Friday, February 26, 2016

Five Universal Principles for Startups

Startups are great.  They provide new careers.  They constitute new jobs.  They are the path to the next generation but it's not for the fainthearted.  There are five universal principles in the world of startups:

1. It always takes longer than you think -- this goes for building the product, closing the sale, and growing the market. 

2. It costs more than you thought -- most entrepreneurs are off by a factor of 10 when it comes to estimating time to complete the software, the work required to raise funding, and the effort needed to close the sale.

3. There's always a better idea -- no matter how great your idea is there's always a better -- it's called progress.

4. The journey is the reward -- in retrospect building the company is best part of having a company.

5.The team is what you will remember -- products come and go, markets go up and down, but the team and the relationships you build will stay with you in the long run. 

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