No matter how busy you are while starting a new company, leave time for networking, particularly online. Experts say it’s one key to your new venture’s success.
“Take advantage of programs like GIST [the Global Innovation through Science and Technology initiative] and international groups like Startup Grind” to increase your startup’s exposure, says Jim Chung. He’s the founding executive director for George Washington University’s Office of Innovation and Entrepreneurship.
Startup Grind is a Silicon Valley–based organization that helps startups in 85 countries through events, “fireside chats” and partnerships with organizations like Google for Entrepreneurs.
Chung was among a panel of experts fielding questions from around the world, including Nicaragua, China, Honduras and Egypt, during a webchat hosted by the U.S. Department of State’s GIST initiative.
Avoid common pitfalls
Here’s what they had to say about avoiding the most common pitfalls of starting a company:
Be quick: “Don’t take too much time developing [your product prototype] to perfection,” advised Annamaria Konya, founder and CEO of Equita Accelerator, which aims to help women in technology. “The most important thing is speed. Whenever you’re ready, just go and do it.”
Be flexible: Chung warned against getting too attached to a particular technology or way of solving a problem. This can make it difficult to change direction when you discover your initial idea or assumptions were wrong.
Be open: Having a really strong team whose members “can be honest with each other about your strengths and weaknesses” also is important when starting a company, said Keeth Smart, co-founder and COO of Physiclo, a fitness technology company based in New York City. Make sure you have a complementary team of advisers who can keep you motivated when you run into challenges, he said.
Want more advice? See 5 tips for starting a business.
