{"id":18498,"date":"2020-08-13T08:00:50","date_gmt":"2020-08-13T15:00:50","guid":{"rendered":"https:\/\/foundersnetwork.com\/?p=18498"},"modified":"2020-08-14T14:55:02","modified_gmt":"2020-08-14T21:55:02","slug":"founders-faq-a-startup-survival-guide-with-ilker-koksal","status":"publish","type":"post","link":"https:\/\/foundersnetwork.com\/founders-faq-a-startup-survival-guide-with-ilker-koksal\/","title":{"rendered":"Founder\u2019s FAQ: A Startup Survival Guide with Ilker Koksal"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/in\/ilkerkoksal\/\">Ilker Koksal<\/a>, <a href=\"https:\/\/www.forbes.com\/30-under-30\/\">Forbes 30Under30<\/a> Lister, co-founder of <a href=\"https:\/\/botanalytics.co\/\">Botanalytics<\/a>, a startup mentor and author of <a href=\"https:\/\/foundersfaq.com\/\">Founder\u2019s FAQ<\/a>, discusses the key questions startup founders must ask themselves before diving into the journey.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.eventbrite.com\/e\/founders-faq-a-startup-survival-guide-with-ilker-koksal-yigit-ihlamur-tickets-116718577407\">Register<\/a> for Ilker\u2019s full webinar and get actionable advice on:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Defining the Problem Well, Before Scale<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Building A+ Team and Board<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Setting Up the Right Culture<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Must-haves of Fundraising<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Exit Road<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Particularly for first-time founders, there are significant risks and unknowns in launching a startup, and some of the best resources you\u2019ll find are other founders who have been through the process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/in\/ilkerkoksal\/\">Ilker Koksal<\/a> is a serial entrepreneur, having most recently co-founded <a href=\"https:\/\/botanalytics.co\/\">Botanalytics<\/a>, a conversational analytics startup that raised $1.3 million. He\u2019s also an advisor and investor to several startups, a fellow at <a href=\"https:\/\/foundersnetwork.com\/\">Founders Network<\/a>, and author of <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/foundersfaq.com\/\">Founder\u2019s FAQ<\/a>, a guidebook to a founders\u2019 startup journey.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Koksal, the most important initial hurdle is a mental one: Founders must understand very clearly why they\u2019re doing what they\u2019re doing before dedicating precious resources to the project.\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D18498&#038;text=%E2%80%9COne%20of%20the%20main%20challenges%20is%20knowing%20yourself%20as%20a%20founder%3A%20Who%20are%20you%2C%20why%20are%20you%20doing%20this%20startup%2C%20and%20what%27s%20the%20purpose%20of%20doing%20this%3F%E2%80%9D%20-%20%40ilkerkoksal&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">\u201cOne of the main challenges is knowing yourself as a founder: Who are you, why are you doing this startup, and what&#039;s the purpose of doing this?\u201d - @ilkerkoksal <\/a><\/span><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D18498&#038;text=%E2%80%9COne%20of%20the%20main%20challenges%20is%20knowing%20yourself%20as%20a%20founder%3A%20Who%20are%20you%2C%20why%20are%20you%20doing%20this%20startup%2C%20and%20what%27s%20the%20purpose%20of%20doing%20this%3F%E2%80%9D%20-%20%40ilkerkoksal&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p><span style=\"font-weight: 400;\">\u201cOne of the main challenges is knowing yourself as a founder: Who are you, why are you doing this startup, and what&#8217;s the purpose of doing this?\u201d, he says. \u201cIt&#8217;s a huge thing you\u2019ll spend most of your time, energy and capital on, and the most challenging thing is understanding why you\u2019re doing this startup.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It may sound like a no-brainer, but the answers aren\u2019t always simple. Not every founder is able to \u201cmatch their own core values to the startup\u2019s values,\u201d Koksal says. And that dissonance can create problems and roadblocks down the road.\u00a0 Alignment in values ties closely with \u201cproblem-solution fit,\u201d Koksal explains &#8212; and if you\u2019re clear on both, the easier the path to actually starting up will be.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then comes the other hard part: Startup survival.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a series of typical challenges in building a startup: Creating your minimum sellable product and proving out your concept; recruiting a stellar team that adds value and contributes to a flourishing culture; finding your first set of foundational customers;<\/span><a href=\"https:\/\/foundersnetwork.com\/blog\/how-to-fundraise-efficiently-with-mike-wilner-from-aws\/\"><span style=\"font-weight: 400;\"> sourcing investors and raising money.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<br \/>\n<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D18498&#038;text=%E2%80%9CIn%20the%20first%20place%2C%20you%20need%20to%20define%20your%20risks%2C%20and%20then%20you%20need%20to%20define%20what%E2%80%99s%20the%20best%20possible%20path%20for%20your%20startup.%E2%80%9D%20-%20%40ilkerkoksal&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">\u201cIn the first place, you need to define your risks, and then you need to define what\u2019s the best possible path for your startup.