It’s a long road to get from ideation to MVP (minimum viable product) launch of a tech startup.
There are a number of milestones that mark significant progress but are still just checkpoints to reaching your end goal.
While starting a tech business is a life-altering thrill ride, there is no doubt about it being a high-stress move.
Precursa helps you stay connected with your own commitment and perseverance with our scoring system that tracks your progress as you move towards your MVP launch and provides you with regular gut checks.
Know the state of your risk tolerance today, and tomorrow, and be cognizant of your stress level and how to manage it every day.
Know Your Risk Tolerance
Launching a tech business can be a challenge, but to help navigate the pitfalls of the process you should assess your risk tolerance at the start and regularly as you move towards launch.
The truth is that you must have a realistic understanding of your ability and willingness to stomach large swings in the funding, building, operations, and sales of your tech startup to navigate the ups and downs of an early-stage startup.
Knowing how much you can withstand the challenges will keep you focused on your goal and heading towards success.
How much risk are you willing to withstand to reach your ultimate goals?
Author, Keith McFarland did a study during which he assessed the attributes of 500 entrepreneurial CEOs. The results showed high-risk tolerance is one of the most important characteristics for entrepreneurial success. In it founders, like those launching tech startups, scored high in “ability to perform under pressure.”
Of course, with the Precursa platform as your partner from idea to MVP (minimum viable product) launch, you will have the presence of mind that comes with knowing that you’ve done your homework — from writing your business plan to reviewing the state of your industry and learning where your competition is succeeding or failing.
In an Entrepreneur magazine article, “There Is No Success Without Risk” author Timothy Sykes describes the importance of your relationship with risk. He notes that your “capacity to stomach risk will allow you to increase your tolerance gradually”.
We agree. Most importantly, it’s critical to know your risk tolerance and management of the stress related to it. If you choose to gradually accept more risk you will then be well prepared for the roller coaster ride that comes with starting a tech business.
Finally, remember that one of the keys to success as an entrepreneur is confidence in your own ability to manage risk and flexibility to handle challenges – not only a high-risk tolerance in itself.
Be Cognizant of Your Stress Level
Are you cognizant of your stress and thereby able to manage it before it gets the best of you? This is applicable to all steps in the startup process.
To pick a step in the startup process to use for demonstrative purposes, let’s focus momentarily on just investor presentations. The tech start-up experts who created Precursa know that as a founder you might have to pitch your idea many times to gain traction with customers or investors.
The stamina it takes to keep going can be difficult to maintain.
We advise that demonstrating your ability to manage change and uncertainty will help others to see your presentation in a positive light – and to do this effectively you must have a system for stress management.
Remember, the goal of this life-altering thrill ride is to break ground in your industry, prove why your start-up is like no other, and wildly succeed.
Since we can all acknowledge that it is going to be stressful, we should also acknowledge that there are ways to keep your focus while not sacrificing your health.
According to health care experts experiencing some stress is normal, and sometimes even beneficial for your health.
But over time, some start-up founders experience unusual highs and lows of adrenaline which can take a toll on their well-being. Persistent surges of adrenaline can damage blood vessels, increase blood pressure, and elevate the risk of heart attacks or stroke. Other common results include anxiety, weight gain, headaches, and insomnia.
It’s important to make time for your stress management so it doesn’t get the best of you.
Below are a few things to explore in order to counter your body’s reaction to stress. Even one or two of these daily habits can help your cope while working toward your launch.
- take short mental health breaks
- talking or keeping a diary
- eat regularly and healthily
- exercise regularly
- limit caffeine intake
- absorb sunshine and outdoor fresh air
- be cautious with alcohol consumption
- wear blue screen glasses
- get REM sleep
- deep breathing exercises and meditation
- yoga and stretching
As you are gearing up to launch your start-up, know the state of your risk tolerance and always be cognizant of managing stress. If you are on top of your own commitment and perseverance with regular gut checks, your process will run more smoothly. And, ultimately, you’ll have a greater chance at long-term success.
For more on how to get started contact the early-stage tech start-up experts at Precursa today.