For startups, it’s about 7-digit in revenues within a short period while also conquering their respective market on the notion that no other business has a better solution.
And in a startup journey, there are a couple of resources that keep the business alive. Let’s consider the three which startups can’t get enough of at the very early stage.
In this part of the world, most startups bootstrapped to kick off while others seek funding from investors in exchange for equity.
While the former might not be enough in the beginning, the latter in some cases would likely lead to a larger portion of the equity being given in place of the fund.
However the case, it is pertinent to figure out funding from the outset, every other needs of the startup revolve around qualified hands, staff’s remuneration, marketing, among others.
To ease off funding burden, you might consider giving employees stakes while they in turn make some financial sacrifices, and you can expect refined commitment attributable to the sense of belonging.
Another resource that a young company cannot have enough of is people – the team, as funding might be a limiting factor. Especially as startups can’t compete with big companies or their well-funded competitors in terms of hiring as well as remuneration.
Most startups usually end up having a 5-man team with each member wearing more hats to keep the startup alive and profitable.
I have worked with a couple of startups in which my daily routine is way beyond what’s stipulated in my appointment letter.
For startups, 24 hours is too short for their daily routine. One can’t imagine a 5-man team having only 5 working days to deliver on a one-month project – it’s just to wish that 72 hours is bundled into every single day. Yeah, only.
A startup can rely on external source of funding or even get more team members by giving stakes, but what it can’t get enough of is time. And the limited amount of the two other resources will make time appear limited as they would want to keep evolving, innovating while also breaking barriers.
What other resources do you think startups can’t do without? Please share your views in the comment section below.
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Nigerian startups raised $55.4m in Q1 2020; over 99% of which came from foreign sources. Find out more when you download the full report.