Page 68 - 6 Secrets to Startup Success

The Passion Trap 47

profitability and returns, and a few principles for
funding your venture so that your passion has
room to thrive.

Unforgiving Strategy Agility. No amount of planning can accurately
predict the unexpected twists and turns imposed
by reality. Chapter Six will focus on the
importance of finding ways to test and adapt your
concept as early as possible, iterating rapidly and
continually improving the fit between your big
idea and the marketplace.

Reality Distortion Field Integrity of Communication. Agility enables
success only if your decisions and discussions are
grounded in reality. Integrity of communication
places a premium on the quality of early-stage
conversations and sets a tone for truth-telling and
healthy debate. Chapter Seven will focus on how
to cultivate high-integrity communication and will
outline four personal attributes that help founders
burst the “feel-good” bubble: curiosity, humility,
candor, and scrutiny.

The Evaporating Runway Staying Power. In an immediate sense, most
startups fail because they run out of money or
time. Chapter Eight will outline two sets of
approaches for extending and strengthening your
available runway: (1) venture-level strategies,
such as launching close to the customer,
addressing big risks early, raising more money
than you think you will need, and committing
resources wisely, and (2) founder-level strategies,
such as feeding your fire, focusing on achievable
goals, balancing performance with recovery, and
persevering without attaching.

American Management Association • www.amanet.org