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When Yahoo acquired Tumblr, then-26-year-old Karp received a whopping $220 million from the deal. His story is inspirational since he started out with a simple idea but later let his passion take him to places. It is through the support of people around you and by learning from the critics’ remarks that you can actually improve your strategy.
If you have an idea and you think that your product or service will be liked by the people, then let your passion and stability of the mind drive you forward. Here are some of the things that you need to learn if you do not want to become a mere statistic in the journey.
Going Too Fast Might Be the Reason for Your Failure
Success rarely happens overnight, and one needs to go a long way before one can reap the fruits of one’s hard work. A company with strategic planning and continued efficiency can expect to see profitability during the third year, but this is not applicable for all startups.
Steve Jobs established Apple in 1976, but it wasn’t until 1984 that the company got on the map with the release of Macintosh computers. However, the real success came in the 90s when Jobs began to launch consumer products.
Plan Thoroughly but Don’t Plan Forever
It is astonishing, but 17% of startups don’t actually have a business plan; they start without having any focus. A business plan is not only necessary to get you funding but also be your guide towards improvement. It will not let you lose sight and keep you in the big picture.
But you should also refrain from too much planning because that doesn’t prepare you for the unforeseen circumstances. Planning must be done to get yourself prepared for the future and not to be intimated if nothing goes as you initially thought it would.
Find Time for Yourself
There are not many who will tell you that peace of mind and relaxing are equally important as working hard towards your idea. With an increased workload, you will not be able to find any time to unwind and may experience burnout sooner or later.
Around 8% of startups are close to failure when their entrepreneurs experience burnout. According to Best Mattress Reviews, 1 in every 3 Americans is not getting enough rest or sleep and is becoming prone to dangerous diseases like heart ailments, diabetes, stroke, and high blood pressure.
We are all familiar with the cliché statistic that 50% of startups fail during their first year. These stats might be intimating but are not worth any time for a passionate entrepreneur who knows that his idea is going to become a success.
Along with passion, you need time for relaxation; otherwise, you might experience burnout soon in your venture. Despite all your passion and hard work, if your idea isn’t a success because you expected it to flourish too soon, then you are not making a good bargain with your health and investment.