Business, Know your finances, Online Magazine

Startups: All the Rave!

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Starting up is a great new year resolution.

Startups however is the new wave of hope for the growing population of talented men and women around the world. The trend probably began in Silicon Valley in the early 70s –that 1,800 square miles of land with 3 million people and hundreds of billions of dollars in asset value. It hosts some of the world’s largest companies by market capitalization.

Saudi Arabia caught the startup “fever” in 2011. Thanks to its versatility and low barriers to entry, the startup landscape has become a destination to many aspirers in any domain. In fact, startups have been in existence for many years but they were called “private businesses” where our fathers risked their capital and set their passions free. Today, special incubators and accelerators are spreading across the Kingdom to accommodate the supply of ambitious talents eager to realize their dreams.

 

My Top Tips:
  1. Do what you love. Cliché? Try doing something you don’t and see what happens. Passion is the number one must for any successful venture. It will lift you through the down times and pivot points. Startups are famous for those.
  2. Timing. No matter how awesome your new fax machine is, it still is a fax machine! Or, do you want to become the 100th Uber in town?
  3. Easier said than found. Whether a cofounder or a junior programmer, s/he must share your passion for the startup. This will keep them around in down times or when competition looms ahead.
  4. Forget vacation. Maybe intermittent breaks but formal vacations cannot be afforded in startups. The physical and mental work is literally round-the-clock. The thought of your startup will emerge in most occasions: events, outings, friends, mostly in the form of ideas, opportunities or even small tips.
  5. Competition is good. Learn where others are, and don’t repeat. Do your risk/reward calculation with an open mind and don’t be afraid to collaborate.

 

Favorite Books on the Subject
  • Sam Altman Startup Playbook – Sam Altman

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  • Disciplined Entrepreneurship – Bill Aullet

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  • Zero to One – Peter Thiel & Blake Masters

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