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As the world of work changes, more people are keen to launch their own companies. Yet 90% of startups fail. Sissel Hansen, the founder and CEO of Startup Guide, is on a mission to help you succeed. Startup Guide is a publishing and media company that produces guidebooks and online content to help entrepreneurs navigate and connect with different startup ecosystems across the globe. “Our mission is to guide, empower and inspire people to start their own business anywhere,” says Hansen.
What makes Startup Guide unique is that it acknowledges cultural and geographic differences by taking deep dives into various locales. The books and online content feature advice from local experts and founders, as well as curated lists of existing startups, coworking spaces, and entrepreneurial programs. So far, Startup Guide covers over 20 cities across Europe, the Middle East, and the U.S., including New York, London, Copenhagen, and Tel Aviv. Over a dozen additional books spanning cities from Asia to Africa are in the pipeline for 2019.
Hansen began researching and compiling her first Startup Guide while living in Berlin in 2012. In spite of facing rejection by several investors, she persevered, launching her company in 2014. Startup Guide Berlin Vol. 1 sold out within two days.
“Starting a business from scratch isn’t easy,” warns Hansen. “There are a lot of roadblocks and hoops you find yourself going through that you never anticipated, from not having enough capital to not finding the right team members. There were a lot of times along the way when I was close to giving up because things didn’t seem to be working, or there wasn’t enough growth, or there were too many obstacles. But eventually, things worked out.”
Here, Hansen offers her top five tips for avoiding typical pitfalls to launch a successful startup:
1.Be patient.
You might think you can do things overnight and success comes fast, but the reality is that building a company usually takes a long, long time. And you have to accept this. Otherwise, you’re going to have a hard road.
For instance, when I was first developing Startup Guide, I thought it would come together quickly. I soon learned that one of the biggest and most important skills I needed to acquire was patience. I needed to understand that implementing true change and making a difference in people’s lives wasn’t going to happen overnight . The day I changed my perception and accepted that, I started enjoying the journey more.
When they say building a company is more of a marathon than a sprint, it’s true! Making an impact doesn’t happen in the blink of an eye.
2. Budget for things that will take time.
When I launched Startup Guide, I had to work a lot for little financial gain. Be sure to budget for the many months or even years when you won’t be bringing in money. Also, budget for longer-term projects. After publishing books for four years, we recently launched a media website. This addition to our brand has taken time, resources, and focus.
3. Bootstrap for as long as possible.
My advice is to bootstrap for as long as possible so that you remain in control of your startup. Don’t seek out investment until you need it in order to continue to grow.
Initially, I sought out investors for Startup Guide. But I ended up bootstrapping in order to launch the first guidebook, and I am so happy that I did. At the end of the day, your experience as a founder is about more than just results and financial success. You will enjoy yourself more if you maintain control, especially in the early stages.
4. Test your assumptions.
At the beginning of last year, we were working on a platform called Startup Everywhere, in which you could learn how to turn your startup idea into reality with the help of resources, advice, and tracking tools. But we made mistakes along the way. We should have tested it with fewer resources than we did. We thought that since we'd been in the industry for a certain number of years, we knew exactly what we should create.
As a result, my advice is to always test out your assumptions and new ideas with a low-budget project first. Be sure you’re building something that people want.
5. Tweak and improve on your existing business.
When building out a new product or service for your brand, create something that’s close to your existing core business. Don’t always try to invent something new. Instead, try to tweak the products you already offer, adding to and improving upon them.
With each new Startup Guide, we don’t create anything new, we just add another city. We take something that already exists and tweak it. In this way, we have been able to scale our business rapidly.
Hansen feels that with Startup Guide, she has created a company aligned with her life purpose. “I value community in all aspects of my life, whether private or professional,” she says. “With Startup Guide, I have created a community where people feel good, are empowered and excited to explore their surroundings and connect with each other. In every city we go to, we get to know people as friends, rather than seeing them as a way to expand our network.”
In addition, Hansen values the freedom and flexibility her career brings her. When she was young, her father was an entrepreneur. “He worked hard and traveled a lot, but also was passionate about what he did and usually there when I came home from school. I liked the idea of deciding for yourself how you want to manage your time rather than being obliged to go to work from 9 to 5,” she says.
The greatest reward of her career path, Hansen says, is watching people make big decisions to act on their dreams of founding a company because they have read a Startup Guide and connected with the supportive community of entrepreneurs. “At the end of the day, we want to be happy with our lives. It comes down to not needing to sacrifice your hobbies for your job or vice-versa. I believe that Startup Guide helps people by giving them the opportunity to find happiness doing work that they really want to do.”
For people looking to discover their life purpose, Hansen advises: “Ask yourself what it is that gets your heart beating. What are some things that make your eyes spark? Then think about what you're good at and how you can use your skills to achieve your dreams. Once you’ve thoughtfully gone through this process, get ready to roll up your sleeves and get to work.”
