Dear Founder

If you’re reading these blinks, chances are you’re thinking of going it alone and starting your own business – but have you asked yourself, why? Is it because it’s the thing to do these days, or are you just in it for a quick buck? If you’re not sure, it’s time to ponder some key questions and a couple of sobering facts!

First things first: a lot of startups fail. That’s statistically proven, but it also makes intuitive sense. After all, there’s only so much money, attention and support to go around. A couple of startups enjoy meteoric success – just think of Google or Facebook – while the rest fight for crumbs.

That’s not supposed to deter you, but it is important that you keep it in mind. If you’re going to make it, you’ll need to be extremely hardworking and make smart decisions. Still game? Great, now’s the time to answer that all-important question and clarify your aims. Whether you want to make a ton of cash or change the world, having a clear idea of your goal will see you through tough times.

You’ll also want to make sure you’re firmly committed to your project before jumping in. Remember, adversity is virtually guaranteed. Success is all about sticking to your guns, even when the situation looks all but hopeless. That said, you should put a couple of numbers to that commitment so that you know when to hit the eject button.

You might, for example, say that you’re willing to put $200,000 of your own cash into your startup and that you’re going to stick it out for a year. If you realize there’s little to no chance of your making it after 12 months, it’s probably a good idea to quit before you end up throwing good money after the bad.

And here’s the final thing you’ll need to keep in mind: although you’ll be dependant on your own resources, you’re much more likely to come out on top if you have the support of others. That’s why it’s so important to make sure your friends and family are on board with your project and understand the risks. Your life is going to be hectic, unpredictable and full of long shifts – you don’t want that to cause grief in your relationships!