Startup funding environment continues to be challenging, which means a lot of founders are going through some really tough times now. I feel the pain – I’ve been there multiple times.
These are some of the things that I tell the founders around me going through tough times:
1/ It’s a feature, not a bug
Running a startup is really, really, really hard. The pain you’re going through is dreadful, but it’s absolutely normal and expected.
At least it’s better than a few decades ago when “struggling with a startup” could very much mean getting into a personal debt of $2mm while simultaneously getting divorced.
Not to make any comparison, we all have our own unique challenges and difficulties, but the point is: it has always been and will always be insanely difficult being a startup founder, and guess what – some founders are actually in a much worse situation than you are in now.
So don’t ever think that you’re the only miserable one. Many other founders are chewing glass and looking into abyss as we speak. Take a small solace in that.
2/ But ultimately you’re the (wo)man who need to get your company out of this hole
You can talk to your investors, advisers, and friends all day long for advice and emotional support.
But ultimately they won’t be able to get your company out of the hole. Only you as the founder can.
Don’t be too desperate or clingy to your investors and advisers; rather, mobilize them with specific and strategic asks.
I know you’re also human and it’s unfair to put all the burden on you, but ultimately the buck stops with you, because you’re the founder.
3/ Truly reassess your business
Ideally, running a startup should feel like rolling a snowball down the slope rather than rolling heavy stone up the hill. At some point, the flywheel effect should kick in, and the company should take a life of its own and keep rolling.
Which case is your business? Sure, even if you have a snowball, you still need to move the snowball near the slope, which takes some resource and effort. Is that why you need the funding? Or, does your business have fundamental flaws, i.e. you’re moving heavy stone uphill?
Difficult times provide a valuable opportunity to truly reassess your business with no BS. This is when you get to look into the mirror and really think about your business on a fundamental level.
I’m not suggesting you drop everything and pivot, this late into the game. Right now you should focus on getting over the hump no matter what. But after this, you should not forget to make whatever necessary changes based on your reassessment from those many nights.