Start-ups face many challenges during the early stage of their business. This is clear to Jessica Livingston, a founding partner at Y Combinator. The company has invested in 630 start-ups and helped shape some of the world’s leading businesses, including Dropbox, Reddit, and Airbnb.
Metro Offices, the leading choice for office space in Tysons, shares some of Livingston’s observations on the things that can kill a start-up early:
- Letting Costs Get Out of Control – If you want your start-up to survive long enough until you get funding, you need to keep your costs tightly under control. Make sure to use your funds wisely and not on pricey domain names or flashy videos. You need to spend your money on the essentials and on ways for your business to get enough traction for funding.
- Work with the Right Partner – Your business relationship needs to have the right foundation. It is unwise to band together with people you have only known for less than a month. You need to get to know them better and see if your personality, skills, and goals align. Your business relationship entails trust for your start-up to succeed. Consider using our meeting rooms in Tysons to conduct your business and get to know each other. We designed our workspaces to encourage productivity and creativity.
- Not Understanding or Knowing the Problem – Businesses thrive because they solve problems. Successful start-ups solve problems that their founders have personally experienced. Avoid making up solutions for problems you know nothing about. By understanding the problem, you will know how to decide on the right solution.
- Being Unprepared for the Emotional Rollercoaster – Be sure to prepare for the levels of rejection that you will face throughout the process, as well as for the emotional highs. In a big company, things do not change on a day-to-day basis; in a start-up, things are much more dynamic. It is also difficult because you are more emotionally invested in your company’s success.
Make sure your start-up avoids common pitfalls and grows into a competitive business. Metro Offices can help you reach this goal with our office space for rent in Tysons and additional locations in the Metro DC area. We designed our office space solutions to give our customers’ an edge in their industry. They allow start-ups to reap the benefits of traditional office spaces at a fraction of the cost. Call us at (703) 871-5208 to learn more tips to help your start-up. You can also request a quote for our office space solutions.