4. Plan to Grow, Especially Globally
Like a master chess player, you have to think broadly and deeply. Many entrepreneurs, especially those coming from large corporate environments, focus narrowly. We have dealt with a number of intermediate size tech companies that planned only for the California or US market. They didn’t build flexibility into their systems so the company could cope with rapid growth. (That may be a reason that most startups fail in years three to seven). Moreover, the companies didn’t foresee that their product/service would have markets outside the US. When the opportunity arrived to grow internationally, they had to overhaul systems and duct-tape new procedures on to existing processes. It would have been far cheaper to spend extra hours at the beginning to map out expansion strategies.
5. Reach out for help, there is an ecosystem ready to support you.
It is tempting to keep your project in stealth mode and develop it on your own. That works on rare exceptions. For the vast majority of startups, you need outside expert advice in today’s complex business environment. That requires building networks, reaching out to peers and engaging experts. When you go cross-border, the need for such expertise grows exponentially. The good news is that if you reach out for help, you will find a whole ecosystem of experts, networks and organizations who are there to support your success.