Time spent on development and fundraising.
A lengthy development stage can drain resources and lose competitive ground. Much early development revolves around not just the idea, but building a team, creating a business model and acquiring funding. Devote this time to your idea. Business models will evolve over time and funding will come to startups that demonstrate strong growth.
The pivot point
Too many startups lose heart and focus when progress slows and success seems uncertain. It takes experienced entrepreneurs to know when the time is right to change course or push ahead. If the choice is to pivot, timing that pivot will boost that success.
How fast to fail
Fail fast is a common idiom among entrepreneurs. If success is a numbers game then the more failures under your belt, the sooner you’ll find success. Failing too soon and you miss out on potential breakthrough or opening markets. Fail too late and you’ve damaged your reputation among VC’s who looked towards entrepreneurs with demonstrated market timing skills when deciding who to fund.
When to enter the market
Entering the market is not only about the stage of development, but it’s also about the market itself. Startups get their products quickly into the hands of the costumers in order to learn how to better modify their effectiveness. Many market factors are not under the control of entrepreneurs, but knowing when to seize upon opportunities and wait for them - those, not luck - are attributes of skilled investors and founders.
Scaling to speed
Knowing how fast to scale is the final challenge for startups. It’s a juggling act involving product development, market expansion, funding, staffing, legal hurdles. The rate of scale must be proportional to market challenges. Experience founders, like great musicians, learn to master their timing through experience.
Thanks for reading - Edu
Partner & Creative Director
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