I haven’t read all the comments so apologies if this has already been covered. I started a company 5 years ago, when I was 21. It was gruelling, financially stripping and I had no idea how hard it would actually be. Before I get the comments, no, my daddy didn’t give me money, I didn’t have daddy’s network and we didn’t get a shitload of investment from some well off benefactor. I built it from the ground up, bootstrapping and paying myself sweet fuck all.
But I still did it, and now we’re expanding. There’s obviously a hell of a lot more I need to learn, but I’ve made it further than the vast majority of startups.
The comment I’m about to make has been alluded to, but not asked - which shocks me. There is no one way to do a startup, which to me says while it may be difficult, your objectives are still possible. It’s all about what the variables are.
What is your area of expertise? What is your experience? Who’s in your network? What market are you trying to address? Is there required R&D from the technology side, the logistics side or another side? What skills do you need to acquire to do it? How much capital can you put in? What type of company? B2B? B2B? What is the customer acquisition process? What’s the problem, what’s the solution, how hard is it to implement the solution? What does competition look like (if your answer is “there is none”, there’s a lot you need to learn). What’s your objective here? Sell, manage, franchise etc? What’s your expected exit and timeline? How large are you aiming to get to?
There are a huge amount of questions that are not answered, so any advice you receive will only be general. There is one ‘rule’ though. If it’s your first startup, it will be a lot harder than you think. You’ve got more on the line than I did, I could afford to be wrong. You can’t. Do not be naive, do not be precious, leave ego, arrogance and pre-convictions at the door. Identify your strengths, identify your weaknesses. Build your strategy around what you can do and what you can’t. For what you can’t, go learn, or go find someone who can do it.
If you’ve got a wife and kids, your ambition will have to be curbed to your risk appetite (which seems low for obvious reasons).
Here is my advice, up to you whether you think it’s applicable or not.
People are more important than money. Money won’t give you advice, point out holes, make introductions, guide you. People will. It is essential to understand yourself. The good the bad - it doesn’t matter. Your strategy should fit the tools at your disposal. Whatever you’re wanting to do, find case studies. Companies that are similar (structurally, not necessarily doing the same thing). Look at their pitch decks if you can find them, their business plans, their marketing and what their message is. For the first few months, make this a hobby. If you have an idea, flesh it out on paper. Be o he rove and realistic. The world doesn’t give a shit about what you want, so make sure it’s objectively logical and THINK THROUGH THE CUSTOMER MENTALITY. Learn as much as you can about how to write a business plan. Write one. Read it with the most critical eye you can, be your own devils advocate. Write a new one. Do the same. Repeat. When you’re happy with it, and you actually think it could work, find business mi fed people you respect (professionally or personally) and get them to read it as a devils advocate. Do that for a minimum of 5 people. Collect response, do NOT ignore feedback just because you don’t agree. Find out why they reached that conclusion, you might learn something. Talk to your potential market. Cold call, rock up, fly a blimp - however you do it, talk to your potential customer, ask what problems they have, would it be sold with your product/service, what would they pay. You need feedback from like 100 people on that one. Your ideas, plans and perspectives MUST change according to new information. Always.
If you’ve reached the stage where you e got your feedback for a solution, got a good business plan, it’s time to work out how you’d actually do it. What milestones, what goals, how, why, blah blah blah. Whatever you think something will cost, add 50%. If it’s less than you think, you’ve got money to do more. If it’s more, you’re fucked. Don’t fuck yourself. Be very aware that you can be your own downfall here. I’ve said it before, but I’ll say it again: fuck your pride, fuck your ego, fuck all the things you think you’re the best at - if you can’t do that, don’t start a company. You must CONSTANTLY, objectively and thoroughly asses yourself, your plans, your tools, your backup plans etc. if you do this and quit your job, don’t be a financial dumbass. Have a backup, have a plan. Know how you’ll get income if the startup doesn’t work out.
I disagree with most people on here saying that you can’t do it. Every startup begins with a set of tools, variables, restrictions and risk. There’s a way to do anything, but with what you’ve got on the line you cannot afford to be ignorant, and you cannot afford to have a fail safe.
I don’t know what your motivation is here, but consider alternatives. You want a thing, and the way to get that in your mind is to make a startup. Maybe there are other ways to get the thing that isn’t running a startup. Maybe change careers? Learn something new? Join a startup?
Go to networking events for startups, and talk to everyone.
Above all, LEARN. about yourself, about the market, about others experience, about business - everything.
This is all just my thoughts of course. I’m just me, I don’t know you at all. We’re in different countries an all of that, but this would be my advice.
Good luck!!