Personality is the key to startup success.
Oftentimes, businesspeople hear tips for keeping business and personal life separate. While there is truth to that sentiment, expert startup attorney Howard Finkelstein believes that startups that bring an outstanding personality to the table get noticed, and are therefore typically successful in their venture.
Israeli serial entrepreneur Ronan Chen is a fundraising and grant strategy specialist and a lecturer and innovation consultant supporting entrepreneurs throughout their startup journey. His podcast On Vision, Technology Innovation & Money shares unique perspectives from years of experience in the startup industry. Chen regularly hosts guests active in the startup ecosystem, discussing entrepreneurship topics ranging from protecting Intellectual Property to process automation, leveraging AI in business, and so much more.
HJF Law’s founder Howard Finkelstein sat with Chen to discuss startup qualities, fundraising strategies, and trending challenges within the startup ecosystem. Here, we’ll share some highlights from their interview. Listen to the full podcast here.
A Passion for Founders
Howard Finkelstein earned decades of business and finance experience working with major banks, venture capitalists, and several smaller companies. In 2009, he founded HJF Law to focus solely on support for startups. He and his team of attorneys leverage their experience and breadth of business knowledge to provide counsel for founders, advising clients where to go and what to do in their process.
Markers of Founder Success
When founders approach HJF Law for support, Howard Finkelstein noted a few indicators that nearly always indicate future startup success.
“You do see founders that are hardworking, but also have this spark of ingenuity and something different about them. They’re not standard human beings; they have something going for them, they like to do things a different way and follow their own paths, and it’s very important that founders do that.”
Chen agrees, noting founders must also possess a trifecta of technology, a great team, and the right market fit. He said, “Once those three points are balanced, we have a triangle that can make the company happen. Provide a solution to a need.”
Another differentiator in success is marketing. Getting new products to the right market is critical for both B2B and B2C audiences. It takes a lot of hard work to spread the word.
Solopreneurs May Face More Challenges
While Finkelstein believes having a team is essential, he noted many solopreneurs can make it on their own — to a point. Growing from solitary genius to big company, founders must hire experts in various business departments. Leaders in human resources, technology, marketing, and others must have the ability to focus on their own challenges, leaving founders to work on the business.
Trending Successes and Challenges
While trends are cyclical, Howard Finkelstein sees technology startups, particularly in AI and blockchain, being highly sought-after by investors. Startups offering B2B solutions are often successful, while DTC companies are more regularly experiencing challenges.
Other frequent startup challenges include conducting more fundraising than necessary, which can result in giving away more equity than necessary. Successful fundraising rounds are great for startups; however, early equity is expensive. Finkelstein often advises clients to pause once a goal is met, and wait for a higher valuation before moving on to another funding round.
“You have to fund to your needs, but you shouldn’t fund beyond your needs,” Finkelstein said.
Business is Personal
Many people are familiar with messages like, “It’s nothing personal; it’s just business,” which seems to indicate that business life and personal life should be kept separate. However, business is inherently personal. Personal relationships have to be cultivated, and personality remains at the forefront of building successful business relationships. Being likable and having a character that stands out are important for startup success.
Have An Attorney On Your Team
For all of their startup clients, Howard Finkelstein looks to be a part of the team for early-stage businesses. Regular client check-ins help HJF Law to gain full understanding of their processes and add value where they can. Rather than the typical bill-by-the-hour model, HJF Law offers a subscription model to better evaluate startup needs, help them along their fundraising journey, and offer support through any of their services. From human resources, fundraising, formation formalization, and more, their goal is to support startups along every step of the journey.
“Keep on innovating, keep on trying, and don’t give up!”
To hear the full podcast, visit Season 2, Episode 5 of Ronen Chen’s On Vision, Technology Innovation & Money series here.
To chat with expert startup attorneys at HJF Law and have an attorney support your startup, call (917) 267-8184 or visit hjflaw.com.