Do you have what it takes to be a successful founder, or to become one? What personal qualities do you actually need to successfully launch a startup? Author Stefan Hoffmeister addresses this topic in his following guest article.
Looking back at the successful founding of large companies, there are numerous factors that have paved the way for today's success, such as an outstanding business idea, innovative solutions, successful financing rounds, or existing connections with the right people in their own industry and beyond. In my view, however, the decisive component is the founder or founding team itself—the individual with their personality, which they usually bring to a startup.
Knowing yourself
As the saying goes, “The founding years are not the best years.”
Especially as a founder and in a startup, you live the word "self-employed" par excellence. You will put all your strength and energy, but also all your time, into building your startup. Success depends on you. Therefore, you should ask yourself a few important questions, which I would like to share with you. As a kind of self-test:
- Living relationships
- Do you have a good network with the right contacts? It's not about the sheer number of people you know, but rather the quality and professional background of your network.
- Do you find it easy to approach people and make new contacts?
- Endurance
- Are you prepared to work 60 or more hours per week, at least in the first few years?
- Have you been consistently physically fit and productive over the last three years?
- Do you withstand stressful situations over the long term? Do you not avoid such situations but instead tackle the necessary problem-solving measures?
- Do you meet appointments and deadlines without anyone else having to point them out to you?
- Finance
- Do you want and can you risk not earning a regular and stable income during this time?
- Can your spouse or partner provide for your joint livelihood through his/her income or do you have other secure sources of income?
- Do you have a financial cushion so that you can start your own business without banks or other investors if necessary?
- Limits
- Can you set boundaries in your professional and personal life? This is absolutely necessary if you are no longer working in a protected employment relationship. You have to learn to say "stop" and "no."
About Stefan Hoffmeister
Current book: “On the Way to Becoming a Solopreneur – Do You Have Entrepreneurial DNA?” (ISBN: 9783741212437, paperback, €14.99)
Stefan Hoffmeister, born in 1978, grew up in Neureichenau in the Bavarian Forest. After graduating from high school, he lived and worked for many years in Lüdenscheid, where he spent three years as a youth worker, among other roles. In 2004, he joined his parents' company, initially as a trainee and later as an executive assistant. There, he was responsible for marketing, sales, and key account management at the medical supply store. In 2009, he founded a multi-channel e-commerce company focused on health, fitness, and wellness, which he successfully sold in 2012.
After working for several years in business development for a business domain provider, he has been working for a non-profit organization in marketing, event management and fundraising since April 2016.
The author is a healthcare specialist (IHK) and social media manager (ILS). He is also the editor of the e-commerce and social media magazine "geistreich78.info”.
