As the CEO of MegaHoot Technologies I have personally faced many challenges that would send others to their knees in defeat but I made it my mission to always stand up one more time. Not just for me but for my core team, my family and for all of our supporters globally. As a company in general we have faced many serious challenges over the many years, some challenges that tested our resolve and brought us to a fork in the road. Some challenges that brought us to the brink of no return, through re-sculpting our views of tomorrow and the dedication of our core team we were able to keep innovating.
I wanted to give a little guidance to any startup founder willing to listen to what I have to say because starting a new venture is a scary thing, it takes a warrior with tenacity and vision to see it all the way through. The reality is not many startups survive for a number of reasons such as not having a well devised plan of action, perhaps a product that wasn’t viable or maybe the desire wasn’t great enough to embrace each failure as a stepping stone to their greatest success.
Founders that have already taken the first step need to understand that the dreams of being a so called “Unicorn” are not realistic, it’s actually a distraction to what the real focus should be on. That focus should be on being disruptive and innovated, if you are not building systems in technology that are actually solving existing problems and more focused on inventing problems that don’t exist to solve then you’ve already lost. Rethink your drink, look at what your innovation can actually do over a year, two years and a decade, is your company scalable and if your technology top shelf to the point that it is desirable? ask yourself that question.
The creation of unique, scalable, and viable platforms is critical especially as it relates to artificial intelligence and blockchain technologies. Founders need to conduct thorough market research before starting on this journey and trust me it is a journey with many ebbs and flows. It is essential to research and understand the market demand and competition for your product or service. This will help you identify gaps and opportunities in the market and tailor your offerings accordingly. Now make no mistake you will fail as you move along but as I mentioned already if you treat a failure as an ending as opposed to a stepping stone to great success then that failure will be a boulder holding you down.
So focus on innovation without fear, what I mean is don’t be afraid of trying something new that solves real problems or creates a better path for current industries. Innovation is key to success of any company whether it is in technology or the widget making industry. So focus on creating unique and scalable platforms that offer solutions to existing problems in a novel way. Technology can do this in a big way and it is those innovative and game changing companies that will pave the way towards tomorrow.
There is no question that your team is everything, I value our core team and trust me we have been through many challenges over the many years but in the end trusting in your core team and your core team trusting in you is so important. We have seen serious ups and downs, we have seen failures by the dozen but in the end we forged forward and this is why I look for my core team to be the future leaders of this company. True leaders don’t sit and bark orders, true leaders are part of the team and push the entire team to achieve their true potential. It is at that moment that each person will elevate to a different plane not only in their career but in their lives, but it takes time and patience. So never be that person that puts themselves on a pedestal above their team, it is just the wrong way to do things.
The core team you assemble should be your Avengers, they should be experts in what they do, they should be the ones that you know will fight along side you as you push through adversity and seek to achieve new heights. Listen to your team as they will see things differently and can bring a fresh outlook, perspectives and ideas as it relates to innovation and growth.
This is not a sprint, it is a super marathon, in five or ten years you may be an overnight success, what that means this isn’t easy and no one will understand or know of your struggles until much later when you are that overnight success. So time, effort and resources are key to enduring through these times, it takes patience and faith in order for your efforts to come to fruition.
Never run away from the hard times or challenges, they will come that I can promise you unless you captured a lucky charm and hide it in the closet under lock and key. So embrace those challenges because building any company will put you face to face with numerous challenges, failures and ultimate epiphanies. So learn and grow from these hurdles as they are not static, they are only obstacles if you allowed them to be obstacles.
Any startup is costly and challenging there is no question about that, especially as it relates to artificial intelligence, blockchain technology and other technologies. But trust me on this, do not lose too much equity in your company too soon by taking venture capital or angel investment too early on, invest in yourself so you can build value so when investment comes it will not be at the highest cost for you as a founder. Also choose your investors wisely, a check may be good but what is more valuable if guidance and knowledge, if an investor can give you that then that is true value add for your company. Crowd funding and tokenization is a definite options early on as that can give a startup company the foundation they need to survive and thrive moving forward.
Make no mistake embarking on even opening a deli or other business is costly and challenging as well, so you have to be prepared for the long haul. Even though this message to Startup Founders can be seen as broad-based, as it was intended to be, I am pinpointing on the tech sector to close out.
Remember that building successful AI and blockchain platforms is a challenging and costly undertaking. It takes time and resources to develop, test, and scale these technologies, bottom line it isn’t easy. But if you succeed, oh wow if you succeed, the rewards can be substantial not only financially but in terms of personal fulfillment and impact.
Know this that Artificial Intelligence and Blockchain Technology are poised to revolutionize many industries, we see evidence of this daily, and being at the forefront of this revolution can be immensely rewarding as I mentioned. So my advice to close out this message is this, believe in yourself and what you are doing, make sure it is viable and scalable, embrace failure and revel in it, treat every failure as that stepping stone to great things, trust your team and enrich them as success come, prepare for challenges as they will come fast and furious and just keep your eyes on the prize. There is no doubt that you will encounter naysayers, killers of hopes and dreams, hanger-ons and just destructive forces along your path but stay close to the ones that support you, build a dream team that you trust and trusts you, reward that team as you get rewarded and keep fighting for what you want. It’s there for you just fight for it.
Best of luck to all of you courageous Startup Founders, change the world in your own way.
MegaHoot Technologies, CEO.