Lessons learned: My top 5 insights from working with startups
<p>Working in a startup can teach you valuable lessons and it could be an exciting and rewarding experience. However, it doesn’t come without some painful truths and lessons. I’ve had the privilege of working with a number of startups over the years, and in this article, I would like to share five of the most important lessons that I’ve learned through the years.</p> <p>I want to share my experience as I hope that by sharing, I can help other entrepreneurs and intrapreneurs avoid some of the pitfalls that I encountered along the way. So whether you’re just starting out with your first startup or you’re just working in one, I hope that these lessons will be helpful to you on your journey.</p> <p>To say that speed is important is an absolute understatement.<br>Speed is crucial and it is one of the most important factors in business, as it can help companies to be more competitive and responsive in the marketplace. When a company is able to respond quickly to changes in the market or to customer needs, it can gain a competitive advantage over its rivals and stay relevant longer. This can be especially important in fast-moving industries or in times of economic uncertainty, when the ability to adapt and respond quickly can make a significant difference. In addition, speed can help companies to improve their efficiency and reduce costs, as it allows them to complete tasks and processes more quickly and with fewer resources. This can help businesses to save time and money, which can be reinvested in growth and innovation. Overall, speed is an important element of success in business, and companies that are able to move quickly and efficiently are more likely to thrive in today’s fast-paced and competitive environment.<br><br>Even if you do “only the right things”, but you do them slowly — you are going to lose in business because others will be way ahead of you.<br><br><em>“Speed is a byproduct of efficiency.” — Jason Fried, Rework.</em></p> <h3><strong>The right environment</strong></h3> <p>The right environment is also crucial for success in business. Just as a plant needs the right soil, water, and sunlight to thrive, a business needs the right surroundings to grow and flourish. The right environment can provide the resources, support, and opportunities that businesses need to succeed. On the other hand, the wrong environment can stifle growth and hinder success.</p> <p>As business leaders, it’s important to carefully consider the environment in which we operate and to create or seek out the conditions that will enable our businesses to thrive. This might involve choosing the right location for our offices, cultivating a supportive and empowering culture within our organizations, or positioning ourselves to take advantage of favorable economic and political conditions. Whatever the specifics, the right environment is essential for success.</p> <p>But creating the right environment is not just about external factors. It’s also about fostering the right mindset and culture within our businesses. This means cultivating a culture of innovation, collaboration, and continuous learning, and creating the conditions that will allow our teams to thrive. It’s about setting the stage for our businesses to grow and evolve over time, and building the foundations that will allow us to adapt to changing circumstances and stay ahead of the curve. By paying close attention to the environment in which we operate and creating the conditions that will allow us to thrive, we can set the stage for lasting success.</p> <p>If your conditions are unfavorable or you are in the wrong environment and have no influence over it — my advice is leave. With time it will only get worse. Don’t become a victim of the <a href="https://en.wikipedia.org/wiki/Sunk_cost">sunk cost fallacy</a> and find or create the conditions that best suit you.<br><br><em>“A positive and supportive environment can help individuals reach their full potential.” — Tony Robbins</em></p> <h3><strong>Timing</strong></h3> <p>Timing is another factor in business, that makes the difference between success and failure. A well-timed move can take advantage of market opportunities, while a poorly timed one can lead to missed opportunities and/or a financial loss. In business, timing can play a crucial role in the success of a new product launch, entering a new market, or making strategic decisions. For example, introducing a new product at the right time can capitalize on a trend or unmet consumer needs, while launching it too early or too late can result in a lack of interest or saturated market.</p> <p>Similarly, making a strategic acquisition or investment at the right time can lead to significant growth, while waiting too long can result in missed opportunities. Having a good understanding of the market trends and timing the launch accordingly can help to attract and retain customers, which will lead to profitability. <br><br><em>“Timing is a crucial element in the successful operation of any business.” — J. Paul Getty</em></p> <h3>Taking Ownership</h3> <p>Taking ownership in business refers to the mindset and behaviors of individuals who are fully responsible and accountable for their actions, decisions, and results — It is up to you to get the job done (even if it is not “written in your job description”).</p> <p>You need to constantly keep in mind tasks and priorities and I don’t mean this in a micro-managerial way but more in a proactive and taking initiative one. Also, being accountable for one’s mistakes and failures, and being willing to learn and improve are big part of it.</p> <p>Taking ownership also involves being a good team player and contributing to the overall success of the company. Businesses that encourage and cultivate a culture of ownership is destined to be successful, as employees who feel a sense of ownership and responsibility are more likely to be engaged and motivated to contribute to the company’s success. On the other hand, a lack of ownership can lead to a culture of passivity and blame, which can be detrimental to a company’s early stages.<br><br><em>“The power of ownership is the power to control one’s own life.” — Milton Friedman</em></p> <h3>Validate before you build</h3> <p>“Validate before you build” is a principle that suggests that it is important to test and validate an idea or concept before investing significant time and resources into building it. This principle can apply to a wide range of contexts, from product development to business strategy.</p> <p>The method of “Build it and they will come” almost never works, especially in this day and age. Your clients/users have more choices than ever and if you are starting out with this mindset — you are building something for the “average user” and usually there are bigger teams which are better prepared, better financed or more popular than you that are already working on a solution. And this is how you lose your competitive edge.</p> <p>The idea behind “validate before you build” is that it is much more efficient and cost-effective to validate an idea early in the development process, rather than building out a full product or solution only to discover that it doesn’t meet the needs or expectations of the market. By validating an idea through methods such as market research, customer feedback, or prototypes, it is possible to determine whether an idea has the potential to succeed before investing significant amount of time and resources into building it.</p> <p>This principle can be particularly important in the fast-paced and rapidly changing world of technology, where new ideas and innovations can quickly become obsolete or outmoded. By validating an idea before building it, it is possible to avoid wasting time and resources on projects that are not likely to succeed, and to focus on developing ideas that have the greatest potential for success. Validate your ideas as soon as possible. Try not to invest or invest as little as possible during this early stage of your startup. You need to understand where your value proposition lyes.<br><br><em>“The biggest mistake a new company can make is to solve a problem no one has.” — Peter Thiel, Zero to One</em></p> <h3><strong>Bonus Lesson:</strong></h3> <p>Something that I have learned really late was to celebrate victories (even the small ones). For some people this looks obvious, but for me it was something often overlooked. I was usually so focused on the finish line that I forget to enjoy the moment and then I lose track how far I went. My final lesson that I want to share with you is that you should practice gratitude and enjoy every step along the way. You will get further…<br><br><em>"Gratitude is the healthiest of all human emotions. The more you express gratitude for what you have, the more likely you will have even more to express gratitude for.” — Zig Ziglar</em></p> <h4><strong>TL;DR:</strong></h4> <ol> <li>The importance of Speed</li> <li>The right environment</li> <li>Timing</li> <li>Taking Ownership</li> <li>Validate before you build</li> </ol> <p><em>PS: There are tons of amazing books that I could recommend on this topic. One of my favorite is Zero to One by Peter Thiel. Definitely worth checking out.</em></p> <p><em>PS: If you would like to share which one resonated with you the most, you could do it in the comment section.</em></p> <img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=9e63d9b06973" width="1" height="1" alt="">