Connect with us

Entrepreneurship

Why I Won’t Run Another Startup

Published

on

Earlier this year, I closed my startup. So now I get to reflect on what I’d have done differently. Hindsight is unfair and inaccurate, but I still enjoy its lessons. This is one, a note to my future self: Don’t call your projects ‘startups’. It’s a semantic trick, but a really important one. Here’s why.

‘Startups’ have become a commodity in an industry of startup conferences, websites, courses and competitions. As founders of young organisations, we struggle to distinguish genuine guidance and support from the distracting pizzazz of the startup industry, where we’re just the product, not the customer. Lured by the lights, we spend valuable hours crafting slide decks, jumping on planes, giving presentations and filling out entry forms, almost always so that someone can sell tickets to the show. I worked it hard, and I didn’t see the return. I want that time back for my business.

Here are five new rules for myself.

1. No more startup events

I’ve been invited to four startup events just this week. Wait — checks email — that’s five. It’s a freakin’ craze. Startup seminars, breakfasts, retreats, showcases. Say no to all of them.

Startup events are supposedly ‘good for networking.’ I made an interesting connection at one or two, I think. For the most part they’ve sucked vast amounts of time I really should have put into working on my organisation.

Your next project may be in publishing, healthcare, engineering or another industry, but it’s probably not in the startup industry. At a startup-industry event, you’re only going to meet startup-industry people. They are not your customers. Only go to events packed full of potential customers in your industry.

Very occasionally, treat yourself to a dinner with a few entrepreneurs you like — it helps fight the loneliness. Otherwise, if you’re not out selling, get back to your office and work. Or go home and spend some down-time with your family.

2. No more startup competitions

Then there are the competitions. Innovation competitions, pitching competitions, business-plan competitions. Sometimes the prize is an investment in your company. (First prize, an investor! Second prize, two investors!)

Honestly, do you want an investor who comes shopping for startups at a cocktail function? Winning an investment is like your bank calling to say you’ve won an overdraft. Lucky you.

It can be worse. I got a call from a major international consulting firm to tell me we’d won a big innovation award. But I can’t tell you about it because I have to pay them a licence fee if I do. Seriously: they wanted 7500 euros just to let us tell people we’d won. Another time, I got interviewed on a startup-support radio show, only to be asked to sign a letter afterwards saying they’d given us R188000 in airtime. (I didn’t sign.)

You can also win ‘business support’, or well-meaning MBA students to ‘help you grow your business’ for their course project. I’ve spent days with teams who are new to my industry using my time to tell me things I already know. I want those days back.

If you’re certain that you have time to enter competitions, only enter the ones where they’re giving out loads of free money and you know you can win. Don’t be the product.

3. Beware the warm glow of startup media

The startup-industry press is so seductive. It’s pretty and says it loves you. Being a startup, especially based in Africa, is great for media coverage, more especially if you win a startup award.

At Paperight we kept a long list of posts and articles about us that came from startup-industry acclaim. We won startup and innovation awards in London, Frankfurt and New York, an Accenture Innovation Award, and public congratulations in South Africa’s national parliament. We were featured in several ‘startups to watch’ articles and were profiled on the websites of CNN, Forbes and others. We were even featured in a book about open-business innovation. We’re fairly certain that the awards made this coverage happen.

But in not one case did we see a corresponding spike in sales (or calls from investors), and for a young business running out of runway, sales are all that really matters. For a while, the acclaim is great for motivating staff, and to help inspire an investor’s confidence, but the effect wanes after a few awards. Don’t chase coverage in the startup industry. Find your own industry’s media outlets (they’re harder to find and less sexy than the startup press) and focus only on them.

4. Don’t tell customers you’re a startup

Every office-bound exec wants to love a startup. Like a pet. But no one wants to buy from a startup. Especially big companies. Big companies want to buy from big, stable businesses. They want to trust that you’ll still be around in a few years. And their people need to feel you’re a familiar name. At Paperight, we needed book publishers to trust us with their most valuable IP. It’s insane to think they’d give it to a ‘startup’. We could have put our whole business in a cupboard for ten years, then dusted it off and they’d be more likely to work with us, because we’d be too old to be called a startup.

