I tell entrepreneurs to watch out for snowflake syndrome. Snowflake syndrome among founders is a very real thing.
If you've never heard of this concept then you should know what it is and see if it applies to you.
Snowflake syndrome is when you think that whatever you're doing is unique or special because of X, Y, Z reason. You're special and whatever you're doing is special--like a snowflake.
I see it a lot with entrepreneurs. Many entrepreneurs believe that general ideas and principles that apply to other people don't apply to them. Now, to be clear, having snowflake syndrome is not an entirely bad thing. Of course, there is nothing that is truly bad nor truly good. Having some type of snowflake syndrome is good. Some of it is just commingled with the idea of believing in yourself and that's fine.
But be careful of how or where this syndrome is manifesting. There will be times when it is appropriate for you to deviate from the norm and do something unique with the operations of your company.
The big picture things that work for companies across the board are the same. There are hundreds of oil and gas companies in Houston, Texas and Dallas, Texas that are doing the same type of thing and are incredibly successful. There are also thousands of companies that failed in Texas because they tried to do things differently. There's a time and place to do things in a unique manner. The fact of the matter is that for big picture concepts and operations, don't have the snowflake syndrome and try to do things in a unique way. Don't try to get fancy.
What I am saying is this: don't think that your idea is so great that you can skip important steps or not pursue them to the fullest when it comes to starting up properly or forming or financing. Don't try to shortcut these issues because they WILL come back and bite you.
In other words, remember that at the end of the day you are running a business so you still have to abide by the steps that ANY business has to take in order to be successful. What does that mean? It means to focus and get the big picture right. So let's talk about the big picture and what the big picture is.
It's this:
Phase 1: Formation
Structure as a C-corp. Don't do a fancy stock situation if this is your first rodeo. Don't get complicated. Vest your stock. Form in an appropriate state. Use an attorney that knows this stuff. Get help.
Phase 2 Considerations: Grow and Operate
Have a marketing plan in place. Actually write that shit out and do it. It can feel childish at first, but it's important. Make sure individuals within the company are doing what they're supposed to be doing. Compensate individuals appropriately.
Phase 3: Financing
Study this stuff. Read the articles on the sidebar. This is important. Don't run afoul of securities regulations and be careful. A lawyer will help guide you with these items. Make sure that investors are accredited. Document what's happening. Avoid flying by the seat of your pants. Use investment structures that make sense. Again, read the articles on the left bar.
Phase 4: End Game
Plan for the end game. Have an exit strategy. This strategy should be incorporated in the first three phases.
Don't get fancy with any of this. Get fancy when you make it big. Then your operations can really be like a snowflake.