\u201d - @ilkerkoksal <\/a><\/span><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D18498&#038;text=%E2%80%9CIn%20the%20first%20place%2C%20you%20need%20to%20define%20your%20risks%2C%20and%20then%20you%20need%20to%20define%20what%E2%80%99s%20the%20best%20possible%20path%20for%20your%20startup.%E2%80%9D%20-%20%40ilkerkoksal&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p><span style=\"font-weight: 400;\">\u201cIn the first place, you need to define your risks,\u201d Koksal says. \u201c&#8230;and then you need to define what\u2019s the best possible path for your startup. That process helps you set up your A+ team, and to evaluate that team constantly.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For many founders, finding product-market fit is one of the most elusive milestones: It doesn\u2019t matter how innovative your technology is, or how excellent your team is, if there isn\u2019t a big enough market for what you\u2019re hoping to sell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAt some point you believe in yourself and you believe in what you\u2019re solving, but you need to get the product-market fit right,\u201d he says. \u201cAfter that, you can raise a round, you can <\/span><a href=\"https:\/\/foundersnetwork.com\/blog\/simplr-founder-leverages-fn-recruiting-peer-mentorship\/\"><span style=\"font-weight: 400;\">get A+ team members<\/span><\/a><span style=\"font-weight: 400;\">, and you can sell your product to more customers. That&#8217;s the hardest part.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve raised money, putting together a board and figuring out how to best use it are critical to conquering what challenges lie ahead.\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D18498&#038;text=%E2%80%9CYou%20have%20to%20leverage%20your%20board%20effectively%20--%20to%20run%20the%20business%20successfully%2C%20to%20get%20scaled%2C%20and%20establish%20a%20really%20great%2C%20sustained%20culture.%E2%80%9D%20-%20%40ilkerkoksal&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">\u201cYou have to leverage your board effectively -- to run the business successfully, to get scaled, and establish a really great, sustained culture.\u201d - @ilkerkoksal <\/a><\/span><a href='https:\/\/x.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D18498&#038;text=%E2%80%9CYou%20have%20to%20leverage%20your%20board%20effectively%20--%20to%20run%20the%20business%20successfully%2C%20to%20get%20scaled%2C%20and%20establish%20a%20really%20great%2C%20sustained%20culture.%E2%80%9D%20-%20%40ilkerkoksal&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p><span style=\"font-weight: 400;\">\u201cIf one of the VC partners comes to your board, you have to leverage your board effectively &#8212; to run the business successfully, to get scaled, and establish a really great, sustained culture to keep things running smoothly.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having the right people on your board can also facilitate deals that help your startup to grow and provide a critical boost during key periods. Those board members can also help to navigate you and your executive team through those processes. It\u2019s worthwhile to consider your exit strategies as well &#8212; or if you don\u2019t wish to exit, how you\u2019ll build a sustainable and self funded business for the long term. In most cases, some form of an exit is likely &#8212; whether it\u2019s a merger, an initial public offering, an acquisition by a much larger company, or a private offering. Whatever the case may be, founders must consider and be prepared for multiple scenarios.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere are always ups and downs; it\u2019s a rollercoaster,\u201d Koksal adds. \u201cIn the end, you can make a soft landing, you can get acquired by a company, or you can quit the startup. Quitting is also an exit. But: Is it the right time or not? Should I exit the startup now as a soft landing? These are the hard decisions.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ilker Koksal, Forbes 30Under30 Lister, co-founder of Botanalytics, a startup mentor and author of Founder\u2019s FAQ, discusses the key questions startup founders must ask themselves before diving into the journey. &#8230; <\/p>\n<div><a href=\"https:\/\/foundersnetwork.com\/founders-faq-a-startup-survival-guide-with-ilker-koksal\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":31,"featured_media":18513,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[144],"tags":[21,8256],"table_tags":[],"class_list":["post-18498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-startup-advice","tag-san-francisco","tag-startup"],"acf":[],"featured_image_data":{"src":"https:\/\/foundersnetwork.com\/wp-content\/uploads\/2020\/08\/IMG_1370-1.jpg","alt":"Ilker Koksal","caption":""},"_links":{"self":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/posts\/18498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/comments?post=18498"}],"version-history":[{"count":0,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/posts\/18498\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/media\/18513"}],"wp:attachment":[{"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/media?parent=18498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/categories?post=18498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/tags?post=18498"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/foundersnetwork.com\/wp-json\/wp\/v2\/table_tags?post=18498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}