5. Get real help

The startup industry appeals to a very real need for emotional, intellectual and financial support. But (except in very rare cases) it is going to distract you more than it delivers. It’s bad for focus. Instead, find experienced confidants from an industry like yours. If nothing else, their emotional support will mean more to you than a hundred hollow prizes.

I’ll be surprised if I stick to my new rules. So remind me, please, because I’ll probably forget: run a business, not a startup. You don’t have the time.

____________________

About the Author

This article was written by Arthur Attwell of medium, an online publishing platform that is dedicated to stories that matter to you the most from a diverse range of topics. Arthur is a Serial project starter at @fireandlion, @electricbook, @BookDash, @forBettercare and @Paperight. see more.

Callum Connects

Agnes Yee, Legal & Compliance Recruiter of Space Executive

Published

on

Agnes Yee started Space Executive in Singapore, which is a hub for businesses in some of the world’s fastest growing economies.

What’s your story?
After graduation, I joined a design media company as a Business Development Executive, during the era when ‘reading a magazine online’ was unheard of. I believe that laid the foundation for being unfazed by rejections.

I fell into recruitment pre-GFC and rode the highs and lows in the early years. A decade later, I decided to set up my own recruitment company, partly because I could. I’m acutely aware of the face that being an Asian female in Singapore is sometimes a privilege, and that many women in the world are living a very different existence.
Thereafter, we joined Space Executive as part of a merger. I am currently the Partner of Space Executive, a recruitment company focused specialist disciplines, including Legal, Finance, Digital, Sales and Marketing and Change. We also run Space Ventures, a venture capital business, which invests in seed and pre-series A businesses.

What excites you most about your industry?
On a daily basis, we’re influencing how one spends a third of their day. It is interesting how the Internet has transformed the industry, and I’m excited to see how we can harness technology to bring us to the next phase of this business.

The VC is an extension of applying our skills and experience in reading people. We very much invest in the people as much as the idea. Being a native Singaporean, it’s been exhilarating watching Southeast Asia becoming a hotbed of ideas; and young entrepreneurs simply daring to dream.

What’s your connection to Asia?
I’m a born and bred Singaporean. I love that I speak both English and Mandarin, grew up playing with Indian friends and eating Malay food.

Favourite city in Asia for business and why?
Singapore for the low barriers of entry to set up a business, but has to be China (and Hong Kong) for their hunger and constant innovation.

What’s the best piece of advice you ever received?
青春不要留白 which translates to ‘Don’t waste your youth.’

Who inspires you?
Anyone who has gone against the grain.

What have you just learnt recently that blew you away?
It wasn’t recent but reading the article on https://waitbutwhy.com/2015/12/the-tail-end.html never fails to blow my mind how little time we have left. Charting our lives in weeks, and realising I only have enough time left to enjoy 60 Christmas turkeys, read 300 books (all if I’m lucky); and mostly, I’m left with the last 5% of the time that I spend in-person with my parents.

If you had your time again, what would you do differently?
I’m cognisant that every decision I made in life has brought me to where I am today, and I wouldn’t change one thing. But I’d really like to have had more time to travel.

How do you unwind?
Exercise and wine.

Favourite Asian destination for relaxation? Why?
Trekking any mountain in Asia. It brings us back to the most basic. To overcome elements of nature and our own mind.

Everyone in business should read this book:
Start with Why, Simon Sinek

Shameless plug for your business:
Space Executive started in Singapore, a hub for businesses in some of the world’s fastest growing economies. We assist organisations in accessing a targeted and specialised, and often times transient talent pool.

Out of Singapore, we have recruited across 14 countries; and have embarked on our global expansion plans with offices in Hong Kong and London this year, and US, Japan and Europe in the following years.

Space Ventures provides funding, management and financial guidance to young businesses with original ideas. We have invested in peer to peer lending platforms, credit scoring, social media education, and other start-ups spanning diverse industries. We are always interested in hearing more about new ideas.

