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Certain Inalienable truths as a venture backed startup founder
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1/ You are not your startup. It is a company, a business. Not your salvation.
No matter what anyone says, You don& #39;t need to die for your startup.
No matter what anyone says, You don& #39;t need to die for your startup.
2/ The market is more important than your product, your team and your vision.
Regardless of why you started the company, focus on the market. Everything else is noise.
Regardless of why you started the company, focus on the market. Everything else is noise.
3/ Your first 5 hires should NOT BE managers or executives.
Managers and Execs bring complexity to simple tasks.
It doesnt matter how much you raised. This rule will determine your success.
Managers and Execs bring complexity to simple tasks.
It doesnt matter how much you raised. This rule will determine your success.
4/ Your currency is momentum. Momentum is growth + narrative.
If you cant tell your story and captivate people you should not expect to raise $$ or hire anyone worthwhile.
If you cant tell your story and captivate people you should not expect to raise $$ or hire anyone worthwhile.
5/ Learn to execute on your own in 2 of the following 3:
- Product
- Sales
- Engineering.
p.s. You have to execute on hiring and finance regardless of this.
- Product
- Sales
- Engineering.
p.s. You have to execute on hiring and finance regardless of this.
6/ Founders are better friends than Investors.
Investors are better advisors than Advisors
Advisors are the Mckinsey of startups
Refine your network constantly.
Investors are better advisors than Advisors
Advisors are the Mckinsey of startups
Refine your network constantly.
7/ Close your first 25 B2B sales, your first 100 signups and first 1000 B2C customers yourself.
Doesnt matter how manual it is.
Doesnt matter how manual it is.
8/ Find lessons in every failure before the failure consumes you.
Do not let the disappointment over come the urge to win.
Do not let the disappointment over come the urge to win.
9/ Never trust what an investor or a team member says. ONLY trust what they do.
When people show you who they are, Believe them.
When people show you who they are, Believe them.
10/ Do not hire any of your first 10 full time hires until they do a project.
That will tell you more than a diligence / reference call.
That will tell you more than a diligence / reference call.
11/ Collections matter more than Revenue.
Cashflow matters more than profits.
Cashflow matters more than profits.
12/ Remote first teams need to over communicate. About everything.
Spend 30% time on a project figuring out what and how to do it.
Spend 30% time on a project figuring out what and how to do it.
13/ You are probably more successful than 90% of the founders out there.
You& #39;re also not as smart as them. Make it count.
You& #39;re also not as smart as them. Make it count.
14/ You cannot control events. Only your response to events.
Make your response calm, collected. rational and replicable.
Make your response calm, collected. rational and replicable.
15/ You will probably fail to raise atleast 1 round during your startup.
Thats fine
Thats fine
16/ There are very few "winner takes all" markets any more. Just do NOT try to convince people otherwise.
Find better investors
Find better investors
/fin
