No flies on this guy. Gary Vaynerchuk, one of the world’s most successful entrepreneurs, gave an inspirational talk to coworking startups about the single most important piece of advice he would give them. Read on for a straight up piece of tough love wisdom for any startup who wants to put itself in the best possible position to succeed.
Vaynerchuk quite aptly perceives the startup world as full of individuals with the best of intentions and ideas, but lacking the practical ability to execute their dream. He identifies the reason behind the high startup failure rate, conjecturing that many of those within the very coworking space where he spoke will not eventually be around. (Vaynerchuk, 2016)
According to Vaynerchuk:
“You have a lot of people that are built DNA-wise and skill-wise and have studied and went through school and have been formed and have trained to be unbelievable consultants at Bain and McKinsey… they don’t have the stomach to deal when the market says go f__ yourself. Right? And so, that’s a problem.”[1]
He’s right on the money. With an attrition rate of 90%[2], most startups are going to fail, according to an article in Fortune. Vaynerchuk’s solution? Blunt self-awareness. Ask yourself if you are truly willing to do whatever it takes to make it, including sacrificing your pride and any sense of entitlement. (Vaynerchuk, 2016) But guts isn’t enough, as he urges startup founders to “figure out how that business makes money in the next six minutes.”[3]
There you have it! His magic formula includes not only mental toughness but also the practical ability to think quickly and gain a true understanding of what would make buyers choose you over the competition. (Vaynerchuk, 2016) One of the best ways to inspire your startup to achieve this is being in an environment that gives you the freedom to work the way you want.
Quest Workspaces offers coworking office spaces, virtual offices, and meeting and conference rooms that inspire all within its walls. While many of our clients are startups, we are also home to some of the biggest names in business. For more information about how being a part of our Quester coworking community can liberate your company’s success, email info@questworkspaces.com.
[1] [Gary Vaynerchuk]. (2016, March 24). WeWork Boston Gary Vaynerchuk Keynote March 2016. [Video file] Retrieved from .
[2] Griffith, Erin. (2015, March 2). Why startups fail, according to their founders. Fortune.com. Retrieved from http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/
[3] [Gary Vaynerchuk]. (2016, March 24). WeWork Boston Gary Vaynerchuk Keynote March 2016. [Video file] Retrieved from .
Sources
[Gary Vaynerchuk]. (2016, March 24). WeWork Boston Gary Vaynerchuk Keynote March 2016. [Video file] Retrieved from .
