“Rule one is: Don’t crash the company.” – Rebecca Henderson
Hey there! Supernova Startups have some great news to help founders and small business owners. Are you thinking of joining the startup scene with an amazing idea? If you are, this is a vital compilation of startup knowledge for you.
Supernova Startups are launching their new book “Startup Odyssey for Entrepreneurs”, containing important advice and providing valuable resources, as well as an important link to investors if you are looking for funding. The resources are full of great content, which includes podcasts, blogs and books to get you going.
It has been written to help founders gain a good understanding of how to launch their idea and business off the ground and zooming through space, especially now, when times are extremely turbulent. Examples of some of the companies that overcame downturns to make a success of their business have been included.
Let’s look at extracts from some of the chapters.
The “Funding your Future” chapter covers important information about the different types of financing and what the outcomes can be for entrepreneurs.
Entrepreneurs need to focus on building their strategic plan which highlights required funds to operate the company without the burden of too much capital that can affect future valuations.
“Overfunding can also lead to carelessness, lack of control and imprudent spending.”
During economic downturns it is vital to understand the right time to set up your business or pivot your startup. Sometimes, you even need to get extra capital for your startup.
“Although the ongoing pandemic has caused mayhem globally, venture funding in 2020 has not been as badly affected as was anticipated. It is, however, below funding in previous years.”
Entrepreneurs need to know that it’s not just about finding capital but finding the right investors who can work with you.
“Finding investors that have confidence in your product or service and who have a good reputation and background at pre seed investing, will aid the startup.”
In the chapter about “Riding the Storm”, includes discussions on how startups can survive downturns by using cost saving methods to keep the startup going.
As Rebecca Henderson of Harvard Business School prompts her students:
“Rule one is: Don’t crash the company.”
Startups need to focus closely on what is happening around them. Look at you customers, suppliers and especially what your competitors are doing during this time.
“Contingency plans need to be made relating to different eventualities. An economic downturn is a challenging time for every industry; startups simply have a different set of advantages.”
An important key to being successful as a startup is to keep a close control of your finances as that is the major factor that decides if your startup survives or not.
There is a lot more about finance in the chapters of the book. Stay tuned to find out more from https://www.supernovastartups.com/
As a founder or small business owner, if you have any questions about the forthcoming book or if you just need some advice, please get in touch by connecting with Supernova Startups: