Tubular is not my first venture into the entrepreneurial or startup world. What started off as Simplifyd.io has grown into Tubular.io. The target audience for Simplifyd was large B2B companies who could resell the product to small businesses and freelancers within their network, but through continuous pitching we kept being asked the same questions: Can we use the sales pipeline tool in Simplifyd as a stand alone product?
We learned that while these large companies had established sales teams and budgets, they did not necessarily have the tools to support their sales teams. Fortunately, we were prepared for this. Simplifyd was built on an API making it easy to mold the product to meet market demands. We were able to quickly create Tubular as a stand-alone solution, on its own framework, without impacting any portion of Simplifyd.
This forethought proved to be a godsend but there have certainly been other challenges along the way; some unique to my current geographic location (UK) and some that are universal.
Fail fast or never fail?
In the UK, failure is still a bad word and the British certainly prefer to never fail and avoid the risk of failure all-together. This risk averse mentality conflicts with the entrepreneurial spirit which is difficult for fledgling entrepreneurs to face. It breeds doubts that are not present in American culture, which embraces failure as an opportunity to learn.
During my entrepreneurial journey, I fought through this by looking outside the UK for motivation and inspiration. I learned to embrace a “fail fast, learn fast” mentality and overlook the doubts that often arose during conversations with friends and family about my business decisions.
Finding the first client
Perhaps just as challenging as persevering in a culture that opposes risk, is bringing in those first clients that give you the experience and reputation needed to grow your client or user base. This is especially true for companies developing B2B products. Most businesses are weary of doing business with new companies, preferring instead to work with those that are established providers in the industry. This makes entrance into the market extremely difficult.
At Tubular, we had to give away a lot to build trust within the marketplace and demonstrate our capabilities as a provider. Doing this required a pivot in our own mindset; shifting focus from monetary value to the value of the experience for the client. As a result, we were able to build our product, gain brand recognition and grow our paying client base.
When to say “No”
Unfortunately, many startups underestimate how long it will take to establish credibility and build trust within the industry. As a result, and out of desperation, they begin taking on any project – at any cost. After having a few experiences like this in my own journey, I have learned that sometimes “no” is the most profitable answer you can give.
Entrepreneurs naturally get excited about new opportunities. We are always looking for a problem to solve and tend to view every chance to flex these skills in a positive light.
Be on the look-out for red flags that signify a project or client may be best left alone:
- Sounds too good to be true. A super infusion of cash from a potential client in exchange for just three hours of support a month…no thanks. Three soon turns to 30!
- Too excited, too quickly. I have found that if I am too excited, too quickly, it is probably not going to work out. Settle, take a step back, and make sure you have looked at the opportunity from multiple angles.
- Saying “yes” too early can drain all of your resources. Before agreeing to a particularly strenuous project, consider how it will impact your current projects and the future growth of the company.
- Saying “yes” will take you away from developing your core product. Before abandoning ship, consider why you were on that ship in the first place – you probably have a host of reasons for developing your core product; don’t give-up on it too easily.
- It is hard to convince your team to say “yes”. If you find yourself trying to overtly convince your lead developer or co-founder just to gain their agreement, it is time to take a step back.
Entrepreneurship is not for the faint of heart. In fact, it requires lots of hard work and the ability to shake off a lot of naysayers. When challenges arise, use them as opportunities to learn, and resist getting distracted by staying focused on what is working and trusting both your team and your own intuition.
