success stories and thinks they’ll be next. It is definitely possible, but remember everyone else heard those stories too. So focus on what you´re good at and work with people that know what they are doing.
2) Partnership: For me I would say partnership problems put the final nail in the coffin. I’ve already wrote about this so you can check out my previous article if you’re interested.
3) If you can´t pitch it, its not needed: People generally had a hard time understanding my last startup. Since my 30 second pitch was not clear or effective I would force people into a 5 minute conversation about everything I was trying to do. Despite whatever technical miracle you have develop you need to put it in layman´s terms and have people wanting more after 30 seconds. If this is not possible then you might have too many confusing features.
4) Mentors and Advisors: In the last 3 months I have done more with than I did in a year with DeMulu. Since my ego has been eliminated I now listen to people and think how their ideas can positively impact my startup. This has allowed me to develop an idea that people understand. Insight from other experienced entrepreneurs and professionals is priceless…get as much as you can!
5) Support system: If you are going to start a company, no matter what it is, you need a support system. This means family, friends, and professional network. Without these people you don´t have fans in the early stages of the game and it will make it harder to make the necessary sacrifices to be successful. Moving back to Vancouver was the best decision I could have made for my startup. Trying to build a company without support is not smart and makes everything harder. If you are concerned that you need to be in another market because it is a better ecosystem you might be right, but take your time and get some traction at home before you go.

Alex Mason


About Alex Mason

I love start ups and international business.

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