The best strategy I learned as an entrepreneur after starting Karista — a unique healthcare business that assesses people’s needs and then matches them to disability providers — was that nothing really got rolling until you heard from your first customer. Put simply, what I learned was that customers simply don’t know what they want until you serve up the product to them, which means launch first, then learn from customer feedback along the way.

1. Launch and learn. We launched our Australian based disability business and then set out to meet with our target customers. They welcomed us into their homes to share their insights. We were planning to initiate some very costly new product changes but once we spent time with real customers, the plan and our priorities changed. We’ve yet to implement those cool but costly products but we were quick to produce the product that our customers wanted. We were able to build a product that really added value to our customers and allowed us to scale. And they were simple to execute, for example a young disabled customer told us “do not put me in the same category as an old person” and so we built separate landing pages, one for the elderly and one for our young people with disabilities and linked our campaigns to the relevant target audience — cost of landing pages, less than AUD$2k. …

I was interviewed for a podcast a few months ago, and was asked, “I hear from other leaders that it can be a challenge to get team members engaged. Tell me your thoughts.” I replied, “I have been lucky to have always worked with teams that were mission-driven. I think that when you create a culture of people similarly committed to making a difference that it is far easier to keep them engaged. That being said, people are human. You need to give them room to take time off as needed if things are going on in their personal lives that are keeping them from being engaged. …

The path to taking your business idea to generating revenue doesn’t have to be a long journey. In fact it should be as short as possible. Before starting my own business I sought advice from people who had been there and done that and the key takeaway was don’t dilute. Just don’t do it.

It left me thinking how can you possibly build a product and take it to market without raising capital because ultimately that’s what you need to generate revenue….or is it?

1. You are the capital: You have started a business, that means you have an idea, you are self-motivated and you are looking at how to solve the problems your industry faces as opposed to just working around them. That knowledge is worth something, so in the early days use it to generate revenue. My co-founder and I generated revenue from day one by using our industry knowledge to consult to businesses who would ultimately become our first clients. This revenue allowed us to fund product development. The model also opened doors to potential clients all over the world as we built our reputation as thought leaders in the industry. …

My first start-up experience included an externally tested and solid market plan, innovation awards, and an investor that wanted to give us millions. I should have felt amazing, but I was uneasy. Something in the product development wasn’t feeling right to me. Although a scientist by training, as the CEO, my role was not to be the technical expert.

I was torn — it would be easy to accept the results the team was providing, take the investment and keep going. We were on the roller coaster of start-ups and technical progress was slow but positive, interest was still high, and we were climbing to the top of the hill. …

It has been a wild few months as I have found myself leading my company through the maze created as a result of COVID-19 and now navigating the complex realities of our city in the wake of George Floyd’s murder by the police. Rebiotix is located in Minnesota just north of the Twin Cities. It was wild before that too; with having finished enrollment in our pivotal Phase 3 clinical trial, striving towards being the first company in the world to have an FDA approved therapy based on the human microbiome, and experiencing phenomenal growth in the number of employees, while running out of space to seat them. …

In these recent quarantine times there’s nothing we’ve become more accustomed to than waiting and uncertainty. Not only do we (im)patiently wait, but we do so without knowing for how long. This is not so different for entrepreneurs. We often have to wait for the market to catch up with our transformational product or service. There’s an old joke that it takes a long time to become an overnight sensation. It often takes time for novel ideas to gain wide acceptance, dispel old paradigms, and filter down into actual practice. …

Licensing intellectual property can provide core revenue to your business. Everyone dreams of the fairytale deal … the brand name “Prince Charming” to fund your “happily ever after”! However, to truly maximize your IP’s value, it’s important to view any partnership as a long-term relationship. Don’t underestimate the challenges of finding the right partners and structuring a healthy marriage … I mean deal!

• “Prince Charming” doesn’t grow on trees! Have patience when searching for ‘eligible’ partners. Beyond brand names and deep pockets, make sure you’re truly compatible: Do they understand your business? Do they have the experience and reputation to help you advance? Do they share the same values? Is there mutuality? Diving in too quickly without really knowing your partner, at best, will waste time and, at worst, cause irreparable damage to your business. It’s easy (I know, I’ve done it!) to be lured by a sexy upfront payment, especially when you need the cash. Many times, my ‘Prince Charming’ ended up being a wolf in disguise. Thinking they could distract me with upfront cash, partners have made overreaching “land grabs” for IP; sometimes claiming ownership of all future IP or demanding exclusive rights — rights that I might need in the future or that other partners might want … and give more value for. Don’t forget, you need to be their “Prince Charming” too! …

As a former collegiate swimmer, successful salesperson, entrepreneur, mother of 5, wife turned ex-wife, daughter, sister, friend, business partner, life partner…I always expected myself to be the best. However that can frequently result in feeling stressed. What’s the opposite of stressed? Desserts. As an ice cream lover, here are my tips for working through that stress by considering the much more favorable image of a giant bowl of ice cream with a cherry on top.

1. Balance. Being an entrepreneur, a mother, or any other title you claim can be as rewarding as that big bowl of ice cream, but it can also be as stressful as trying to lose the 20 pounds associated with consuming too much. Similarly, serving in that role can be thrilling, and you may seek more and devote yourself even further, which can, unfortunately, result in consequences. Personally, I felt as if I never “had enough”, never “did enough”, and quite simply “wasn’t enough”. So I filled my plate — or bowl, in this case — full of everything and anything just to prove to myself, and others, that I could be everything to everyone at all times. If that isn’t a recipe for desserts spelled backwards, well then it is a mud pie with a pig wallowing in it. Those are not realistic expectations of ones’ self. Like anything, moderation is key. Recognizing the balance of knowing when there’s too much ice cream in your bowl is equally important as knowing when you’re taking on too much, even if it means pushing past those doubts in your mind. …