【5 Tips for Getting Past the "Trough of Sorrow"】
You've just quit your corporate job to set off on your startup dream. Your idea is truly revolutionary. The gap in the market is just so painfully obvious to you. Once you pull together some people and roll out your product/service, the sales will surely come flooding in.
But then you launch. Less than stellar results. No matter, false starts are normal, after all no one ever said entrepreneurship was easy. Just talk to more customers, tweak a few features, and eventually product-market fit (PMF) will come.
Weeks turn into months, months turn into years and customer traction has still been lackluster, at best. Your co-founder ditched you in pursuit of a more stable job. You're starting to run out of money. Prospective investors have all turned a cold shoulder. You log onto facebook and see your friends and family living their best lives. You start questioning why you ever chose to go down this path while toiling away at your code.
Welcome to the "Trough of Sorrow"--the period in which the rose colored glasses come off and founders embrace the harsh realities of launching their own business. After now having over 1,000 founders pass through AppWorks Accelerator, here a 5 tips to help weather through the trough:
1. Realize that creating a completely new product that customers want and love to use is incredibly hard--and it's normal. There's a multitude of risk factors working against your favor, whether it's competitive, regulatory, people, macro, etc. Don't let the seemingly endless sea of rejections affect your core self-worth.
2. Not every idea will work out, in fact most don't. Out of every 100 ideas, you can assume only 1 will have any meaningful future. So, fail fast and move on.
3. Better to target 100 customers that LOVE your product over 1000 loose followers. Those 100 customers will become your brand ambassadors and spread the word.
4. Fire bullets before cannonballs. Material product iterations are incredibly time consuming and costly. Use tactical strategies to test the market and validate your hypothesis before doubling down.
5. Be among a community of like-minded peers such as AppWorks. Entrepreneurship is lonely, particularly during tough times. Being in the presence of others who are going (or have gone) through exactly the same thing can be incredibly motivating and get you through the nights.
Inspired by a16z partner Andrew Chen's essay: https://andrewchen.co/after-the-techcrunch-bump-life-in-the-trough-of-sorrow/
-Jun Wakabayashi
AppWorks, Analyst
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