Rustam Gilfanov: 3 Tips on How to Get a Startup Out of the Crisis and Make it Stronger
Entrepreneurs constantly hear the statement that difficult situations make leaders and businesses stronger. They know that creating a successful company is not equal to a bold implementation of a powerful idea. A lot depends on one’s ability to respond quickly and efficiently to a difficult situation and to show resilience. IT businessman and investor Rustam Gilfanov shares three tips that will help you succeed as a sustainable startup leader.
Think of funding as a continuous process
It is important to broaden a protracted-time period approach and start “warming up” investors in advance. They can get over excited along with your commercial enterprise concept from day one if you inform them more about the group and the product. Many startups which have correctly closed the rounds were constructing investor relationships for pretty a while. Therefore, it’s miles constantly an excellent idea to begin including contacts for your LinkedIn network and proportion your progress.
Plan ahead to have sufficient cash reserves
Many startups fail to comfy the coins reserves had to hold their groups going for walks at some stage in unexpected crises. The most frequent query is: what coins reserve need to a startup or small business set apart? Some professionals believe that three to 5 months of cash reserves are enough to cover charges, others recommend longer periods. Mind that developing large reserves can negatively have an effect on the boom and expansion of your commercial enterprise. Your capacity to acquire brief-time period investments inside the occasion of an emergency is essential. Founders should now not handiest keep appropriate relationships with banks however also have very good expertise of options to standard banking (consisting of crowdfunding) and ultimately pick the answer that high-quality fits the contemporary scenario.
Build a culture of quick decision-making
While each disaster brings demanding situations, these times also are a source of new opportunities. While your probabilities of survival and acceleration can also depend on what quarter you work in, your achievement also depends to your organization’s tradition. Having an established foundation for making choices long earlier than something takes place is what usually units rapid players apart from the relaxation. Thanks to the pandemic, we have all discovered this lesson, and we need to now prepare ourselves for similar occasions within the destiny.
A brief CV
Rustam Gilfanov is a co-founder of an IT company, IT businessman, and international investor.
In 2006, Rustam Gilfanov together with his partners opened an international outsourcing IT company in Kyiv.
Today, this employer is the most important developer of software for the gaming, advertising, and finance industries.
A few years ago, Gilfanov retired from operational obligations in his IT enterprise to commit himself to worldwide investment in promising IT projects inside the field of economic technology, gaming, and video streaming.
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