3 MYTHS AND 2 KEY INGREDIENTS FOR GROWING A SUCCESSFUL STARTUP

MY PERSONAL EXPERIENCE:

Aristides Protopapadakis Founder & CEO

MYTH #1: I NEED A COMPLETELY NEW IDEA

▸ A new idea, something truly unique is of course very difficult to find, particularly in a new market.

▸ Even if you find that amazing idea, chances are that the market isn't ready for you yet. There is probably no demand for your offering. If there was such a need, chances are that somebody else would already have it addressed somehow.

There are exceptions to this like for example the iPad, but these are very rare and generally they need a big and influential company like Apple, to drive the market.

COMPETITION: GOOD OR BAD?

The presence of strong competition in a certain market tends to be a discouraging factor for many. To us, the experience has been quite the opposite:

▸ We have had far more success in mature markets where the demand for our offering is established and competition is already in place, rather than in less developed markets with very little, or no competition at all.

After all, if you are the only seller in a market, there is probably not much demand for your offering, no matter how good it is!

DON'T WAIT UNTIL YOU FIND YOUR TRULY UNIQUE IDEA. IF YOU FEEL YOU HAVE THE EXPERTISE TO BRING SOME IMPROVEMENT TO AN EXISTING PRODUCT OR SERVICE, OR IF YOU CAN BE MORE EFFICIENT IN PRODUCING AND DELIVERING IT, THEN YOU SHOULD GO FOR IT.

CONCLUSION #1

MYTH #2:

“IF I ONLY HAD ACCESS TO START UP CAPITAL I COULD ALSO MAKE A SUCCESS OUT OF THIS OR THAT IDEA…

SUCCESSFUL ENTREPRENEURS HAVE A WEALTHY BACKGROUND THAT OFFERED FINANCIAL SUPPORT IN THEIR FIRST STEPS.”

▸ In reality, unless your idea concerns for example a new nuclear decomposition process for a power plant(!) chances are that you probably need less capital than you think.

▸ Even if your idea does need a more substantial startup capital, there are plenty of funds and kickstarter initiatives out there these days, seeking good returns for their investments who are willing to finance promising projects, if you are convincing enough in presenting your idea.

After all, if no one is buying into your idea, there is probably a flaw in the idea itself or in your strategy.

SHOW ME THE MONEY

BY BEING AGILE, LESS STARTUP CAPITAL IS NEEDED

At SYSTEMIC, we follow a development process called "Agile software development"

▸ Software solutions are developed by small incremental iterations, a process very different from the old school of software design where analysts designed everything in advance, then engineers built, then testers tested in a back-and-fourth process that could take a year or more to complete, and where the end result was often misaligned with market demand.

In my case, a couple of years of unspent bonuses were enough to get me going with version 1.0; happy customers to whom I am grateful financed the subsequent versions.

DON'T LET MONEY (OR THE LACK OF IT) STOP YOU FROM FOLLOWING YOUR VISION AND IN TAKING IT TO THE MARKET.

CONCLUSION #2

MYTH #3: YOU NEED A SUBSTANTIAL AMOUNT OF LUCK

Yes, you do need luck. But luck is there for all of us, you will get your own share when the time is right for you!

I’M AN ABSOLUTE BEGINNER, BUT I’M ABSOLUTELY SANE

I am a firm believer of the "Beginners luck” phenomenon

▸ The daring "new kid in town” often gets additional chances compared to the old and well established folks, under certain circumstances which I would summarize as a combination of being a fighter, believing in what you are doing yet at the same time keeping your feet on the ground.

Listen to David Bowie's "Absolute Beginners" song for further inspiration!

YES, YOU DO NEED LUCK. BUT LUCK IS THERE FOR ALL OF US, YOU WILL GET YOUR OWN SHARE WHEN THE TIME IS RIGHT FOR YOU!

CONCLUSION #3

2 KEY INGREDIENTS FOR GROWING A SUCCESSFUL STARTUP

More importantly however, I think that are often overlooked yet they make all the difference to bring success further down the road:

1. Team Building

2. Patience

VALUE OF TEAM BUILDING

Among my personal achievements, the one I am most proud of, is the building of the SYSTEMIC team.

▸ As we were hiring more and more people to support the growth of the company, I quickly realized that had to invest a very substantial portion of my time (maybe 30-50%) and energy to focus on each person’s individual interests,  motivation patterns, skills, personal  goals, interactions with each other in delivering the end product or customer support. 

▸ At the beginning this appeared to be against the energy spent on product development itself, yet the reality proved to be so different: I now firmly believe that people are the most important asset of our company, much more than our current product line.

It is very wrong to believe that what maters is the idea and your own skills as a manager, and that execution can take place by hiring and firing people as needed.

A GOOD TEAM GETS YOU PEACE OF MIND AND CUSTOMER REFERRALS

Nothing makes me happier than when a customer calls me to praise the performance, skills and support he received from one of our employees.

Much more than just being human, I know that these customers are now loyal to us:

‣ They will keep for many years our maintenance contract

‣ They will most probably ask for more products

‣ They will give the best referrals to new customers.

DON'T UNDERESTIMATE THE TIME AND ENERGY YOU WILL NEED TO INVEST IN THE PEOPLE WHO WORK FOR YOU, AS THIS WILL BE YOUR GAME CHANGER AND IS PERSONALLY VERY REWARDING.

CONCLUSION #4

PATIENCE & PERSEVERANCE

Although the initial success came very quickly, this was not always the case of our subsequent path, as many of the good ideas we had took their time to reach the final production stage and to penetrate the market.

However, if you are patient and keep believing in your ideas chances are that you will find your way.

There will be bumps down the road, but successful founders are those who persevere in the face of adversity or doubt. The ability to merge their passion with patience and confidence and perseverance will help them overcome the struggles at hand.

THE SECRET OF PATIENCE IS TO DO SOMETHING ELSE IN THE MEANTIME.Croft M. Pentz