Because technology changes so quickly, there’s a strong possibility that you may not be able to complete what you initially set out to do with your startup. Instead of accepting the failure of the business or changing directions, many startup founders simply let their operations lie stagnant.
“So many startups end up in ‘zombie’ states,” said Shawn Livermore, founder and CEO of outsourcing platform Ziptask. “The founders don’t want to give up, and are embarrassed to concede defeat. So they keep the dream alive but never really complete what they originally set out to do. Large companies are not worried if one of their projects never gets completed. But in a startup, not completing something means you leave the door open in your life, and that’s worse than failing.”
Finishing what you start is a good rule of thumb for many situations in life, but it’s especially true as a tech startup. If it seems like you’re going to fail, allow yourself to do just that. “If you fail, try again, but next time, do it faster,” Livermore told Business News Daily. “Ziptask started, failed, pivoted, started again, failed, pivoted, started again, took investment, succeeded and now is growing. It took three solid efforts by an extremely determined group to get to legitimate revenue.”
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The other hiring issue a new tech business can face is the inability to draw top talent into a startup environment.
“Cash flow is one of the biggest problems facing any startup,” said Mat Peterson, founder of app development company Shiny Things. “Larger tech companies in Silicon Valley can pay much higher salaries than a local startup can afford. Allowing your team to have freedom and creativity with their projects gives them a lot of satisfaction and makes them less likely to go [to a larger company].”