Top 5 Pieces of Advice for Startup Founders to Thrive

Building a startup is hard, but with the right knowledge, you can navigate the journey better. Over the years founders have shared some great lessons that can guide startups in the right direction. Here are the top 5 things every founder should know for long-term success.

Top 5 Things

1. Run Toward What You Hate

Most founders think hiring experts to fill their knowledge gaps. But Parker Conrad, co-founder and CEO of Rippling, suggests otherwise. Conrad says to tackle the parts of the business you dislike or struggle with.

“You should run toward the things you hate and bear hug them,” Conrad advises. Those uncomfortable areas are often the biggest risks to a startup’s success. By addressing them head on founders can mitigate the threats and gain a deeper understanding of their business.

2. Question Venture Capitalist Advice

Venture capitalists (VCs) may have the experience but their advice isn’t always right for every startup. Ashley Tyrner, founder and CEO of FarmboxRx, resisted the pressure from VCs to pivot her company into a meal kit business early on.

Instead of following the trend she stayed true to her vision of tackling food deserts with direct-to-consumer produce boxes. By sticking to her mission FarmboxRx eventually partnered with insurance companies and turned their unique approach into a profitable business. This is a lesson that founders should trust their instincts and not compromise on their core values for a fleeting trend.

3. Being First Is Overrated

The rush to be the first to market often overlooks a big advantage learning from competitors. Jordan Nathan, CEO of Caraway, launched his non-toxic cookware company later than his competitors but used that to their advantage.

“Launching last helped us refine our product, pricing and positioning,” Nathan said. By addressing unmet needs Caraway carved out a space in the market. Founders should remember being in a crowded space doesn’t mean failure it’s an opportunity to outshine competitors by offering something better.

4. Start Selling Immediately

Even if your long term product isn’t ready there is no reason to wait to generate revenue. Joe Wolfel, co-founder of Terradepth, designed short term revenue streams while developing autonomous ocean-mapping drones. By offering manual services and dashboards to clients Terradepth kept the business moving.Paul Hedrick, founder of Tecovas, started selling his boots to customers at farmer’s markets before launching online. This allowed him to get real customer feedback early on and refine his product and strategy.

5. Build a Company, Not Just a Product

While a groundbreaking product is important, founders shouldn’t forget the infrastructure needed to support it. Gavin Uberti, CEO of Etched, learned this the hard way when his company delayed setting up employee benefits.

An employee’s injury made him realize the importance of proactive planning for team welfare. Founders must remember creating a sustainable business means taking care of employees, building systems and prioritizing.

Conclusion

The journey of a startup founder is filled with challenges and decisions. By tackling weaknesses head-on, staying true to their vision, leveraging timing, generating early revenue, and focusing on company building, entrepreneurs can set themselves up for success.

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