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FSW 61: How to raise investment, on setting priorities after product-market-fit, on building a highly successful business, and more

Exploring the depth of Entrepreneurship, Expertise, and Work | 26 March 2023 | No. 61

Hello there, Welcome to another edition of FS Weekly. 

This edition features:

  • 03 Essays and analysis
  • 01 Book review
  • 01 Funding news
  • 02 Recommended Readings 

How to raise investment for your startup: 03 founders share their lessons on fundraising 

  • Raising investment is not easy. It is more so during an economic downturn. You’ll get a ton of rejections. People will say no a lot. Some investors will even reject your meeting requests. Don’t take their rejections and Nos to heart. They are, in almost all cases, neither rejecting your idea nor you as a person. They are merely saying no for now. Probably it is not the right time for them to invest in a company like yours. 
  • So the first thing is don’t get demoralized. Don’t take any rejection personally. Most importantly, don’t give up. The startup is usually about stamina. If you can keep going regardless of the rejections, you will succeed without a doubt. 
  • The majority of founders who have raised money would tell you, the road to successful fundraising is littered with rejections and NOs. But if you keep going, you will eventually succeed. 

How to set priorities for your startup after product-market fit

  • There are a lot of good discussions on the importance of and the path to product-market fit. What gets drowned amid all the focus on product-market fit is what happens after product-market fit, once you achieve the coveted product-market fit. Because getting to product-market fit does not suspend all your challenges afterward. Rather it is just the beginning. 

Seth Goldman and Barry Nalebuff’s 10 Rules For Building A Highly Successful Business 

  • When starting a business, it's essential to build something you truly believe in. This is because your passion and conviction will be the driving force behind your brand's success. When you have a deep sense of purpose and belief in what you're doing, it will be easier to communicate that message to others and inspire them to become loyal customers. On the other hand, your passion will keep you motivated and focused on your goals, even in the face of challenges. So, if you're thinking of starting a business, make sure it's something you truly believe in – it's the first step to building a great brand.

13 Quotes from Crossing the Chasm by Geoffrey A. Moore

  • Geoffrey A. Moore published the first edition of Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream Customers in 1991, almost 32 years back. The book became an instant best-seller and a must-read for any and every marketer dealing with technology products. 

Shikho raises new investment from SAJIDA Foundation, international investors to expand reach and impact

  • Shikho, a leading education technology startup from Bangladesh, announced that it has raised $900,000 in new investment from three new and one existing investor in a strategic funding round. The company writes in a press release that the new round will help it on its mission to democratize access to high-quality education in Bangladesh and expand its reach and impact. 

Recommended readings

May Sarton on How to Cultivate Your Talent.

  • “Talent is insignificant. I know a lot of talented ruins,” James Baldwin bellowed in his advice on writing. “Beyond talent lie all the usual words: discipline, love, luck, but most of all, endurance.”

OpenAI connects ChatGPT to the internet

  • OpenAI today launched plugins for ChatGPT, which extend the bot’s functionality by granting it access to third-party knowledge sources and databases, including the web.
  • Available in alpha to ChatGPT users and developers on the waitlist, OpenAI says that it’ll initially prioritize a small number of developers and subscribers to its premium ChatGPT Plus plan before rolling out larger-scale and API access.

The Ultimate Deliberate Practice Guide: How to Be the Best.  

  • Deliberate practice is the best technique for achieving expert performance in every field—including writing, teaching, sports, programming, music, medicine, therapy, chess, and business. But there’s much more to deliberate practice than 10,000 hours. Read this to learn how to accelerate your learning, overcome the “OK” plateau, turn experience into expertise, and enhance your focus.
Mohammad Ruhul Kader is a Dhaka-based entrepreneur and writer. He founded Future Startup, a digital publication covering the startup and technology scene in Dhaka with an ambition to transform Bangladesh through entrepreneurship and innovation. He writes about internet business, strategy, technology, and society. He is the author of Rethinking Failure. His writings have been published in almost all major national dailies in Bangladesh including DT, FE, etc. Prior to FS, he worked for a local conglomerate where he helped start a social enterprise. Ruhul is a 2022 winner of Emergent Ventures, a fellowship and grant program from the Mercatus Center at George Mason University. He can be reached at ruhul@futurestartup.com

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