With over 300 investments, I spent a lot of time talking to Founders. And they would do things VERY differently if they knew what they know now. Here are 10 things founders wished they knew before they started their businesses:
• Ship Before Its Perfect You can spend an eternity trying to perfect a product in a vacuum. Develop an MVP and ship as soon as possible. Let feedback from your customers determine how your product evolves. If it’s perfect when you launch, you’ve waited too long.
• Don’t Raise Too Much Capital Be very clear about how you will spend your capital BEFORE you raised it. Every dollar of capital you raise, erodes your ownership and control of your business. Nothing worse than having funds you can't generate an ROI with.
• Don’t Raise Too Little Capital There are very few experiences that are as uncomfortable, As going back to investors asking for more money because you under-budgeted. Always assume everything will take longer and cost more. It never hurts to build in a healthy buffer.
• Speak To Clients Often No matter how big you get, ALWAYS allocate time to speak directly to your customers. There is no better source for insight into the needs and nuances of your industry.
• 3 KPIs are plenty Regardless of how big your business gets, you should only be focusing on a MAXIMUM of 3 company-level KPIs. This enables you and the team to focus only on the things that matter.
• Partners With Aligned Values Partner with people who share or are at least aligned to your values. When things are moving quickly and at high intensity, relationships are often strained. If your values aren’t aligned, you don't usually recover.
• Diversity In Your Partners Don't partner with people who have the same skills and see the world in the same way. Your business needs diversity in both skills and perspective. Find partners that do things that you can’t and who see the world in ways that you don’t.
• Know What You’re Signing Up For You need to be fully across your key agreements (i.e. co-founders, shareholders, investors etc.). These have a long-term impact on your business (and life). You want to be fully aware of the implications.
• Hire a Coach Being a founder can be lonely. And it's difficult to seek advice or be vulnerable with people who work for you. That's where a coach can be invaluable. They provide emotional support, double-check your thinking and call you on your bullshit.
• A Good Board You don’t have to carry the weight of your business squarely on your shoulders. A good board can offer different perspectives and help carry the cognitive and decision-making load.
TL;DR (1/2) 10 things founders wished they knew before they started their businesses: Hire a Coach 3 KPIs are plenty Speak To Clients Often Ship Before Its Perfect Diversity In Your Partners A Good Board of Directors
TL;DR (2/2) 10 things founders wished they knew before they started their businesses: Don’t Raise Too Little Capital Partners With Aligned Values Don’t Raise Too Much Capital Know What You’re Signing Up For
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