A year ago
The road to entrepreneurship isn't as
glamorous as what's portrayed on the #entrepreneur side of Instagram. The
formula for success doesn't contain any jets or fancy clothes or cars but
rather a ton of grit and conviction. Growing a company from a two to 30-person team had several challenges.
Things like iterating the product, funding and even hiring people to join the
journey posed as mountains that had to be conquered by our team. If you're
looking to start a company — you're in for a wild ride!
I'm not claiming to be an expert,
but I wanted to get these thoughts out there to help anyone in the thick of
business ownership. (Or even on the cusp of it!)
Here are five lessons I've learned
as a first-time female founder.
It's wishful thinking to wait for
the stars to align to start moving toward your business goals. You may feel a
case of overthinking,
but when you're building a business, speed of iteration will be your best
friend to success. Start somewhere. No decision is perfect, and few decisions
will result in the death of your company. It's a matter of making small
actionable steps daily to reach your goals.
Perfection is the enemy of progress. The first iterations of the product will
likely be rocky. But getting your product out to the market with beta testers
led us to a product we are incredibly proud of today. Without feedback, it is
impossible to iterate effectively. I ask myself regularly, "what can I do
today to make us better than yesterday?"
Easy enough, right? I believe good
people build good teams and good teams build good products. Building your team
is one thing that's vital to the success of your business. The secret behind
Smartrr's growth is the team we've built. Finding that talent from scratch was one of the most challenging things
I've faced. I know I said never to wait for perfection. Still, it's essential
to clarify the type of culture you're looking to build your business around and
focus on aligning the right people that will add value to the specific culture.
Starting a company is a challenge;
having misalignment internally will only distract you from your goals and can
be your downfall. Take your time in selecting who is in your inner circle. This
includes your team but also all other stakeholders as well; your investors, your partners and your
customers. Surround yourself with well-intentioned, ambitious and intelligent
people, who are dedicated to solving the problem you seek to build around, and
success will follow.
Then, align those folks behind a
customer-obsessed mindset. It sounds simple enough, but it is so easy to get
distracted by who has the latest shiny object or clever marketing campaign in
the space. Be relentless in surfacing your customer's pain points and feedback,
avoid looking at what other competitors are doing and set your sails toward
what needs you can fulfill for your customers and prospective customers.
As a result, we continue to develop
innovative solutions and stay aligned with our mission and goals internally. If
there's one thing you should take away from this piece is that everyone in your
company (regardless of what product/service you're providing) needs to be laser-focused
on the end consumer.
If you get this right, the team will
not only build something incredible, but your team will inspire one another
every day and drive a strong culture, better productivity and a stronger
business.
Everyone will have a different path
to subduing various levels of anxiety caused by day-to-day business tasks. For me, the two
things that help are sleeping — that's more of a short-term solution —
and reflection.
It's easy to block bad calls, days,
etc. That said, confronting the good and bad through reflection gives you the
privilege of growing and maturing. With time, you will look back at the same
event that made you sick to reflect on and laugh at what once ruffled your
feathers (trust me, we've all been there. You are not alone.). With every
misstep, misfortune and mistake you make, the one before doesn't look so bad.
As a founder, you really don't have
the option to stop when things get rough. Again, I've been there. Once you get
through the next challenge, you look back and know you are better for it. Reconcile the bad, and even
laugh at what triggered you in the past when you can. When faced with a new
challenge, take those steps forward and focus on what you can control — those
previous challenges will help you know that you can get through another. More
often than not, you've accomplished greater feats.
I can write a whole other article
on how to raise funds for your
business effectively, but with the space I have, know that there is so much to
gain from being in a room with investors with years of experience in your
space. A good investor relationship, in my mind, is not based on the foundation
of capital provided.
In our early stage, our
"best" investors are those with whom we have a true partnership. They
are the ones we can call for help for whatever reason. They are not investing
merely to fill an investment thesis bucket. They are excited by what you are
doing and take the time to learn about you and your vision for the company.
They don't wait for you to reach out. They'll take the initiative to introduce
you to a potential client or just to see how founder life is treating you.
When you are actively fundraising, remember this: just
as much as you are telling them your vision, they should be telling you theirs. Do your due
diligence, and ask hard questions; find out who they support, their current
portfolio companies, who they can connect you with and their stances on trends
in your market.
You will undoubtedly be tested and
pushed outside of your limits and challenged to push through many mental
barriers. Another helpful way to grow is to create accomplishments outside of work.
What I've found particularly helpful while working on Smartrr is to challenge
myself to find purpose beyond work. Being so focused on something as large as
scaling what we hope will continue to be a thriving business, short-term wins
are essential.
One example of that is hiking on the
weekend: getting fresh air does wonders, but getting to the peak of a hike,
"winning," in a sense, is a great win that helps fuel my mind for the
next week ahead. Hard to believe when you are deep in the trenches, but wins
won't always come from your business. Set goals and crush them, both in and out
of your organization!
As a
first-time founder, these five lessons have brought joy and success into the
entrepreneurship journey. This is not your "success formula," but
lessons I hope you can take, practice and fuel your growth in business and
life. Remember, success isn't linear nor manifests the same way for all
instances, but please apply these principles to how you see fit in your
day-to-day. Get clear on your goals, and I hope you start your 2023 off great!
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