Are You Right for the Job of Startup Founder?

It's the 7th birthday of Space3ac accelerator! Since December 2015, we've been helping to bring innovative startups to life, creating opportunities for them to collaborate with big businesses. We're thrilled to have backed 166 startups across 15 countries and invested €8M into their creativity. Even more, we've been proud to facilitate partnerships with over 20 corporations eager to engage in mutual growth. All this progress is thanks to the hard work, dedication, and energy of all involved – we thank you for your support and commitment!

Happy birthday, Space3ac!

On this occasion of our 7th birthday, I have seven valuable thoughts for all of you thinking of starting your own startup business. Having so many tech entrepreneurs in our family, we know what makes great ones! Before you dive in, it is worth considering whether or not you have the wherewithal to be a successful entrepreneur and startup founder. After all, it takes more than just a great idea to build a successful business. Here are some key qualities that make a great startup founder.

#1 Capacity to take risk 

The most successful entrepreneurs are those who are willing to take risks. As a startup founder, you must be comfortable making financial investments in your business and taking chances on new ventures and strategies. You will also need to be prepared for failure or setbacks, as this is part and parcel of entrepreneurship. Recognizing when something isn’t working and quickly pivoting is key, and being financially secure enough to weather these storms is essential. Without that, if your business fails, you could lose everything. Being able to take this kind of financial risk is an essential trait of being an entrepreneur and startup founder. 

#2 Solving real problems for real people 

The best startups solve real problems for real people in innovative ways. As a startup founder, you should understand the problem space to identify gaps in existing solutions and create something better than what currently exists on the market. To do this effectively, it’s important to understand customer needs and industry trends so your product can stand out from competitors. That means having empathy for what customers want from your product or service and being able to design something that meets that need perfectly. Having an understanding of how people use your product or service will lead to better decision-making when it comes to developing new products or services as well as marketing them effectively.

#3 Salesmanship

No matter how great your product or service is, you won’t get far as an entrepreneur if you don’t know how to sell it effectively. Salesmanship is crucial because it allows entrepreneurs to bring their product or service directly into the hands of people who need it most. Successful entrepreneurs must understand how to present their products in a way that resonates with customers, so they’re more likely to purchase. Explaining complex concepts clearly is crucial.

#4 Ability to attract talents and fundraising skills       

Startup founders need excellent interpersonal skills when it comes time for fundraising or recruiting new talent into their team. For investors or potential hires to feel secure investing in or joining a new venture, they need assurance that they are making the right decision - which is where excellent founders come into play. If you want to be a startup business founder who wants to develop a company with external capital, you'll need to manage the fundraising process effectively many times during your company life. This includes understanding the ins and outs of budgeting, capital investments, and utilizing metrics to show growth. Further, you should be well versed in creating and managing a cap table to accurately handle your current investors and attract new ones. Fundraising skills can provide an influx of capital to adequately finance your endeavors while also providing you the confidence to negotiate deals and manage ongoing stakeholder relationships.

#5 Creating a vision of future development

Great startup founders know how important it is for them & their team members alike to have a clear vision of what direction they're heading toward - both short-term goals & long-term strategies included. Developing a roadmap helps solidify this plan & allows everyone involved to focus on achieving success together instead of individually working towards different objectives. Effective communication skills are essential when networking with potential investors or team members and generating enthusiasm about future plans & ideas while inspiring others along the way.

#6 Hunger for success

The entrepreneurial spirit drives many aspiring entrepreneurs, but only those who possess true passion & hunger for success become great startup founders. For any founder, their inner hunger for success it's one of the most important driving forces. Without this motivation and determination to reach goals, it is unlikely that you will achieve the success you strive for. This hunger will help you as a startup founder focus on what needs to be done and propel them toward your ultimate vision. A founder's passionate desire to transform entrepreneurial dreams into reality is truly commendable and an underpinning cornerstone of success.

#7 Understanding the path to fruitful exit

Last but very importantly - every great entrepreneurial endeavor should come with an exit strategy - whether through a trade sale, IPO, or acquisition by another company. Having such an end goal mapped out will allow you to focus more on creating value along the journey rather than quickly reaching an endpoint without any substance behind it.  

Starting up isn't easy, but with some persistence and dedication, anyone can become a successful entrepreneur and even a greater startup founder! If you think you're ready, then go ahead and pursue your dreams. There's no better time than now!

Good luck :)