Why empathy is an underrated skill as a founder

Ofo Ezeugwu, founder and CEO at apartment rental platform Whose Your Landlord, recently raised a $2.1 million seed round led by Black Operators Ventures. Back in 2019, Backstage Capital invested in Whose Your Landlord through its accelerator program.

Green Room recently caught up with Ezeugwu to gather some insights about his lessons learned along his startup journey. We’ve slightly edited Ezeugwu’s remarks for length and clarity.

What’s the biggest issue you faced over the last year and how did you overcome it?

Last summer, we almost ran out of money. It was a hard reality that I was faced with. The beauty in all of it was that I trusted in God, we closed some sales, we took out a modest loan from our bank, and then turned around and, just a month later, received a $100K check from Google’s Black Founders Fund. That was all before closing on another $2M+ a couple months later. Life comes at you fast and at every fork in the road, you can either choose faith or fear. I choose faith.

What qualities did you look for in your first five hires? How did you hire them?

Trust, competency, diversity, and passion. Several folks went from working with us in a part-time capacity to growing into their full-time roles. We’ve had some hits and we’ve had some misses but that’s part of it. I believe in the often repeated adage: “Hire slow, fire fast.”

What’s one thing you wish you knew before you tried to raise funding?

I wish I knew how long it would take (mind you, it’s different for everyone). We’ve now raised $3.2M during my time at WYL. The craziest part is that it took from 2015 until last fall to raise $1.1M but we’d end up closing the first $1.8M of our $2.1M round in three days. So, the saying is true: “when it rains, it pours.” Key lesson would be: stay the course.

What lessons have you learned in your journey to build a great company culture?

Treat people fairly and be honest with them. You’re going to make mistakes and so will others. But, so long as they keep it real with you, focus on their work, and they prioritize their growth, you can’t ask for better team members and culture setters.

What’s the most underrated skill in running a startup? Why?

Empathy. Empathy is a skill. The more you understand how (and why, when possible) people’s minds work the way they do, the better you’ll be at getting the best out of them. Every team member is different and comes with their own unique experiences and perspectives. Take the time to really listen to your team and you’ll begin to understand their primary motivators beyond the $$.

What’s the best piece of advice you’ve received as an entrepreneur?

It’s a numbers game. Keep at it. Keep listening and iterating. And don’t stress; when it hits, it hits.

Any other words of wisdom you’d like to share?

Talk to your customers and stay true to your mission. Sometimes it takes a while. But your number one priority is to stick around until something happens. It always does.

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