Advice for Entrepreneurs
Should clarify upfront that I am neither old nor wise @celine
- •Take the plunge.Remember that this is a lot like selling drugs: the main reason you can possibly make an inordinate amount of money doing it is because most people don't have the guts to do it. Just taking the risk is a huge step forward.
- •Be thoughtful of whom you take advice from.Everyone loves to give their two cents. Consequently be weary that a person's consul is in your best interests. Often it's not. They don't mean it not to be, they just like hearing themselves talk too much to really consider if they're helping you.
- •Raise the high side of the amount of money you need for a said duration, but not more.A little cushion is nice. You'll always spend more than you planned to. But raising multiples of what you need just because you can is how you start digging holes you can't climb out of. If your business is legitimately doing so great that you imminently need more cash than you thought, raising more will never be a problem. Learned this one the hard way. Good times @x @mkz @pj @to_soham @chandu @ejoyce335 @eric
- •Hire fast. Fire fast.If someone doesn't fit, you know it fast. Do your diligence in hiring promising people but ultimately you just have to give it a shot and see what happens. If something isn't working, fire fast. Politely, but fast. Slow deaths are horrible for all involved.
- •Delegate. Hard.Know what you're good at, how much you can realistically take on but still do well, and what you shouldn't be within ten feet of. Delegate accordingly. It's also very helpful when (the right) employees feel empowered.
- •Don't take yourself or your endeavor too seriously.Not to say that you should treat it as a joke, but life's too short to be crazy intense and stressed all the time. And especially if you plan to have employees, that's a shitty company culture to start. It will always backfire, even in success. (Ex. Uber) Sadly, I lot of really successful tech entrepreneurs are just that. But many are quite lovely, too. They just aren't in the news as much.