Startups depend on money. They earn it, spend it or survive with it, and they can go through all these processes at the same time. Vladimir Remi, CEO at Fondy.eu, visited our meetup to share his funding story and gave some invaluable tips on how to make your startup big! It starts with a simple truth � set your goals correctly!
Market is the main business question
Initially, business is always related to money � if you simply want to have fun, you�re a kid in the kindergarten. Instead, to have a business find some important answers: where you will get the money from, who will buy your product, who they are, what they do and where they are. As Vladimir puts it, �before you actually start, you need to think about the market�. When you have your market, you have your product, and you can get off the ground.
The market question also sets the geographical borders. Vladimir advises not to go too far at first, the tech world does not consist of the Silicon Valley only. Lots of neighbouring countries, such as Russia and Ukraine, are ready to enter the European market, and they are looking for partners or startups to invest in. The Asian business is way more faster in taking actions than European � simply think outside the box!
Plus, as soon as you know your market, you are prepared for possible setbacks, and they let you evaluate your advantages and adjust. Opportunities are endless!
Your people and time are your main treasure
The team will get you to the very top, they are your treasure. Vladimir hence suggests respecting the boundaries between you and the team � be formal and be cautious of taking family and friends in business. Think twice before making decisions!
Just as significant as the team is your time. Count on it, don�t mess with it and don�t spend it in unproductive meetings or pitching sessions! Thus, replace the 50 page business plan with 3 pages outlining what is your team and business model and what you want! Build on your reputation no matter if you need partners or investors! Remember � you�re in the business to attract money!
Watch Vladimir's talk once more:
This meetup was supported by strategic partner Lattelecom and Altum. For the meetup history and upcoming ones visit meetup.com � you�re more than welcome to join us on September 10th for the special #StartUpTheSeason meetup!