One of the biggest mistakes start-ups make is sticking with the same idea that hasn’t been working for too long because they are afraid to fail. In today’s episode Steve pulls back the curtain for us and lets us in on the secrets to successful start-ups.
My Guest Steve Hoffman:
Steve founded three-venture funded and two bootstrapped start-ups, each of which is a unique tale. Steve is also the CEO of Founders Space, a global start-up accelerator, with over 50 partners in 22 countries and 50K entrepreneurs as members. Every year, he mentors hundreds of start-ups, helping them overcome their biggest challenges.In addition, HarperCollins just published his book "Surviving A Start-up," where he delves into the hard questions, like why do most start-ups fail? And how can entrepreneurs beat the odds, overcome emotional stress, and break through both mental and market barriers.
· First company was a game company. Steve and his wife did it themselves. It was a rewarding profitable business. They sold over 1 million games.
· Steve’s first venture-funded company in late 90’s was synchronizing online entertainment to on air broadcast. It was very stressful.
· 2nd venture was media company it was a online video on mobile
· After bad experience with venture funded companies he founded Founders Space bootstrapped.
Everyone has been working from home or from the road, Steve wants to continue that, so as things open up again should they open up their physical accelerator? It is a lot of work. Getting a little more money isn’t their goal. However can the clients get everything they can without coming to their physical space? This is their struggle.
For any start up:
1. Who is your customer?
2. Understand what value you are providing? Because there has to be a reason why people would come to you more than anyone else?
3. Are there people who really need your product?
4. Get recurring revenue, get a customer and never let go of that customer.
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