Business and tech

Demystifying Startup Myths

Startups are often surrounded by a certain mystique, frequently portrayed as thrilling journeys fueled by passion and innovation. While it is indeed an exciting endeavor, the reality is far more demanding. Running a startup requires grit, strategy, and focus on execution. Through my work with startups and small tech companies as a consultant and mentor, I’ve encountered several myths that deserve to be challenged. Below are a few I’d like to address. By dispelling these myths, I hope to encourage a grounded and realistic approach to startup building.

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Why Startups Need Math Skills Now More Than Ever

In the fast-paced world of startups, where budgets are tight, resources are stretched, and runway is limited, math and analytical skills are essential. More than just numbers on a page, these skills form the foundation for sustainable growth, and informed decision-making, Startups, particularly those in tech, face increasing costs for tech talent, IT infrastructure, and AI tools. In this environment, every financial decision impacts cash flow and profitability, making it vital to have a math-savvy approach.

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The CEO Skillset in the AI Era

As a business consultant and startup mentor I have the privilege of working alongside startup CEOs, helping them streamline their businesses in resource-constrained environments. Today, halfway through another accelerator program with inspiring international startups, I’d like to share some insights on how AI can elevate a startup’s operational efficiency. The key lies in not just using AI but in developing the mindset to work with it effectively. 

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Managing the startup: the Need for a Measurable Approach and KPIs

In today’s dynamic business environment, small tech companies face unique challenges when it comes to scaling production and sales. One of key factors determining their success is the adoption of a measurable approach, as it helps to better manage activities and processes within the company. For the Board of Management this involves not only effective financial management but also focusing on key performance indicators (KPIs) in the commercial and operational realm.

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What makes startups strong – critical thinking

The power of visionary leaders lies in their creativity and will to achieve their goals. The visionary leaders’ minds are capable to generate many ideas, often on the spur of moment or sudden intuition. However, with limited resources they have, in order to implement those ideas, they need to select and prioritize. To do so they need critical thinking.

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What makes startups weak

I have been writing last year mostly about best practices. However, I believe it is equally important to learn from mistakes. That is why my first article in 2023 will be about common mistakes that impede startups efforts to pave their way for growth. If you feel that you have a great product idea that can solve the problems of many customers but for some reason your business development is too slow, I hope this post will help you find a new inspiration for the 2023 activities.

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