“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs
Creating a startup business is no easy task and requires many skills to succeed, such as the Founder’s Skills. On top of having excellent leadership skills, a founder needs a skilled team that can execute tasks thoroughly and efficiently, capital to fund the startup, and most importantly, an idea, a vision, or a solution that you want to materialize.
All big tech companies had to journey through the startup phase and face many obstacles along the way. An example of such a company is Airbnb, an online marketplace that lets people rent out their properties or spare rooms to guests. Funders and Founders created this infographic to showcase Airbnb’s journey before finally reaching the $10 billion valuation milestone.
Airbnb’s idea came about when two of the three founders could not pay rent and solved the issue by renting out space within their flat for people to sleep in air mattresses and have breakfast. They took this idea and created a website for the service, and upon realizing that the concept could become big, they invited their former roommate to be a co-founder. From there, they joined the SWSF conference as their official launch.
Realizing they needed to earn more capital, the co-founders embarked on different capital building ventures and received funding from various investors. The founders also realized they were not making enough income from the business and realized it was because the photos of the rooms for rent were not appealing and turned customers away. To resolve this issue, the founders went around different New York City and took pictures of the listed rooms themselves.
Eventually, despite getting rejected by venture capitalists, Airbnb founders garnered investments amounting to $112 million from different sources. Thus, solidifying their presence in the market and allowing them to become the tech giant they are today.