In the world of startups, especially tech-based ones, it is quite common to find founders who see their startups as their baby.
This is understandable – the attachment these founders have with their startup, that is; considering that in a number of ways the journey processes, and experiences of starting a business mimics in some uncanny ways the same process of birthing and nurturing a child.
However, when sentiments, emotions and other attachments are eliminated, one can see more clearly that the startup is in reality, not the founder’s baby – his brainchild no doubt, but cannot be his baby as in a human baby.
And here are reasons thinking of your startup as your baby can, in the long run, pose a serious risk to its growth and sustainability.
It becomes difficult to give up control
The truth is, as your startup grows, as it becomes more profitable, as it expands. You’ll need to bring in more partners or raise more capital for the business. You’ll need to hire more staff to work on your team.
Making these crucial business decisions could hit a brick wall because in your mind’s eyes; the startup is your baby and not a business.
It’s also tough to plan for an exit strategy or come to accept that if things don’t work out the way you wanted you may have to kill the business.
All because with this warped perception, it is highly unthinkable for parents to kill or abandon their babies – so this way, you stunt the development of your startup.
You may become blind to flaws inherent in your startup
There’s a saying; ‘in the eyes of his mother, a monkey is a gazelle.’ And it perfectly describes the likely outcome in a situation where the founder becomes extremely attached to the startup.
The founder is so emotionally attached to the product that they are literally closed to feedbacks that could help them improve.
Unfortunately for such entrepreneurs, the business world requires that at the beginning – though true for every stage of startup development – the founder keep an open mind and encourage feedback in order to iterate, pivot, and make changes where necessary as quickly as possible.
Expect the best; prepare for the worst.
The news, social media, and TV are awash with stories of brilliant startups that were expected to succeed but, due to one thing or the other, they failed.
It is a given that over 50 percent of new businesses fail within their first five years. So, while you work relentlessly to grow your business, also prepare that forces beyond your control can come into play triggering series of events that could culminate in the company failing.
It’s not your fault – life happens. You must be able to let go. Chalk it up as another experience in your journey to building your dreams. And be willing to try again.
However, it gets challenging to take this advice if you’re too attached to your startup.
Think of your startup as an achievement and commitment you can be proud of but not get overly attached to. Business is tough and requires your full attention. Get rid of anything that makes it harder to take serious business decisions when necessary.