I was sitting in my clinic last week after a long day of consultations when a thought struck me—the similarities between a new founder and a patient embarking on their IVF journey are uncanny. Both are filled with hope, anxiety, and a touch of fear. Yet, they often forget the basics in their quest to reach their goals. As I pondered this, I realized that many founders I’ve invested in or mentored fall into the same traps, and perhaps sharing these insights might help someone navigate their startup journey a bit more smoothly.
In the world of startups, the hurdles are not merely challenges—they are the essence of the journey. They teach you, mold you, and sometimes, even break you. The key, however, is not to avoid these hurdles but to master them. Unfortunately, many founders seem to forget the fundamentals while getting caught up in the whirlwind of entrepreneurship.
One of the most glaring oversights I’ve observed is the neglect of financial discipline. Just as a patient must diligently follow a treatment protocol, a founder must be acutely aware of their financial health. I recall a founder I was mentoring who was so engrossed in product development that he overlooked his company’s dwindling runway. By the time he realized it, he was only a month away from hitting zero cash. It was a tough lesson, but it taught him the importance of constantly managing their Zero-Cash Date. Knowing your financial position is not a one-time task; it’s a daily discipline. You can read more about managing cash in my previous article on the hidden costs of startup success.
Another common pitfall is the reluctance to ask for help. Many founders, much like my IVF patients, think they must have all the answers. But the truth is, no one does. Steve Jobs famously reached out to Bill Hewlett at age 12 for parts he needed for a school project. That simple act of asking not only got him the parts but also a summer job at Hewlett-Packard. It’s a lesson in humility and the power of asking. Founders must learn that asking for help is not a sign of weakness but a strategic move. Whether it’s seeking advice, partnerships, or funding, if you don’t ask, the answer is always no. I’ve written more about the importance of seeking advice in my blog post on why a second pair of eyes can save your startup.
Equally important is the ability to make decisions with limited data. In both medicine and entrepreneurship, waiting for certainty can be fatal. In my IVF practice, there are often situations where we have to make decisions based on incomplete information. The same applies to startups. Founders often get paralyzed, waiting for the perfect set of data before making a move. But the reality is, you’ll never have all the answers. It’s about making the best decision with the information you have. A 70% confidence level is often enough to proceed. Waiting for 100% certainty can mean missed opportunities.
Let’s talk about delegation. Many founders I’ve backed struggle with letting go. They are so entwined in their startup’s vision that they believe they must do everything themselves. But just as I rely on a skilled team in my clinic to handle various aspects of patient care, a founder must learn to delegate. However, it’s not just about offloading tasks; it’s about delegating ownership. Give your team autonomy and watch them take your vision further than you imagined. This approach not only builds trust but also empowers your team to innovate and excel.
Finally, the importance of resilience cannot be overstated. The startup journey, much like an IVF cycle, is fraught with emotional highs and lows. There will be days when everything seems to be falling apart, and you’ll question why you started in the first place. But remember, The Struggle is what shapes you. Embrace it. It’s a tough but necessary companion on the road to greatness. I’ve previously discussed the importance of embracing uncertainty in my post on why founders should embrace uncertainty like IVF patients do.
In conclusion, the hurdles you face as a founder are not unique—they are part of the journey. Success isn’t about avoiding them but mastering them. Remember to manage your finances diligently, don’t hesitate to ask for help, make decisions with the information you have, delegate with ownership, and embrace the struggle. These are the basics, and forgetting them can cost you dearly.
As I reflect on the parallels between my work as an IVF specialist and an angel investor, I realize that at the core of both is the human spirit—the drive to create life and the drive to create value. Both are noble pursuits, and both require a steadfast commitment to the basics. So, whether you’re a founder or a patient, never lose sight of the fundamentals. They are your guiding light in the darkest of times.