Seven habits to make a start-up succeed
Not all entrepreneurs are created equal. Some fail, some go on to create small businesses, and some go on to create massively scaled businesses. Over the years I have met and had conversations with many founders who have built impressive businesses. From these conversations I have compiled what I see as the seven key habits of successful start-up entrepreneurs:
Vision. Most entrepreneurs are able to sketch and effortlessly communicate a message of growth and opportunity for employees. In a start-up environment this is particularly important. Start-up employees often find themselves in bootstrapped, suboptimal office environments, working late nights with little or no benefits. They have joined the start-up not for the present, but for its future promise, so it is vitally important to regularly articulate a vision at stand-ups, exco meetings, company reports, casual conversations and in the values of the firm. I often used to tell my first six employees: imagine yourselves, one day, as part of a top management team with people and departments under you — that is where we are going.
Networks. It’s a lonely world when you jump out of the corporate beast into the great unknown. Erstwhile friends suddenly disappear when they see you leave your position of power and responsibility. For any entrepreneur a strong business and friend network could be the foundation of your new start-up. These are the people who trust you and like you — and will take a bet on you even if the credibility of your business has yet to be proved. Keep those bridges crossable; don’t burn them.
Curiosity. This is a nicer way of saying “opportunistic”. Entrepreneurs need to seize every potential meeting or opportunity as you never know where it will lead. I see it as a series of doors. Some doors stay shut, some doors lead to hundreds of other doors opening. I’ve lost count of the dead-end meetings or opportunities I looked at, but because I embraced them open-mindedly the few that came off literally doubled my business, which then led to other opportunities that helped my business. I often think to myself; what would my business have been like if I had missed that one meeting that literally revolutionised my business? Be an opportunist and approach moments like these with an open mind.
Focus. This is a subset of curiosity and not its opposite. Conventional thinking says it takes 10,000 hours to become an expert in something. This is only achieved with a driven, laser-like focus on the goal to grow your company. Being curious is not the same as being unfocused. Take every chance that comes your way, but make sure that it fits in with the broad vision of what your company is. One of the classic mistakes venture capitalists criticise entrepreneurs for is their desire to conquer foreign markets before they have even saturated their home market — the very market they have a competitive advantage in. I know some entrepreneurs that have been so focused on their business that they cut out watching TV or sport for a period of their lives.
Exercise. Starting a business is a battle of both mind and body. As an entrepreneur sitting with so much uncertainty and many issues to solve, you need to get out there and get some physical exercise to relieve stress. It will also make you a more balanced person when dealing with staff.
Processes. Most businesses are organised chaos. The chaos part is the humans, the organised part is the processes and deadlines. As your business grows you will lose contact with staff members, start dealing with management layers, and be managing people indirectly. A way to bake your vision and the way you want things to work is to create processes, templates and documentation that ensure your employees act in a certain way, and to the standard you expect.
Profile. Not every entrepreneur is an A-type personality, but creating a profile can be helpful. It’s important to get out there to the right conferences and events. Offer your speaker services, develop relationships with journalists, and write thought leadership pieces where your competitors and your target market hang out. Don’t just hand this over to a PR company. Be authentic, and take time to craft your unique message and take on the world. For the more introverted start-up founders who don’t want their name in lights, find someone in the company who can do this for you as your proxy.