Advice for Startups

I decided I would share something short and sweet this week: a list of things that I think startups should know. I have been compiling this for a few months. Creating a successful startup is always a bit like a game of Frogger — you have to find a path through the traffic whilst still keeping an eye open for the trucks.

I’m not trying to say I have all the answers here, and in the wise words of Baz Luhrmann:

“The long term benefits of sunscreen have been proved by scientists whereas the rest of my advice has no basis more reliable than my own meandering experience… I will dispense this advice now.”

• Speed to validation is key.
• Sell what you have, not what you dream you will have.
• Measure carefully, but look “beyond metrics”.
• Be ready to pivot, but do it as rarely and at as low a cost as you can.
• Raise more capital than you think you need, don’t fear dilution. 5% of something is better than 50% of nothing.
• Always play it straight with your employees, they can smell bs.
• Be selective with investors, that’s a very long term relationship.
• Don’t hire for track record, hire for potential.
• Be generous with equity with your employees, they will literally build what you need.
• Acquire signals in preference to acquiring customers.
• Reinvent yourself and your team, what got you here won’t get you there.
• Take time to ask yourself the question “what am I not seeing”.
• Master delegation, be good at influence without authority, pull don’t push.
• Treat work for others as bespoke work, and price it accordingly — if you’re not building for yourself, you’re building for someone else.
• Don’t fear or obsess over competition, the race is long, it’s not about who is ahead or behind right now.
• Start with the end in mind, but not with the exit in mind. Build something great and it will be valuable, try to build something valuable and it’s unlikely to be great.
• Step back and recharge — knowing where to go is more important than keeping running.

Sounds simple right? Good luck…