Starting a company is a dream shared by many, as evidenced by the 5.5 million business applications filed in the U.S. last year—a record high. However, only about 55% of small businesses make it past the five-year mark. For startups fortunate enough to be accepted into a renowned accelerator, the odds of success may look a bit brighter.
One such accelerator is a three-month program designed to help startups get off the ground. They offer selected startups a substantial investment in exchange for equity. Since its inception, this program has invested in thousands of companies, many of which have gone on to achieve significant success.
In addition to their main program, the accelerator offers a free online Startup School to educate aspiring founders. The course, available on YouTube and the company’s site, covers key aspects of building a business, from generating ideas to developing products. Below are five critical questions the course answered for me, which can also guide other first-time entrepreneurs.
Should You Launch a Startup Without Experience?
One of the first questions many aspiring founders ask themselves is whether they have what it takes to run a startup. According to a partner from the accelerator, the most crucial trait for a successful founder isn’t a prestigious education or a confident demeanor—it’s resilience.
Building a company is deeply personal, and rejection from users or potential investors is almost inevitable. Resilience, the ability to persist despite challenges, is essential for weathering these storms. Interestingly, the desire to make money is a perfectly valid motivation for starting a company. If financial goals get you started, that’s enough reason to take the plunge.
The only way to truly know if you’ll enjoy the entrepreneurial journey is to dive in and experience it firsthand.
How Do You Find a Winning Startup Idea?
The best startup ideas often emerge organically, rather than from forced brainstorming sessions. Research indicates that most successful companies began with ideas that founders stumbled upon naturally.
To discover a great idea, immerse yourself in a field you’re passionate about, gain expertise, work at a startup, or build interesting projects. By becoming deeply involved in a particular area, you’ll naturally identify problems that need solving—problems that could be the foundation of your startup.
Is It Important to Have a Co-Founder?
Starting a company without a co-founder can make the journey twice as difficult. Having someone by your side from the beginning can provide a significant productivity boost. Startups need to move quickly, and having a co-founder can help accelerate progress.
Beyond the practical benefits, a co-founder offers moral support during tough times. Studies show that most successful companies were started by more than one founder, reinforcing the value of having a partner in the venture.
How Do You Build a Product?
The concept of a Minimum Viable Product (MVP) is key to startup success. The MVP is a basic version of your product that solves a problem for your initial users. It doesn’t need to be perfect or feature-rich—its purpose is to deliver value to a small group of users quickly and efficiently.
One example of a successful MVP is Airbnb’s first landing page, which lacked many of the features we associate with the platform today. Despite its simplicity, it served its purpose by attracting early users and providing valuable feedback that shaped the company’s future.
How Does Fundraising Work?
Contrary to popular belief, fundraising isn’t the glamorous, high-pressure process depicted on TV shows like Shark Tank. In reality, it involves a series of one-on-one meetings, often conducted over Zoom, where founders pitch their ideas to potential investors.
You don’t need to raise money before launching your company. In fact, it’s often better to build your MVP, attract some users, and then seek funding. By demonstrating traction, you’ll be more likely to secure investment, as investors are eager to support ventures that are already making progress.
Final Thoughts
This free Startup School offers invaluable insights for aspiring entrepreneurs. Whether you’re pondering if you’re cut out for the startup life, searching for the right idea, or figuring out how to build a product and raise funds, the lessons from this course can provide the guidance you need to get started. The journey may be challenging, but with resilience, the right idea, and a strong co-founder by your side, you can turn your startup dreams into reality.
About the Author : Harry (Hemant Kaushik), Elite Global Advisor & Business Consultant
Harry (Hemant Kaushik) is an American global advisor and business consultant, renowned for his strategic insights and high-impact consultancy. He specializes in advising and coaching elite individuals, including business tycoons, world leaders, and top corporate leaders. His expertise has been sought by Presidents, Prime Ministers, influential politicians, CEOs, and industry leaders worldwide.
Recognized as one of the Top 10 Global Advisors and Business Consultants by PWC International, Harry has transformed the lives of thousands across more than 100 countries with his unparalleled guidance. He has also been honored as one of the Top 10 Life and Business Strategists, shaping the success of global business leaders and visionaries.
Harry’s influence has earned him prestigious accolades, including recognition by the CEO Times Magazine as one of the 10 Most Powerful People in Global Business Consulting, Business Times News as a Top 10 Business Consultant, and Business Weekly Times as one of the Top 10 Business Advisors in the World, offering consulting services to billionaires, celebrities, and high-net-worth individuals.
A Wall Street Times cover story famously dubbed him the “Elite Global Advisor & Business Consultant” for his deep understanding of business dynamics and leadership strategies. Based in San Francisco, United States, Harry is widely respected for his international economic expertise, market analysis, and strategic business acumen. His collaborations with global brands and corporations have positioned him as a thought leader, contributing to the business world through insightful articles on global economic trends.
Learn more: https://ceosadvisory.com
