Successful Ukrainian entrepreneur in the US gave 9 tips to startups

Yaroslav Azhnyuk is one of the cofounders of the international company Petcube, based in Kiev. For 6 years, the Petcube team attracted $ 14,1 million, hit the Y Combinator accelerator and earned recognition from Emma Watson. He spoke at the UNIT.City Kiev innovation town at the invitation of the start-up studio Concepter, where he spoke about his company and gave advice to budding entrepreneurs, writes Vector.

Yaroslav Azhnyuk Photo: Facebook

1. Do not make the hardware product the first product of your company.

Investors are less fond of such startups, because they have seen too many failed ideas. Creating a hardware product requires more investment in engineers and resources. When the first sales are not going according to plan, a hardware startup is more difficult to solve the problem.

2. Sell ​​in the global market, produce in Ukraine

This helped Petcube succeed as a hardware company. Enterprises with production in Silicon Valley have much more costs. Due to the fact that most Petcube engineers worked in Ukraine, the company's expenses were several times lower. Employees in Ukraine can pay much less than in America. On the one hand, their salaries will still be higher than the national average. On the other hand, their standard of living in Ukraine would be better than if they lived with high wages in the United States, given US prices and taxes. As a result, employees are satisfied, and the company saves large sums.

3. Do not test the product in Ukraine if you want to sell it in global markets.

Ukrainian consumers are very different from American. Here is a different understanding of quality and resources, it limits your ability. The sooner you enter the international market and become an aggressive startup there, the better.

4. Do not put too much effort into the product until you learn whether someone needs it at all.

It often happens that entrepreneurs spend a lot of time developing an idea that they think should take off. But the main task is to study the market, do testing on users, and then get to work. Don't be too sure about your hypotheses.

5. Do not start working on a new product, even if it seems simple to you, without consulting with experienced people.

Sometimes it seems to entrepreneurs that there is no need to communicate with competitors, with those who already have experience in a similar field. But in most cases such self-confidence is costly.

6. Do not spend too much time on networking. Networking is not working.

7. Make a list of investors and send each personalized letters with your achievements, indicators, explanations.

Send letters not to funds, but to specific partners of funds that are engaged in exactly your direction. And be prepared for a lot of failures.

8. Remember that you are just a man

Mental disorders, burnout, procrastination - all this happens with entrepreneurs, and this is normal. There is nothing wrong with seeking help from a psychotherapist.

9. Do not forget about physical activity. It helps to unload thoughts and not lose shape. Jaroslav, for example, is engaged in swing.

Recall Petcube is a company that produces a gadget that allows pet owners to track their pets at a distance.

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