Hello Ambiguity! My New Friend
For most startups in their early days, it’s difficult to quantify performance. There are no established variables and few recognizable milestones, to assess if it’s time to pop the champagne yet. Finances are unpredictable, scattered and thinly spread. Teams are not cohesive, workflow is not structured, organizational structures are not defined. It’s every color of chaotic. Welcome to entrepreneurship!
You put your hands up and yell “Yay!” over a small victory and get hit by a curveball – an investor delayed funding, client dropped out of contract, someone quit, supplier didn’t deliver, project fell through.. FML is a way of life.
If you are in the early phase of your startup, it will be puzzling to quantify revenues. The outflows are more than inflows and it is trying to keep track of what money is coming in, how much is going out, how much is being pumped back into the business and how much is left on the table.
Stay Peaceful in Chaos
Quantifying your progress on metrics of new business acquisition, recognition of your product or service in your target consumer segment and bringing together of smart, loyal teams in your organization is a smart idea.
To deal with over commitment and to avoid getting overwhelmed, break whole projects down into target-bound chunks and crush one goal at a time. High-performing, loyal teams are your real currency.
Self doubt, performance anxiety, frustration, hitting dead ends, fatigue and burnout comes free with the starting up pack. Deal with it intelligently. Don’t get disheartened by it.