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Lotus Technologies

Getting a start-up off the ground is one of the most difficult things any human can venture to do. Sometimes you find lightning in a bottle but most times success is a product of years of development as an entrepreneur.

Even though you hear all the tales of start-up success in every magazine, the truth is most don’t succeed. Outside of the 10 to 20 apps you can name off the top of your head there are actually 5 Million apps available for download in the Android and Apple Itunes app store. And as I’m sure you’ve noticed most of them didn’t make it.

It’s our belief a lot of that is tied to a collection of misconceptions about the industry that people have when getting started.

Here are some we’d like to explore.

Ideas Are A Dime-A-Dozen

 

You have no ideas how many emails we get from entrepreneurs beginning their journey who think they have discovered the holy grail of an idea.

“Why isn’t there Uber for hamsters?” or “What if toilet seats could talk?”is barely an exaggeration for the golden chalice that these types of people usually are talking about.

Ideas don’t make a company. No one cares about your idea. All anyone cares about is the potential value you plan to bring to the table.

If your idea doesn’t open the door to a wealth of user empowerment, no one cares. And it’s really hard to come up with a proposition like that without a wealth of experience with that target market.

The solution? Stop bragging about your idea, build your MVP, get some customers, keeping iterating on feedback and then brag about that.

It’s Not Magic. It’s Hustle.

 

Another sad reality is the people we meet who believe they’re going to release their product, it’ll go viral and then that’s it. They’ll get an offer, sell off their company and sip margaritas by the beach.

Unfortunately that isn’t the case.

Titans of the industry spend untold hours toiling and nurturing their businesses to get them to succeed. Too often do we meet people who quit very interesting projects because they simply found out it was much harder then they thought it was.

Seek to make your business as manageable as possible as time goes on. But don’t underestimate the journey. Making peace with it’s difficulty makes it all the easier.

You Need The Patience Of A Saint

 

Patience is perhaps the most powerful tool in entrepreneurship.

Hard work plants seeds and nurtures their growth. But it is only with patience will you ever be there to actually eat the fruit.

The honest truth is that getting to the metrics you want (sales, daily active users, etc) is hard but always possible in tech (which is actually good news).

But you need the right kind of luck. And of course the secret to good luck is persistence and patience. Working hard and planting the right seeds with your efforts. And waiting for these efforts to bear new opportunities to seize. Whether it be in the form of user feedback or a new lead you can close on.

Hope you found some value in this!

I know this may come across as a rain on your visualizations but I assure you it comes from a place of compassion. I hope you find this useful.