Sacred Cows – Founding Succesful Startups
In the world of startups, according to Kriegel and Brandt’s “sacred cows” concept (see here), these are widely held beliefs about founding and growing a successful startup that may be hindering different types of innovation and hindering success in the current fast changing business environment.
Here are some potential “sacred cows” to watch out for if you want to survive and thrive in the AI-powered economy:
- The “Minimum Viable Product” (MVP) is the Finish Line: While the MVP is a crucial initial step, clinging to a basic version for too long can hinder growth. Don’t confuse validation with stagnation.
- Funding is Everything: While funding is important, focusing solely on raising money can distract from building a valuable product and attracting customers. Bootstrap or find alternative funding models if needed.
- Fail Fast, Fail Often: While embracing failure is important, failing without learning and iterating quickly can be a waste of resources. Analyze failures to improve, not just accept them.
More: Sacred Cow Models For Startups
- Workaholic Culture is the Key to Success: Burning out founders and employees isn’t sustainable. Prioritize well-being and create a balanced work environment for long-term success.
- Focus on Getting Acquired: Building a company solely to be acquired by a larger one might limit your vision and long-term potential. Consider building a sustainable, independent business as well.
- “Fake it till you Make It”: Projecting an image of success that isn’t real can damage trust with investors, customers, and employees. Be transparent and build trust through genuine progress.
The key takeaway is to challenge assumptions and be open to adapting your approach as your startup grows. Don’t be afraid to question the status quo and find innovative ways to build a successful business.