Investors know well that ideas are cheap
This morning was with a bank CEO of a multi national bank but can’t remember the exact time I last met person with enough courage to start a conversation with “Fail early to succeed sooner.” With that single and simple sentence, he opened up my mind that although I have heard a lot about technology start-ups and I believed that I knew almost everything about them, in fact I did not. Start-ups are about proving an assumption according to him. There are two terms that people always confuse and can’t differentiate, SME and start-up. Many banks lend SMEs and not start ups. For financially illiterates like your blogger, actually they are the same but for the financial elites, they can be easily separated. A small or medium-sized enterprise starts with a business, to do something for profit since the beginning, while a start-up is about something you are not so sure will work but you are trying to find the answer. To him, passion is the key and the success rate of start-ups is negligible. He has more than two decades of banking industry and in his own experiences, a good start up growth process takes anywhere from half a decade to a decade. That means the founders need be with it every step they make day for at least five years.
And believe me, if you don’t love banking, two years will already be too long. But as well, to be full of passion like the CEO did mean one will be successful. It just means that you can be with the project until it is successful. When I asked him how he rose to the top of such a multi billion bank, he said that teamwork has been the key. Once you have passion Contador Harrison, then you have an idea, who are you, and getting it done determines your success. The best start up in technology needs to consist of at least one who can think and at least one who can do, in other words, a chief executive officer and chief technical officer. Focus is equally important. The most important thing that every start-up’s founder has to do is to focus, or the whole idea will definitely fail. Start-ups are about finding the answer to whether the idea works or not and there is no way an idea could be found if it can’t be measured. It is important that every single move can be tracked and measured. According to the bank CEO, failure is part of the success. He told me that if I read the success stories of start-ups around the world I will see that most of them have failed before which is true. Undoubtedly, passion is key to success.