Lessons from 3 years of startup mentorships

Came across a tweet sharing a summary of lessons a mentor learnt while advising various successful startups and I thought I should post it here to share and as a reminder to myself. This is adopted from a post on Business Insider and I’m gonna do a checklist of the project I am working on:

  • Develop a vision. Too many startups are too focused on the first features of their product. They need to give their project a wide berth. Especially during the tough stretches, it’s important to be able to look to a bigger horizon, to have a “mojo” which gives personality to the company. (Author’s Note: The Vision for Lunchsparks in to connect and help users network with professionals that are relevant to them. We believe in the power of networking and that nobody should spend their lunch alone. Checked!)
  • Know (and love) your key metrics. You can’t win if you don’t measure. From day one, even if your numbers are flat, it’s incredibly important to understand what are the important metrics for your business. I can easily feel if an entrepreneur is credible if she can, with a few figures, explain her business, her market, her customers, her strengths and weaknesses. And I can also feel if she, personally, is mature enough as an entrepreneur once she understands that metrics are her friend. That’s what allows you to steer your company, to evaluate yourself and your team. Starting a company is like building a small race car: without metrics, the competition will pass you by! (Author’s note: This is something really really new to me. We have not come by any numbers and we have no financial plan for Lunchsparks. We dive straight into the project because we believe in it and we know it will work. Maybe I should pay attention to this. Not Checked!)
  • Run fast (for a long time). You can’t be faster than the world. If you think you can be “successful” in 6, 12 or even 18 months, you’re wrong. In reality, it’s likely that the first 12 to 18 months will only be laying the foundations. It takes a long time to till the field, until at one point, everything speeds up magically. It’s a marathon, but every day has to be a sprint. (Author’s note: This is a reminder that things should be sped up. Progress for Lunchsparks are quite stagnant recently and we are relying on our tech co-founder to build the backend before we can proceed. I should try to do something to push him harder. Not Checked!)
  • Always be positive. Always. When you’re meeting with customers, leads, investors, when you’re pitching, when you’re discussing your competition, when you’re talking with random people, when you’re sending out your newsletter… Only ever announce good news, and smile! (Author’s note: Checked! I am super passionate and I believe in our product. Nuff said.)
  • Stay focused and avoid distractions. Events, mile-long to-do lists, social networks, trendy buzzwords, unnecessary features, writing a business plan, startup competitions… Through all that, an entrepreneur has to steer the ship and focus on what actually matters. Show some willpower and cut out anything unnecessary. (Author’s note: I have been carried away with a lot of things lately: new business ventures with friends, exploring new ideas, going for networking sessions as well as workshops. I really, really need to focus and prioritize. Not Checked!)
  • F—ing do something! Instead of spending your time thinking, test a bunch of things out, always be doing something. I’ve seen too many brilliant guys miss the bus. I think you have to be a bit of a horse, you have to act first and think later sometimes (even though thinking for a minute doesn’t hurt). (Author’s note: Checked! I always believe in doing things fast. And things are moving quite ok recently. Had quite a bit of progress considering the fact that I just came back to Singapore 1 month ago and we are looking for Alpha testers right now.)
  • It’s all about people. It’s hard to really be by yourself to start a company. Whether it’s co-founders, employees, freelancers, partners, peers… You’re going to have to learn to be social, to network, and more broadly to understand fellow humans. And to love it so much it becomes a second nature. (Author’s note: Checked! If there is one thing that I learnt in Shanghai was that I learnt to network and ensure that it became a daily routine. Thats the whole gist of the project that I am working on right now as well. )
  • Learn to fail. Failing is good. It’s like getting slapped in the face, it makes the blood flow! When starting a business, all of us screw up a lot, sometimes minorly and sometimes majorly. We’re all very talented at screwing up. (Author’s note: So far I have yet to face any failures with regards to the project that I am doing. I foresee more on the way though. Not Checked!)
  • Celebrate (even small) victories. Starting a business hurts. There are very few of those simple, happy moments. Everything is about being out of balance, leaping into the unknown, taking hopefully-calculated risks. And there is no payoff for a while, except for the vague feeling of being free and doing something meaningful. So you need to learn to celebrate and talk about the small victories. (Author’s note: Will have a mini celebration with my cofounders when Alpha is launched. =) Not Checked! )
  • Sell your project to your relatives. It’s fundamentally important that your close friends, family and loved ones be behind you 100%. They need to understand you and support you. So take the time to explain carefully all the things that go on in your brain and what they have to do not to add pressure. And don’t forget to take care of them, too: save special moments to unplug (yes, it’s hard) and spend quality time. (Author’s note: My relatives are in Malaysia. Maybe when I gain more user base first and we’ll work from there to garner their support. Not Checked! )
  • (Do not) listen. This is what’s most paradoxal. You’re going to have to learn to listen, to open your ears, and to draw deep from the experience of others. But you also need to learn to not let others influence you too much. Stick to your vision, define your plan yourself, and only then ask for advice. Everyone is always going to have their two cents, and their advice is often going to be contradictory. Pick a handful of mentors and trust your gut. (Author’s note: Checked! Nuff said.)
  • Know when to pull the plug. Life is long! After my first startup, I thought I’d seen it all. I was a bit lost, full of frustration, of meetings, of joys, successes, failures… And then months go by, and you find new things to do, you grow up. And sometimes, you need to just end it, figure out what went wrong, and get back in the saddle and do better. (Author’s note: As this is my first major project, lets hope it doesn’t go down the drain.)
=)

 

Advertisements

One thought on “Lessons from 3 years of startup mentorships

Anything to say to me?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s