Wait…what?! I can feel as the thought races through your mind. It starts to spin and you have one burning question:
‘How the hell are startup profits like U2?’.
Don’t worry. I’ll come back to that. (Punny, I know.)
Being in a startup you feel like you are constantly searching. You need more leads. More revenue. More capital.
You need to get the first customer who loves you. You need to build a cult-like following of 100 people who are your foundation of crazy fans and true believers.
That’s why startup profits are misinterpreted.
Let me explain..
Imagine for a moment you are going out with a complete loser. You know. He looks cool at first. Wears a hoodie. Has new sneakers. Then, you find out he sleeps on his parents’ couch in the basement.
Somehow along the way you’ve gained feelings for him. He doesn’t dig you. Never has. You are at the point where your mind races. You can’t sleep. You toss. Turn. It’s driving you crazy.
You ask yourself: ‘why me?’. The thoughts thunder through your mind like thoroughbreds out of the starting gate at the Kentucky Derby.
You think ‘I’m hot. Smart. I’ve got it all together and a great career’. The reality is it’s not about that.
The guy is a loser. He has his own insecurities. It’s just not the right fit.
Back to the point – we are constantly searching for things we can’t have when we want them.
Time passes. Few years later the girl’s feelings are gone. She sees him. He’s still got the same hoodie. Same sneakers. Same spot on the couch in the parent’s basement.
She thinks: “What was I thinking?”
It is true that when we want something we never seem to find it.
Most startups end up feeling like the lyrics to a U2 song.
They ‘…still haven’t found what they are looking for‘.
It’s the same with profits. Revenue. The more you focus on it, the more difficult it gets.
I’ve worked with over 200 startups. I’ve found that the key is to build a solid product people actually want. Gather the customer base. That’s the foundation.
You build the foundation around the needs of others. The market will tell you what they want.
It’s not easy. It requires reverse engineering. You can’t start developing a prototype until you find 100 people that cannot live without what you do.
Find your biggest fans first. Then, you will be able to move on to the different aspects of the business. Fans determine profits.
From working with hundreds of startups I can show you how to exactly the method you should take when it comes to achieving growth for you startup.
As we most founders are in the search for profits – “Company Life Spans are Shorter than Ever”- Let Me Explain Why.