How to Launch a Successful Startup

You may have a great idea for a startup, but don't quit your job, at least not yet. There are entrepreneurs launching startups every day, and some achieve impressive goals. However, the idea itself is only the beginning of a long road full of obstacles. In this article, Jeremy Abelson, the Founder and Portfolio Manager of Irving Investors will explain the key steps to launch a more successful startup.

The journey to startup stardom is fraught with challenges, one after another. For most founders, money is a big problem, because obviously you will need capital to develop your product, do market tests, hire people and many other things. In addition, you will have to learn to manage your time well, and if you are successful, you will have to know how to manage your employees' time as well. Growing your business will not be easy, and keeping up with what your competition is doing will make you lose several nights of sleep.

These obstacles are not there to discourage you from achieving your goals, but to recognize the difficulties you will encounter along the way and realize that you need to have a clear strategy to overcome them. Take these clues offered by Jeremy Abelson to give your startup a better chance of succeeding.

1. Plan only for the next three years

It's super tempting to plan your startup's future from inception to the pinnacle of success, when you sell it by the millions to your competition and see yourself sailing your yacht to your private island. However, circumstances change rapidly, so there is no reason to make plans beyond three years.

When developing your planning for those three years, start at the end. Where do you want to be in three years? You may be looking for a certain amount of profit, or your products are in certain stores. Regardless of the industry you're moving into, envision where you'll be in three years, making sure there's a good balance between your ambition and what can actually be done.

2. The ideal location for your startup may be closer than you think.

Before looking for an office in Silicon Valley, think about the best location for your startup to grow. Make a list, including items you'll need such as access to talented employees, or an emerging ecosystem of collaboration between startups, access to investors or wineries at low cost. Chances are you can get all of that without having to move out of town. When it comes to choosing location, Jeremy Abelson strongly recommends looking carefully at the resources that exist in your area. You may be surprised with what is already being done in your city.

3. There is such a thing as spending too much time at work

There's no question that to make a startup grow you need time and dedication, but you shouldn't do it at the expense of everything else you have in your life. There comes a time when, if you are investing all your time in your company, you take away your chances of succeeding, you could even be damaging it. Business fatigue is a real thing. In fact, according to the American Institute of Stress, fatigue is estimated to cost the United States government more than $ 300 billion a year. Avoid it by carefully organizing your time, dedicating certain hours to work, but also to family, relaxation and sleep. Seek to plan a balance on paper, and then try to stick to that plan as much as you can. To avoid fatigue, Jeremy Ableson, experienced investment manager and entrepreneur, tries to make his goals and expectations more realistic. Then he establishes a daily workload that is sustainable.