Everyone should aspire to own a business because nothing beats the freedom of working for yourself.
I thought if I could run multi-billion business before, starting and running a startup should be easy.
Well, not exactly.
If you have a similar dream, read this.
I thought if I could run multi-billion business before, starting and running a startup should be easy.
Well, not exactly.
If you have a similar dream, read this.
A startup is not just about starting a business. It is about solving a problem that affects many people (“pain points”), which doesn’t seem to have a solution yet.
It is about innovating the way we do things. Doing things differently.
That’s why startup is always abt tech.
It is about innovating the way we do things. Doing things differently.
That’s why startup is always abt tech.
Stories abt startup founders are almost similar around the world.
You experienced a snag. You felt things should have been better.
You get curious & feel you have a solution to the problem.
You explored the idea and thought this could work.
You experienced a snag. You felt things should have been better.
You get curious & feel you have a solution to the problem.
You explored the idea and thought this could work.
You get emotionally attached to the idea and you think your idea/solution is the best there is in the market.
You pour your heart and soul into it. Spend many late nights doing prototypes to see whether it works.
All startup founders thought their idea can change the world.
You pour your heart and soul into it. Spend many late nights doing prototypes to see whether it works.
All startup founders thought their idea can change the world.
Unfortunately not everyone will be the next Mark Zuckerberg or Larry Page or Sergei Brin or Elon Musk or Jeff Bezos.
If all startup ideas are great ideas (and most of them are great), why is it that most startups failed and not even 1% ever made it big?
If all startup ideas are great ideas (and most of them are great), why is it that most startups failed and not even 1% ever made it big?
I learnt the answer to this the hard way.
When we went to the market 18 months ago, we thought all was sorted out.
Our price was super competitive, we have data science niche that competitors don’t have.
I run financial modelling and realised I was sitting on multi-mln idea
When we went to the market 18 months ago, we thought all was sorted out.
Our price was super competitive, we have data science niche that competitors don’t have.
I run financial modelling and realised I was sitting on multi-mln idea
But the first year was a big struggle.
Every week you encountered problems. If it’s not product related, it’s talent related.
So many interest yet the take up rate was so low.
Every 3-4 months we had to raise a new capital.
Every week you encountered problems. If it’s not product related, it’s talent related.
So many interest yet the take up rate was so low.
Every 3-4 months we had to raise a new capital.
We could have sunk in the first year.
Eventually I had to raise additional RM8 million from seed investors (local & overseas) to steady the ship.
Lots of product iteration - what was a good idea then had to be tweaked, not because the idea is bad, but the market takes longer
Eventually I had to raise additional RM8 million from seed investors (local & overseas) to steady the ship.
Lots of product iteration - what was a good idea then had to be tweaked, not because the idea is bad, but the market takes longer
You literally had to roll up your sleeve and fix as much as you can.
Often it starts with working your team leaders and curating your team to have the right mindset & hunger for making a difference.
Often it starts with working your team leaders and curating your team to have the right mindset & hunger for making a difference.
We are hitting 20th month in the market and I think we will be OK, even after COVID.
Revenue growth is good; the iterated products gain traction in the market, the brand is recognised decently.
We may just survive birth pangs of a startup.
Revenue growth is good; the iterated products gain traction in the market, the brand is recognised decently.
We may just survive birth pangs of a startup.
I wish I didn’t have to go through the painful one year to establish a viable & sustainable business.
I really thought that it was easier and there were times I felt it was unfair.
But that painful one year starting my startup taught me many wonderful lessons.
I really thought that it was easier and there were times I felt it was unfair.
But that painful one year starting my startup taught me many wonderful lessons.
FIRST:
Idea alone is not enough.
Even the greatest idea is not guaranteed a runaway commercial success.
Converting an idea into a practical business project is like moving a mountain.
The greater the idea, the bigger is the mountain.
Idea alone is not enough.
Even the greatest idea is not guaranteed a runaway commercial success.
Converting an idea into a practical business project is like moving a mountain.
The greater the idea, the bigger is the mountain.
SECOND:
Great idea becomes a great business when you stay long enough on the problem.
It takes patience and loyalty to stay long enough iterating the products & understanding the market.
Even if the market is slow to catch up, the market is always right.
Great idea becomes a great business when you stay long enough on the problem.
It takes patience and loyalty to stay long enough iterating the products & understanding the market.
Even if the market is slow to catch up, the market is always right.
THIRD:
A startup can only survive if you are damn stingy. Financial prudence is super important.
It’s always about cash runaway.
It is also abt the skills to bring in a variety of revenue streams while waiting your main products turn around.
A startup can only survive if you are damn stingy. Financial prudence is super important.
It’s always about cash runaway.
It is also abt the skills to bring in a variety of revenue streams while waiting your main products turn around.
FOURTH:
A startup is about a group of talents who believe in making a difference.
It is about misfits; a heterogeneous group of people with diverse talents, behaviour, style who are bonded together by one mission: the belief that they can make a differenfe and the loyalty to it
A startup is about a group of talents who believe in making a difference.
It is about misfits; a heterogeneous group of people with diverse talents, behaviour, style who are bonded together by one mission: the belief that they can make a differenfe and the loyalty to it
I don’t know yet whether I will ever make the multi-million return that my projection showed when I started 2 years ago.
On paper, the valuation is RM50m (after 2 years) & we transacted at RM50m with seed investors.
And I feel it’s not bad for 18-month work.
On paper, the valuation is RM50m (after 2 years) & we transacted at RM50m with seed investors.
And I feel it’s not bad for 18-month work.
We are expanding headcount by 20% (when other businesses are retrenching), we are moving to a new office.
There’s a sense of optimism after the hell of the first year in business.
But I also know not to be misled by the sense of optimism.
There’s a sense of optimism after the hell of the first year in business.
But I also know not to be misled by the sense of optimism.
Because life is actually quite fair to each of us.
If it is so easy to become a startup multi-millionaire, then it’s not fair to those who slog it out and worked for years to build their business.
The bigger the dream, the harder it is. And more pains waiting.
If it is so easy to become a startup multi-millionaire, then it’s not fair to those who slog it out and worked for years to build their business.
The bigger the dream, the harder it is. And more pains waiting.
But everyone should have (at least) a small ambition to start a startup with one idea.
You may start small and work after office (of your day job) to develop the prototype.
So long you remember one great tip:
Stay longer on the problem, there is no shortcut to success.
You may start small and work after office (of your day job) to develop the prototype.
So long you remember one great tip:
Stay longer on the problem, there is no shortcut to success.
I may just waste 20-min creating a thread (I just learnt how to create a thread yesterday ha3) that nobody else reads, but I hope to those who dream for a bigger thing in life - my sharing could have been of some help.
