1. Lock your ego in a drawer and throw away the key.
This is the big one. We get it – your startup is destined to change the way we do… whatever you think your product is going to do. The truth is, there are a lot of people out there with big ideas who think they’re going to be the next Facebook or Google, but even if your product succeeds and turns a profit, there’s an infinitesimal chance you will be one of the big players – and that’s okay!
According to the Global Entrepreneurship Monitor, there are about 100 million new startups every single year. That’s about 3 new startups per second! Most of these will barely take a step above the ground floor, sure, but the competition is still there.
There’s no shame in not being #1.
We’re not saying you shouldn’t aim high or aim to succeed – quite the contrary! We just want you to temper your expectations and not feel bad if your idea doesn’t end up being sold for $1 billion and changes the history of the human species.
If you set unrealistic goals, you run the risk of issues like allocating money and resources to the wrong places or biting off more than your schedule can chew. Know your scope.
Be realistic about what you can accomplish and you will be more likely to succeed. If the circumstances allow you to go bigger, take the chance, but only after careful, pragmatic consideration.