Today's post is on my top tips on how to effectively use the rest of the year as a startup.
Just my $0.02, but maybe there's a nugget or two in here >>
Just my $0.02, but maybe there's a nugget or two in here >>
1) Mitigate burnout / fatigue
I've often talked about how rest is so important. You're running a set of sprints within a marathon, which means you need to find time to rest to be able to sprint.
I've often talked about how rest is so important. You're running a set of sprints within a marathon, which means you need to find time to rest to be able to sprint.
https://mobile.twitter.com/dunkhippo33/status/1452758481430188033
2) Not only your own burnout but also your team's and their morale. In this market, the fight for talent is real so if you have amazing ppl on your team, do everything you can to keep them.
That starts with their well-being and happiness.
That starts with their well-being and happiness.
3) If you're not in DTC, the holidays (roughly US Thanksgiving wk through the end of the year) is a good time to slow since business will be slowing.
Namely, usually fewer sales to fulfill and no fundraising.
Namely, usually fewer sales to fulfill and no fundraising.
4) I've talked a lot about how now is a horrible time to fundraise. If you have runway until March, push your fundraise until Jan.
https://twitter.com/dunkhippo33/status/1323734041128886272
5) A lot of ppl get nervous and decide to fundraise anyway, but they end up burning their one-shot at mtgs when investors are checked out.
I can tell you that even @HustleFundVC where we typically do 7-10 deals per month, this Dec, we're probably only going to do half that.
I can tell you that even @HustleFundVC where we typically do 7-10 deals per month, this Dec, we're probably only going to do half that.
6) Why is that? Even for VCs who are working, they like to spend this time to plan and strategize for next year -- both with their own team and their *existing* portfolio companies.
This means there's no time for new deals.
This means there's no time for new deals.
7) So you are much better off "saving" your mtgs for next year if you can help it when ppl are fresh and excited to go.
Obviously, there are still some deals being done, but on the net, if you haven't started your process yet, I would wait.
Obviously, there are still some deals being done, but on the net, if you haven't started your process yet, I would wait.
8) Use the holidays to strategically plan. Where do you want to be by end of 2022? Are there key hires you want to make? Bonuses / raises / special things for team morale that you want to do?
What are the blocking points you need to tackle in Q1?
What are the blocking points you need to tackle in Q1?
9) Using this quiet time to think and prep will give you some time to wind down a bit but will also give you time to re-focus and decide what's impt to cut / continue.
Sometimes in startups, I see a lot of ppl working a LOT but working hard != working smart / working focused.
Sometimes in startups, I see a lot of ppl working a LOT but working hard != working smart / working focused.
10) Lastly, celebrate wins! It's been a tough 2 years with COVID on a personal level. And running a startup is hard.
It's so easy to focus on what didn't go well. But, you should be really proud of what you accomplished this year -- celebrate that!
It's so easy to focus on what didn't go well. But, you should be really proud of what you accomplished this year -- celebrate that!
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