If I had a dollar, or a dime, a nickel or penny or whatever small denomination of currency you wish to use for every time I heard someone say, We should start a podcast, I would be rich enough to never need to use that dumb cliche ever again.
That phrase should win an award of some sorts because its use has become almost interchangeable for the millennial’s American Dream. Because what kind of startup do you really have if you’re not chronicling it through Soundcloud, Facebook Live or at 280 characters or less? But the truth is that starting a podcast, just like the acoustic guitar you swore you were going to teach yourself to play, it’s damn hard. Sticking with it as a hobby isn’t going to cut it.
Such was the case, but to a nuclear scale, for Gimlet Media founder Alex Blumberg, who documented the process establishing a company from scratch, and in doing so, showed the emotional rollercoaster of founding your own company. But in documenting his heartache for the world to see, he made a few things evident for those serious enough to start a company.
Most importantly, every startup needs a driving force behind it. It needs conviction; somebody to treat the company like a baby, nurture the idea, change it to reflect the world around it so that it can be successful and become a useful product. Through Bloomberg’s experience, it becomes evident that startups that do not have a team behind it willing to lose sleep, starve and give up the roof over their head, it will be doomed before a finished product ever sees the light of day.
When formulating a startup and having the gall to pitch your idea to somebody with much more money than you in hopes they hand over some of that sweet, sweet capital one of the best things to convey is fear of missing out, or FOMO. FOMO creates a sense of urgency that your investor will be missing out at a unique opportunity at investing in the next silicon valley startup.
Although, what became apparent in Bloomberg’s search for funding was exactly how hard it can be to convince people to give them your money.
Because, obviously, any request for a lucrative amount of money is going to be met with a degree of pushback, so to maximize the probability of earning funds will come from a strong, short, clean pitch. You must explain why you — and only you — are positioned to be successful and why you’re better than anyone else. Determine your end game? Do you get bought from a bigger company?
Do you stand by your own?