Starting Fresh: Navigating the Journey of Entrepreneurship Without a Network
Hello, dear readers! Today, I want to share a personal narrative that has shaped my entrepreneurial ambitions, followed by some thoughtful questions I hope you can help me answer.
Five years ago, my journey began in university alongside five friends I met through the IEEE Student Society. We were filled with excitement and ambition, often discussing the possibilities of launching our own startup. With each of us aspiring to become successful entrepreneurs, we organized frequent meetings, believing that collaboration would enhance our chances of success.
In our eagerness to learn and grow, we invited established founders and engineers from thriving companies to our society events. This initial approach allowed us to connect with industry professionals, and during one such event, we had the fortune of meeting the owner of a logistics company for our country’s largest supermarket chain. Following our discussions, he expressed interest in backing our venture, becoming an angel investor.
With his support, we embarked on the journey of founding our company. We dedicated two years to research and development, diligently creating prototypes and innovating based on constructive feedback. Unfortunately, internal conflicts arose within our team, leading to a breach of trust with our investor. Subsequently, the project was canceled, marking a significant setback in our entrepreneurial aspirations.
Despite this challenge, my resolve to start a business has only intensified. Today, I find myself questioning whether the difficulties I face in securing investors and partners stem from my current circumstances or if I’m merely experiencing the usual hurdles of entrepreneurship—a significant contrast to the opportunities we experienced back then.
In the past, my university environment provided ample networking opportunities, but at present, I feel isolated from that vibrant community. During our previous venture, I noticed that some partners were more focused on their personal stakes than on the company’s growth, which led to aggressive moves that ultimately jeopardized our potential success.
Here are a few questions I seek your advice on:
- When selecting a business partner, particularly if I haven’t known them for long, what key factors should I consider?
- Should I focus on developing a prototype before seeking out investors?
- What effective channels exist for locating potential investors?
- Given the absence of a university network, do you think this phase of my entrepreneurial journey will prove more challenging?
I appreciate any insights you can offer as I embark on this new chapter. Thank you for reading!
