Issue #1: Founder-to-Founder Advice
Now that I've had time to really decompress and start working on my next venture, I decided to organize my thoughts into this newsletter in hopes of helping founders avoid some of the mistakes I made.
In recent months, my posts about entrepreneurship have led to a LinkedIn inbox packed with messages from aspiring founders, VCs, and an array of offers to elevate *Stealth Startup* to the next level with respect to (outsourced) engineering talent, marketing and PR, and executive coaches. This newsletter is centered around sharing insights for the benefit of new entrepreneurs.
My experience with Forager, extending through its acquisition by Arrive Logistics and beyond, was a profound learning journey. Despite our successes, we encountered many mistakes, each offering valuable lessons. I’ve previously outlined these lessons on LinkedIn, and now I'd like to delve deeper.
1. Hyper-Focus: Zeroing In
Focus is key. Early on, it's easy to get pulled in different directions. Stick to one thing and nail it. My dad dropped a truth bomb after my LinkedIn post – he said, “Don’t waste time going to conferences.” He’s onto something. Think ROI. Every minute and dollar spent at an event is time away from building your dream. Measure it against what you gain. If you can look your co-founder or investor in the face and tell them that you’ll bring in business from the conference, then do it. But think about what you’re sacrificing.
2. Raising Capital
Let's get real about money. Raising capital? It's a big deal, but it’s just the start. You’ve got to have a game plan for every dollar – think of it like your startup’s battle plan. When pitching, here’s the thing: keep it short and sweet. You’ve got maybe a dozen slides to make your mark. Any more than that, and you risk losing their attention.
Now, once you’ve got that investment, it’s all about communication. Keep your backers in the loop. Got great news? Share it. Hit a rough patch? Be upfront about it. The key here is balance – don't overpromise, but don't sell yourself short either. Investors aren’t just your funders; they’re your allies. Keeping them updated is part of the journey, not just a checkbox.
3. The Team: More Like a Championship Team Than a Family
You know how everyone starts off calling their team their family? Well, while a tight knit culture is key, think of your squad more like a sports team. Each member plays a specific role, bringing unique skills to the table. It's about finding the right fit for each position. Building the culture is like coaching – you set the strategies, the goals, and foster the environment where everyone can excel. In the beginning, take the lead on sales. How you form and lead this team sets the tone for the entire game ahead.
I aim to personally bring in those first 100 customers. If I can keep going past that to 250, I will. I’d love to avoid hiring sales people for as long as humanly possible. It’s likely we’ll end up hiring in marketing and success before sales.
4. Process: Crafting Your Winning Game Plan
Processes in a startup? They’re like the unsung heroes. Building a solid process early is like training for the big leagues. Think of it as creating a rhythm everyone moves to. Regularly setting and reviewing OKRs is like your regular team huddle – keeps everyone aligned and chasing the same goals.
Now, let's talk about the elephant in the room: performance management. It gets a bad rap, often seen as corporate speak for layoffs or cutbacks. But here’s the real deal – it's about making your team stronger. It's a two-way street: either you're coaching someone up, helping them grow and excel, or you’re making the tough call to coach them out. This isn’t about being harsh; it's about being fair and keeping the team agile and effective. And remember, performance management starts the day someone joins your team, not when problems arise. It's about setting expectations, giving feedback, and fostering growth from day one.
5. Tech & Product: Crafting Solutions That Captivate
In the world of tech and product development, it's all about creating software that people love. It's not just about fixing problems; it's about making an experience that resonates. This is where your creativity meets user needs. Iterate, refine, and surprise your users with how well you understand them.
This cycle of building, testing, and iterating is key. Listen to feedback, anticipate needs, and always be ready to pivot or evolve. Your product roadmap? That’s your guiding star. It keeps you on track, aligns your team, and helps you navigate through the tech jungle. It's more than just a checklist; it's a dynamic blueprint for your product's journey.
And here’s a thing about tech: it’s not just about what it does, but how it makes users feel. Aim for that sweet spot where functionality meets delight. That’s when you know you’ve got something special.
6. Passion: Seeing Through the Hype
Passion is your startup's heartbeat. It's what makes the difference between a project and a mission. I've met a lot of founders recently, and let me tell you, it's easy to spot who’s in it for the buzz and who’s driven by a real fire. Thirty seconds into a call, and I can usually tell. If someone's just riding the trend wave, not deeply invested in their idea, it shows. And trust me, investors and customers? They see it too.
So here’s my take: dive into something you're truly passionate about. Something that keeps you up at night, that you can't stop thinking about. It’s about being obsessed with a problem that you feel only you can solve. This isn't just about making a smart business move; it's about bringing a vision to life that you genuinely believe in. That's when you move from being just another founder to being an innovator who makes a real impact.
Wrapping It Up: The Entrepreneurial Essence
So, that's the rundown. We've talked about focus, money, team dynamics, the importance of process, the magic of tech, and the undeniable power of passion. It’s a mix of strategy, hard truths, and real talk – the essentials of the startup world.
As we wrap this up, remember, it’s not just about what you do; it’s how and why you do it. The path of an entrepreneur is as much about the journey as it is about the destination. It's about building something that matters, with a team that’s driven, using processes that work, and technology that changes the game.
I'm stepping away from the soapbox now, but the conversation doesn’t end here. Excited to dive into supply chain, logistics, and all the nitty-gritty in our upcoming chats. Reach out on LinkedIn or X/Twitter – let’s keep this dialogue going. Here’s to turning these insights into action and making each week count!