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Fremont: Your first startup faced the limelight and tasted success. You intend to venture further and startup another business. Before you start are just check if you are suffering from the 'Second startup syndrome'?
So what is startup syndrome all about? Second startup syndrome occurs when entrepreneurs want to start-off their second start-ups where the first startup left off. Serial entrepreneurs who suffer from second startup syndrome want to skip through the basic stuff and concentrate more on their plans for their plans for the future. With the foundation missing, it is guaranteed that any structure would topple.
Who suffer from the syndrome? Serial entrepreneurs are prone to second startup syndrome, with the problem being more acute in case of those who have tasted success in their initial venture--wherein they assume that their second venture would also be in the limelight and ignore the development of the core product model. They feel that once a success, always a success. Also, in case of an entrepreneur who has faced defeat in the initial venture, they become so obsessed with pinpointing the flaws--so that they don't repeat their mistakes--that they focus entirely on how not to commit the same mistakes.
The biggest challenge they feel is the lack of anxiety. Positive anxiety helps to guide people in relation to daily decisions and alerts them of impending danger. The key to success is hard work, sweat and unless the entrepreneur feels the heat, they won't be able to give in their best to the venture.
So is there an antidote to the syndrome? Yes. In order to combat the second startup syndrome, the entrepreneur must understand that the past results are not indicative of future performance. The entrepreneur must not be on cloud nine with the success of the initial venture on his head, or pondering about what went wrong; but, take the new venture totally independent of whatever he has done in the past. The entrepreneur should learn from his success or mistake, but that should not be the only factor which is driving him or her.
Also, they should be ready to listen or learn. No one knows everything, so there is no harm asking for someone else's advice, which might provide them with a good idea of where to head to. They can study the profiles of companies in the industry they are planning to enter to get a fair idea, and conduct a SWOT analysis to understand the good and bad of the industry as a whole. Not only will it equip the entrepreneur to face the difficulties, it will also help to device future strategies.
Entrepreneurs should not be afraid to fall over and over again, as it is only after committing mistakes that you become better equipped. As Edison once said, "I have not failed 1,000 times. I have successfully discovered 1,000 ways that do not work, and I do not need to try them again."
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