startup generator Investible<\/a>.<\/p>\n\u201cTo get more founders and startups successful at starting up,\u201d he says.<\/p>\n
Price says there are some hard truths people keen to jump in need to know.<\/p>\n
1. Giant capital raises don\u2019t happen overnight<\/h3>\n
Many people become founders after reading or hearing about big capital raises and viewing these things as overnight successes, he says.<\/p>\n
\u201cPeople do get on a bit of a bandwagon when they hear about one startup getting funded,\u201d Price says.<\/p>\n
What they miss, he says, is the eight years of grueling legwork that startup has done to build traction, gain customers and find market fit.<\/p>\n
\u201cIt\u2019s more than just a slide deck,\u201d he says.<\/p>\n
2. Avoid the lethal combination<\/h3>\n
There\u2019s a lethal combination of factors that will lead new entrepreneurs into the \u201cperfect startup storm\u201d, Price says.<\/p>\n
This is someone who has never been in business before, launching in an industry they have no experience in, with a business model that\u2019s never been used, trying to gain critical mass to get it going, without a proper sales and marketing plan.<\/p>\n
Before launching into a venture, Price says that startups should consider these and take steps to fill in the gaps through personal development, training and collaborating with others.<\/p>\n
3. You need to learn entrepreneurship<\/h3>\n
If you lack experience in startups, capital raising or the industry, Price says it\u2019s critical to pick up the ropes by reading books, mentoring or taking relevant courses.<\/p>\n
\u201cIt\u2019s my view that founders should do their apprenticeship,\u201d he says.<\/p>\n
\u201cStart on something that\u2019s not quite so revolutionary [or] they can go and work for a smaller business.<\/p>\n
\u201cPeople come out of the corporate arena feeling they\u2019ve got a huge amount of credibility but they get a massive shock \u2013 without a big budget, brand or team doing the nitty-gritty, it can be a lot harder than you expect.\u201d<\/p>\n
4. Simple to use, not simple to make<\/h3>\n
With most new startups using technology, founders need to ensure they have the right expertise, knowledge and talent on board to do so effectively, Price says.<\/p>\n
A founding team with no tech or sales skills is unlikely to succeed.<\/p>\n
\u201cIf they\u2019ve never managed a tech project or are trying to build the tech themselves, there\u2019s a lot of naivety around how difficult it is to create something with the right user experience,\u201d he says.<\/p>\n
5. Deepen your pockets by broadening your network<\/h3>\n
After launching a venture, it can easily take 12 months before a founder will see any real revenue, he says, so founders need to be growing their networks and prospective investor connections well in advance.<\/p>\n
\u201cYou need an existing investor network with people ready to back your idea,\u201d he says.<\/p>\n
6. Learn from failure<\/h3>\n
Through his entrepreneurial journey, Price says failure has helped him to become more mindful about his own business decisions and spending.<\/p>\n
\u201cFailure makes you a lot more humble and appreciate how difficult business can be,\u201d he says.<\/p>\n
\u201cYou toughen up quite a bit.\u201d<\/p>\n
7. Align profit with purpose<\/h3>\n
A strong believer in the need to align purpose with profit, Price uses his foundation Club Kidpreneur to empower and educate children across Australia with entrepreneurial acumen.<\/p>\n
In addition to resilience, passion, initiative and practical experience in business creation, Price is aiming to teach them the underlying power in all of this.<\/p>\n
\u201cIt\u2019s my view that a misguided kidpreneur can be a drug dealer,\u201d says Price.<\/p>\n
\u201cWe encourage kids to see the power of business to do good.\u201d<\/p>\n
It\u2019s a point that doesn\u2019t lose merit with age and by making people see the positive impact and far-reaching potential of entrepreneurship, he says he hopes to inspire a new generation of impact-driven founders.<\/p>\n
\u201cThey\u2019ll start to use their power for good not evil,\u201d Price says.<\/p>\n
Follow StartupSmart on <\/em>Facebook,<\/em> Twitter, <\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"With the recent buzz around startups and entrepreneurship in Australia, founders need a reality check of what it actually takes<\/p>\n","protected":false},"author":1,"featured_media":62999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,6,23,13,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/46854"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=46854"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/46854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/62999"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=46854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=46854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=46854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}