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How to Run in the Start-Up Marathon
by Ivan Tay
Back in my days in the army, I was a pretty good long distance runner. There were only a hand full of people in my infantry unit who could compete with me when the race distance hits over 10km. One of the few lessons I had learned from the experienced runners at my first half marathon (about 22km) had made such a big impact in me that I have learned to apply it to my start-up business as well.
I think that building a start-up is very much like running a marathon. While you are heading towards success there is nothing but pain and endurance. The only time you can feel special is when you are reaching the finish line. As you get nearer and nearer to the finish line the crowds get bigger and bigger. The cheers get more and more motivating and it is then that you can truly catch a glimpse of the purpose for volunteering in this gruelling experience. It is not merely about the cheers but more so about being able to finish the race and conquering it for yourself. It is an awesome feeling when you step over the finish line and your body and mind tells you, "I did it!"
Here are some of the principles that I have learned from other runners that I think can be applied to your start-up business.
1) When starting out in the race, move and position yourself to the front.
The reason you need to do this is so that you will not be caught in the middle of the pack. Remember, there are tons of people who are in the race right from the start together with you. Even if you are a superb runner, the crowds can block you and really slow you down for the first 10km. This can be a really bad thing if you are competing to win the race.
For a start-up business, I think it is the same. When you first launch your product, there are tons of others with similar or identical products and ideas. I am very sure that almost everything that you can think of has already been tried or is available out there one time or another. You have to get yourself out of the pack and position your start-up to the front. This will ensure that you get a good head start. To do that for a start-up is to create enough awareness for your product and differentiate yourself from the rest of your competitors. This is a lot harder to achieve than it sounds.
2) After you are at the front of the pack, run your own race.
One of the biggest mistakes that a novice runner makes is to try to run at the pace of the other runners around him/her. Your own pride is at work here. You want to lead the pack, following behind others mean you are second best. This is a flawed mistake. When you fail to run at your own pace, you will blow out easily. Remind yourself that being the first throughout the race will not help you if you cannot finish it. Conserving your energy and finishing the race is more important than leading the pack.
Your product is out and your start-up has had a good start. People are now talking about your start-up and product. Conserve yourself and stay lean. Spend as little as you need to, work from your parent's basement if need be. Don't assume that you are going to get funded with millions of dollars. Work with what you have and plan ahead to see how long you will last and how much more you need to stay in the race. Don't spend money that you don't have unless it is going to move your start-up forward significantly in terms of sales and revenue. Manage your risk and keep reviewing and analysing the factors that will help your start-up keep your morale high and motivated. Keeping your morale high and motivated is important to prevent your start-up from a premature death because the journey is going to be painful.
3) Know when to speed up, when to follow and when to lead.
Observe the other runners around you. When you see them weakening, pressure them to keep up with your pace. Force them to blow out early while still reserving yourself for the remaining race. When you are weakening, follow behind others closely while keeping your pace. Let them break the wind resistance for you.
While your start-up is progressing ahead, know your close competitors. Know what they are good at and where their weaknesses are. Analyse your own strength and weaknesses and compare yourself with them. If you cannot beat them, force them to compete with you where they are weakest. Example, if they need to maintain a high pricing to cover their overheads, drop your prices. Cover the markets that they ignore or are unable to serve, in short, know what their customers want that they cannot or are unwilling to provide. If they are way better than your start-up, follow them closely, duplicate their strengths and avoid their mistakes. Learn from them and make your start-up as another viable alternative. If you are way ahead of them, then keep innovating to stay ahead.
4) When you are near the finish line, burst out and give it all you got.
When the front pack is near the finish line, the cheers and crowds will give them the added boost of adrenaline. That is the time to go all out for it. No more waiting and conserving. It is either them or you, so make sure it is you!
Well, if your start-up has come this far, you would probably know better than me on how to out manoeuvre your competitors. At this stage, you should go on an all out effort to dominate the market. You would have enough resources and market share at this stage to compete with them. If not, you will be the one watching your market share lose to your competitors as they fight it out.
All the best to your start-up and we hope to be hearing from you on the news soon.
My name is Ivan Tay. I am the geek at YourAM. I have started two start-ups and am fighting for the success of my current start-up. Entrepreneurs are some of the most amazing people you will find and I like to think that I am one of them.;-) We are people who never give up and differentiate ourselves through innovation and passion.
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