8 Tips Every Startup CEO Should Know
From my experience in the world of startups, I have gathered several basic principles that I’ve learned as a result of the day to day work at BidAway, the startup of which I am cofounder and CEO.
Even if it sounds as a cliché, all beginnings are complicated, at least according to my experience in the world of startups, where everything happens faster than normal (which in turn it is a very cool trait of this “sector”). However, when you see very clearly who you are and where you want to go, the road seems easier. Here you have my 8 basic tips that every CEO of a startup should know:
1. Keep your feet on the ground
Be prepared to fall, get up, and fall again as you prepare to get up again. I’m not saying it as something negative, but as part of the process of building the business and learning from it. Nailing the perfect business on the 1st try and making it profitable at the same time seems to happen only in the movies… ;)
2. Surround yourself with the best outside and inside work
Therefore, you must ally with the best within your field. Seek the advice and experience of other entrepreneurs and follow them closely. Do not forget to bring together the best professionals (that you can involve), they are the ones who will take care of your business and contribute all their knowledge and experience to build, offer and maintain something really unique and that works.
3. Create a transparent communication with your team
In a startup the boundaries between the employees are so small (both for good and bad), since the day to day is much more intense than in any consolidated company. For this reason, you must be transparent with them. Tell your team the status of the business, encourage them to provide feedback and also make sure that they are aware of the direction so that they can share and understand your future decisions.
4. Be humble and know your weaknesses and those of the business
This will allow you to improve the strong points that will lead you to success, but you should also strengthen the weak spots that could cause the company to stay out of the market and figure out how to address them.
5. Be wise when looking for finances
Personally, I prefer to create a previous relationship and ask the right people for advice, that way you are getting them involved in your business and in your ideas. You have to get them to understand and like your product or services in a way that they become the ones who come to you and not you to them.
6. Take care of the economic capital
Even if your startup is evolving and growing, don’t lower your guard. It is necessary to maintain capital reserves to continue supporting the business, paying salaries and hiring the best professionals.
7. Expand your contact list
Of course, while getting into the “startup environment”, you will likely be invited to a multitude of events, trade fairs, meetings, parties, and everything of sort… Sure, you can attend as many as you want but remember that it should feel like it is (at least somehow) helping you and your business. If it’s related to your sector or in those where there are interesting people that should know of your business, it might make sense to go, but account for the cost of it, including the opportunity cost deriving from spending that money and, even more, that time and energy in something that competes with your direct work and involvement with your team and company.
8. Conformism: what is it?
Do not settle for what you have or what you have achieved. Keep creating new ideas and get them started. Update your processes and management systems. Offer something really good and innovative for your market and your audience. They will be grateful, and your business too. ;)
Keep an open mind for opportunities that could be interesting to seize.
