There’s a lot you can do wrong when launching your first startup, so this month’s Stammtisch was all about mistakes and how to avoid them.

Get as much feedback as you can as early as you can

Don’t be afraid of someone stealing your ideas. Share them with people inside and outside of the industry. Listen to what they have to say. Having an extra set of eyes —or five— giving feedback will always benefit you and outweighs the potential risk of someone “stealing” your ideas any day. There are going to be a lot of people with the exact same idea out there anyway. Proper execution is what will set you apart from your competitors, bringing us to the next key requirement when launching a startup.

A good team is everything

Having a good idea is only half the battle. Turning your idea into a functioning company will require a team that works well together — both personality and skill-wise. Always keep that in mind when recruiting. An impressive CV doesn’t automatically mean great social skills — a key ingredient when it comes to sales staff for example. And don’t neglect your gut feeling when talking to potential future employees. If it doesn’t feel right, it usually won’t work out down the road. 

Trust yourself but stay realistic

Thinking big is what entrepreneurs do. And having a vision of what could be can be great motivation. Commit to your vision. Learn everything you can possibly learn to help realize that vision. But also stay realistic. Know what you and your team can and cannot do. Overestimating one’s own success and capacities is one of the main reasons young startups fail.

Ask yourself the right questions

Before doing anything else, you should ask yourself some questions:

Why do I want to start a company?

So why do you? Think about why you want to launch your own startup. Some people tend to think launching a startup is easy money. It’s not. It’s long hours and sleepless nights but it’s something you create and form yourself. It’ll require you to learn and adapt fast to overcome new challenges every day. If that sounds like something you can endure and enjoy, don’t waste any time and go for it.

Who do I want to work with?

This cannot be stressed enough. Think about what you need from your team. Right now and in the future. And then hire accordingly. Your team members need to have an open mindset, the ability to work with others and need to be able to adapt fast. The right skill set is key. Don’t be afraid to say no to potential applicants.

What do I Want to Achieve in the Long run?

Think about where you want to go with your idea, what you want to achieve. What could be your potential impact? Don’t overthink, but have a clear vision where you want to go.

That’s it for this Stammtisch. Don’t be afraid to launch your own startup, but don’t be stupid about it either. See you at the next Stammtisch.

The panel from Stammtisch 52

Speakers: Henry Ameseder – COO of Mimo, Selma Prodanovic – Founder of 1MillionStartups and Jakob Steinschaden – Founder of trendingtopics.at

Moderator: Daniel Cronin

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