Before I started my startup I was under the illusion that there are companies out there that are truly innovative in every way. Before I actually read about how Google works, I thought it was an organisation filled with geniuses having loads of fun.
The reality is very different. There is very little innovation in most things. When setting up your startup is it wise to be innovative with how you pay tax, structure your organisation, deal with information governance issues? Probably not.
Sure, have an innovative product, but how you set up your business needs to be done in a very structured, non-innovative way.
There is a lot of mundane boring stuff that goes into setting up a business. I haven’t ever had to create a policy about data protection adherence etc before, but I’m having to at the moment (as well as about a hundred other things I have not ever done before).
My mantra of late has become: “How do I find out?”. Usually there is someone somewhere who has done it all before and will show you the way.
The mistake would be to take on each and every task as a personal challenge. The challenge is refining the product and making something the market loves and to create sales. The challenge isn’t to be innovative in aspects of business/structuring/legalities which have stood the test of time and is used by every other business in the world.