Earlier today I got asked a question about what kind of indicators I look at when trying to invest in a startup.
Financial indicators are important, but the simple answer is: people. Not simply the technical skills of the people involved, but more the mental and emotional side.
It’s easy to feel inspired for a while when building a business or starting a project but nearly all businesses will face some obstacles along the way, so I want to know if the team is still committed to the vision even when things are looking bleak.
A large discrepancy in motivation, passion or drive towards the business is not a problem per se, but does need to be addressed among team members. Not everybody feels the same, and that’s okay.
Nobody feeling driven, especially in times of adversity, that’s the time you have to ask yourself why you are doing this and look within. If nobody in the team can find an answer that can push him/her forward, it’s probably the time to call it quits and move on.
If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds and it really makes a difference for the show. Consider including your Twitter or LinkedIn handle so we can thank you personally!
Want to get in touch with Jim?