This past Friday morning, May 6th, Xenios Thrasyvoulou sat down with a newly caffeinated crowd of startup founders in a co-working space in New York City’s SoHo and talked about his experiences beginning the platform we all know today as PeoplePerHour.
1) The Biggest Obstacle Xenios Faced Starting PeoplePerHour:
I asked Xenios what the biggest obstacle he overcame? He talked rattled off a couple issues like being days away from not be able to pay the rent and a lack of technical abilities on the team. He finally led us to his conclusion that the biggest challenge he faced in the early stages was finding top talent to leave a stable job and join an early stage startup, before it was cool to join a startup.
2) Common Misconceptions in the Startup Community:
It’s sexy to start a startup today, there are incubators, accelerators, an abundance of VC money, and mentors everywhere. Startups can get lost in following convention and getting too much “advice”. The phrase heard most often is “never give up”, but knowing when to throw in the towel is a painstaking experience and is often done too late. His answer is pretty simple. If your business has the Micro fundamentals (happy, paying customers who come back for more) and the Macro fundamentals (understanding the current and future industry trends) right you should keep going. If it doesn’t it’s time to move on.
Xenios recently wrote a post on his own blog “To Quit or Not to Quit” where he talks about his theory more in depth.
3) Startups Obsession with Venture Capital:
Startups talk about Venture Capital funding all of the time, often it seems that it’s the only conversation that founders are having. VC is good, and necessary but founders often fall into the trap of believing that getting funded is the goal. Xenios pointed out to our audience that startups should never forget that getting funding is just the beginning, you always need to be innovating and working on making their businesses PROFITABLE, after all, they’re starting a business.
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