Time is money, and both are especially critical for startups. Practice these skills until they’re second nature so your launch doesn’t crash and burn instead.
It’s easy for new business owners to get overwhelmed. You’ve seized a fantastic idea and you’re bringing it to life, but there’s a lot on your plate. At the same time, if you slouch on record-keeping or don’t spend money judiciously, you’ll crash and burn. And if you focus too much on the finances, your product or service will suffer.
Manufacturing startup Fab provides an infamous example. As Alyson Shontell starkly explained to Business Insider, “Jobs created then lost: 500. Value created then lost: $850 million. Money burned: $250 million.” Shontell also chronicled the end of Clinkle, a payments startup that dramatically failed to build and release an app somewhat like Apple Pay. I’d also bet you’re familiar with statistics that show 50 percent of new businesses fail in the first year and 95 percent fold before the five-year mark.