When to launch a startup?
The reality is that there is never really a right time to launch a startup. But that doesn’t mean there aren’t indicators worth looking at to gauge a good time to launch a startup.
“It might be that the right time that you are waiting for never actually presents itself. Even if you talk to experts, they will show you many aspects of a startup that point to a good time rather than the right time,” Dhanush M.S., business strategist and founder of Eventainment, told Medium.com.
Think about looking for someone to form a romantic relationship with. If you keep looking for Mr. or Ms. Perfect, you’ll pass up on a lot of perfectly good potential mates. The right person might actually be one of those good persons. Likewise, the right time to launch a startup is a good time.
So, how do you know when it’s a good time?
Launch a startup when your product is ready
Would you use your product? Does your product address a common issue in a valuable way? These are important questions to ask yourself and answer as brutally honest as possible.
“If you have customers using the product and getting value from it, release it and start charging. Paying customers often behave different than free users and will give you the real feedback you need. Maybe there are features your paying customers need that your free customers haven’t surfaced,” explained Chris Eigner, founder of Epsilon Eight.
When you can actually invest time
It’s no surprise that startups demand almost all of your time. “If you can invest the required time into a startup and still have time to hang out with friends and go to the movies, you’re either a miracle worker or you’re doing something wrong,” said Dhanush.
According to Entrepreneur.com, it’s important to attend conferences and social gatherings of likeminded entrepreneurs. There, you can exchange ideas and broker business relationships that might pay off down the line. Spend time meeting investors and growing your social media visibility. It’s vital that you spend as much time as you can on any and all aspects of your startup. “If something else is taking up a big chunk of your time, then you should wait to launch your startup,” admitted Dhanush.
When the passion burns within
Imagine making an omelet for someone you don’t like. They’re in your home stinking up the joint waiting for you to make them that breakfast. You just want them out of there. Are you going to put forth patience and care into that omelet? Make sure the seasoning is just right? Green onions chopped just right?
Probably not. You’re going to scramble some eggs and they’ll get what they get.
Now imagine making an omelet for the love of your life. Someone you feel you want to impress. Suddenly you’re Gordon Ramsey. Taking your time. Making sure everything is done accurately and with razor blade precision.
Why is that?
Well, it’s because in the latter scenario, you have passion.
You see, in any endeavor, whether it be an omelet or a startup, passion is the biggest driving force for quality and success. You could have the best invention since the printing press and will be wasted if you hold a laissez faire attitude.
If you don’t have the passion, your brilliant idea will just remain that: an idea. An intangible, imaginative thing in your mind. Passion drives you to manifest that idea into reality and do it in the best possible way. “If you lack passion, the chances for success in launching a startup are against you. Hire somebody that cares more than you do or just don’t waste your time,” explained Eigner to Startups.com.