How can people connect with you?
https://www.linkedin.com/in/agnesyee/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading

Callum Connects

Chrystie Dao-Szabo, Founder of iPayMy

Published

on

Chrystie Dao-Szabo founded iPaymy for Business – a secure and easy to use
platform enabling SMEs to pay rent, salaries, invoices, and even corporate tax using the credit cards they already have in their wallet today.

What’s your story?
I’m Chrystie Dao-Szabo, and I’ve worked as an international banker for over 22 years. During that time, I travelled through Asia, Australia and Europe, and everywhere I saw how my clients struggled with managing their finances and keeping cash around.

I wanted to use my experience to help them, but I also knew the solution they needed didn’t exist yet. This pushed me to give up on my secure career, and instead look into the innovative world of FinTech for an answer.

This is how I founded iPaymy – at its launch, a platform to help consumers pay their monthly expenses using their credit cards. We’ve grown a lot since, and today, iPaymy for Business is a platform that allows business owners to use their credit cards to pay for rent, salaries, invoices and taxes, freeing up their cash for business-critical operations.

What excites you most about your industry?
What excites me most about FinTech is it’s culture of constant disruption, thanks to cool and innovative products and services coming out every day.

What’s your connection to Asia?
I was born in Vietnam, grew up in Australia and worked in Asia, Europe and Australia. Being raised by traditional Vietnamese parents meant that deep down I was still an Asian at heart, so I have a strong connection with the region.

Favourite city in Asia for business and why?
Singapore of course. It’s easy to do business, English is the main language, and the infrastructures like public transportation are great. Also, the government supports local innovation in multiple ways, like giving grants for SMEs and FinTechs.

What’s the best piece of advice you ever received?
Keep giving, and one day you will receive.

Who inspires you?
My parents. My father had a successful business in Vietnam just before the fall of Saigon in 1975. After the war, my father was sent to a re-education camp for three years, which meant my mum had to bring up two young kids – a 3-year-old, me and my 4-year old brother on her own.

In 1980, we all fled Vietnam on a boat and arrived in Sydney, Australia via refugee camps in Indonesia and Singapore. There, my parents had to start over with nothing to their names and only AUD 50 given to them by the Australian government.
They went on to build several businesses in Australia!

What have you just learnt recently that blew you away?
The number of young and smart people who have carved out successful careers by founding their own startups (or joining really cool ones). When I was starting out my career, doing any of these was not a viable option; it was either working for an accounting firm, an insurance company or a bank.

If you had your time again, what would you do differently?
If I were starting out my career now, I would choose the path of joining a startup as you get to learn so much about running a business and how to assemble a winning team.

How do you unwind?
I like travelling to a beach or a resort destination and just relaxing by the pool or beach. I also like to unwind after work with a glass of champagne or wine, and a bowl of truffle fries.

Favourite Asian destination for relaxation? Why?
Thailand. I love the people and the spicy Thai food.

Everyone in business should read this book:
The E-Myth. It’s a book series that dismantles common myths about entrepreneurship in different industries.

Shameless plug for your business:
With iPaymy for Business, SMEs can pay rent, salaries, invoices, and even corporate tax using the credit cards they already have in their wallet today. SMEs love iPaymy because it works like a credit card, but pays like cash.

iPaymy’s secure and easy to use platform reliably delivers payments to vendors while freeing up cash and providing access to interest free credit. Forget the delays and aggravations that come with traditional SME financing options. Schedule recurring payments, manage invoices, set payment reminders, and monitor payment status all from one dashboard.

It’s never been easier for SMEs to meet monthly payment obligations while keeping cash available to fuel growth, bridge receivable gaps, and make immediate investment in the supplies, services, and expertise needed to drive a growing business forward.

How can people connect with you?
You can find me on LinkedIn or contact me by email.
My LinkedIn: https://www.linkedin.com/in/chrystiedaoszabo/
My email: [email protected]

Twitter handle?
https://twitter.com/ceedeees

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading

Trending