Startupfood
Published on Jan 7, 2019
At The Family, we believe that anyone can become a great entrepreneur.

DESCRIPTION

The end of a year is a time for reflection and to ask ourselves the hard questions...here's one for you - should you be working on something else?
At The Family we always express the importance of moving fast to founders. When you're your own boss it's always possible to put something off until tomorrow. Sometimes that means delaying big decisions - should you change your niche? Pivot your business model? Or dare we say it, even close down your startup? If you move fast you make more decisions more quickly, which means you also fail more quickly, but that's a good thing!

Failing is a part of the journey of a founder; within 3 years, 92% of startups will...

Startupfood
Published on Jan 7, 2019
At The Family, we believe that anyone can become a great entrepreneur.

DESCRIPTION

The end of a year is a time for reflection and to ask ourselves the hard questions...here's one for you - should you be working on something else?
At The Family we always express the importance of moving fast to founders. When you're your own boss it's always possible to put something off until tomorrow. Sometimes that means delaying big decisions - should you change your niche? Pivot your business model? Or dare we say it, even close down your startup? If you move fast you make more decisions more quickly, which means you also fail more quickly, but that's a good thing!

Failing is a part of the journey of a founder; within 3 years, 92% of startups will fail. If something isn't working, have the courage to make quick decisions and pivot where you need to. Startups that pivot one or two times raise 2.5x more money, have 3.6x better user growth, and are 52% less likely to scale prematurely than startups that pivot more than 2 times or not at all. If things aren't working out though, don't be afraid to shut down your idea. You don't want to become a zombie startup.

As a founder you often have to ignore the world around you when you're pursuing something innovative or going against the grain. It's hard to know when to let go and move on to something else. Mathias knows this from personal experience - join us for an evening of reflection and advice!