A Startup Guide for Founders
WeFestival Entrepreneurs on What to Know Before You Launch
Nell Derick Debevoise, Founder and CEO of Inspiring Capital, described starting a business as a “tragically challenging, adventurous, and fun rollercoaster.” If you are currently a founder, or have launched a startup in the past, the sentiment likely resonates.
With this in mind, we curated a guide highlighting the experiences of twenty-seven WeFestival entrepreneurs’ so you can gain the insight that is most relevant for the stage you are at launching your business.
Read on for strategies to help you navigate:
- Identifying co-founders and early partners
- Aligning your short and long-term goals
- Raising your first round of capital
- Preparing for an organic press launch
- Developing your go-to-market strategy
- Coping with the emotional realities of life as a founder
Don’t Go At it Alone
What to Consider Seeking Co-founders and Early Partners
Susan Solomon
Co-founder of Drive-Thru Branding and President of Women’s Entrepreneur Festival
Susan (@suesol) addresses the personal and professional benefits of partnering with a co-founder to launch your business.
The practical reality is that there is no way you can be good at everything. Being able to talk to someone, rely on their strengths, and solve problems together helps you avoid feeling alone. Trying to put it all on your shoulders is a lot.
Nell Derick Debevoise
Founder and CEO of Inspiring Capital
While partnering with a co-founder can help ease the challenges of launching your business, the reality is that finding one is situational. Nell (@nelldd) discusses the right time to bring on a co-founder and the steps to take when you can’t.
If no one is ready during your opportunity moment you just go.
Especially if you’re a solo founder, it’s wise to spend time with experts outside of your field to reveal your blind spots. Nell has an in-depth conversation about Inspiring Capital with six different executives — ranging from investors to education thought leaders and non-profit founders — every week.
It’s critical to reality check yourself by constantly having interdisciplinary conversations. Explaining your business to individuals who aren’t in your industry forces clarity, simplicity, and uncovers any unintentional bias you may be acting on.
Ashley Smith Merrill
Founder and CEO of Lunya
Especially during the early days — when you’re pressed for time, capital, and resources — it can be tempting to bring on co-founders and partners to fill in the voids. Ashley demonstrates why you should never sell a potential team member on your mission, and what happens when you do.
The reality is: The shine of a new job wears off. If someone isn’t intrinsically motivated by your mission they aren’t the right fit.
Milena Berry
Co-founder and CEO of PowerToFly
After Milena (@MilenaBerry) launched PowerToFly in 2014, she received a card from her now Co-founder Katharine Zaleski announcing the birth of her daughter. The two met for coffee and it immediately became clear that Katharine was the partner Milena had been seeking.
Usually, people nod their heads politely and tell you how great your idea is. When I told Katharine about PowerToFly she led the rest of the conversation. I knew I had somebody who was really passionate about it. She was experiencing first hand the problem we’re trying to solve.
Galyn Bernard and Christina Carbonell
Founders of Primary
After working closely at Diapers.com and Quidsi for four years, Galyn (@galynbernard) and Christina (@cfcprimary) felt ready when the idea for Primary struck. They explain how their longstanding relationship urged them to take the leap.
For us, it wasn’t ‘I have an idea. Let me go find a co-founder.’ It was, ‘Let’s make sure we do this together.’ We knew that starting a business from scratch would be a whole new set of challenges but we had the foundation and confidence that if we were doing it together we would figure it out along the way.
Mansi Singhal
Co-founder of qplum
As a first time founder, Mansi (@mansicapri) underestimated the personal and professional support required to launch a business. She highlights the importance of building a support system of family, friends, and fellow founders, to sustainably grow your startup.
There’s an invisible energy when you know you’re not alone.
Kim Plyler
Founder and CEO of Sahl Communications Inc.
As your co-founder, you, and possibly a small team, navigate the early days, capital restraints make it challenging to partner with outside organizations, such as accounting and law firms. Kim (@KimPlyler) shares how Sahl Communications used a bartering system to streamline their company operations without spending excess capital.
In addition to partnering with individuals and teams for tactical purposes, Kim created an unpaid advisory board and joined Vistage, a CEO training group, to help her navigate life as a founder. She addresses why it’s critical to “fill in the gaps of your business where you don’t have strengths.”
Kelley Chunn
Founder of Kelley Chunn & Associates
Particularly when you’re a solo founder, it’s helpful to assemble a strong group of partners to support you and your mission. Kelley (@KelleyChunn) shares how her collaborative partners — from CPAs to bookkeepers and lawyers —enable her to “demonstrate her firm’s capacity to current and prospective clients.”
It takes a village to be an entrepreneur
Leslie Ali Walker and Rachael Ellison
Founders of Need/Done
Countless businesses are focused on ‘helping startups start up.’ Leslie and Rachael (@ReWorkingParent) on why you should be wary of partnering with too many outside organizations.
There are so many people telling you how to be more confident and aggressive. How to build your business model and fundraise. They are all providing these services at a cost. In truth, you probably don’t need them. It’s a patronizing attitude.
Liberate yourself by saying: ‘I don’t have to ‘be anything.’ I don’t have to follow any standard other than my own path.’
Brittany Hodak
Co-founder of ZinePak and Per Diems Against Poverty
Whether it’s a co-founder, team member, or potential investor Brittany (@BrittanyHodak) explains how to use the parenting test to evaluate potential partners.
Our company is our baby. We don’t look at it like trying to find babysitters. We look at it like giving someone joint custody of our child. We’re looking for someone to co-parent with us. If you’re not aligned on vision it’s never going to be a successful partnership.
Joanne Wilson
Angel Investor, Blogger, and Co-founder of Women’s Entrepreneur Festival
Be it investors, potential hires, or strategic partners, it’s wise to maintain a positive relationship with every individual you meet. Joanne (@thegothamgal) explains why “burning bridges does you no good.”
Be nice, gracious, and embracive to everyone who crosses your path. You never know where people end up and who you’ll want to work with in the future.
Establishing a Clear Vision
How to Align Your Short and Long-term Goals
Susan Solomon
Co-founder of Drive-Thru Branding and President of Women’s Entrepreneur Festival
While it’s tempting to add features to your product or service, simplicity is a core driver of customer adoption and retention, especially during the early days. Susan explains why founders should avoid saying ‘and, and, and,’ in their pitch.
Thinking big and starting small is the only way to do it.
Crista Freeman
Co-founder and CEO of Phin and Phebes
Your company’s founding mission will and should be to make an important difference in the world. However, if your short term goals aren’t thoughtfully outlined to make your big vision a reality it’s unlikely you’ll bring it to fruition. Crista discusses how a lack of alignment posed painful growing pains for Phin and Phebes.
Growth that isn’t aligned with your long-term goals is detrimental to your vision.
Funding Your Business
What You Need to Know Before Raising Capital
Natasha Case
Co-founder and CEO of Coolhaus
While funding is critical to launching and scaling your business, it’s never wise to partner with an investor solely for the capital. After working with two angel investors, Natasha distinguishes the difference between a value additive investor versus one who is toxic.
I can’t emphasize how important it is to partner with an investor who brings more than money to the table. Your partnership should be about empowerment, trust, and an alignment of vision complemented by different skill sets.
When you’re taking money, you have to think: This person is so lucky to be involved with my brand.
Joanne Wilson
Angel Investor, Blogger, and Co-founder of Women’s Entrepreneur Festival
Before partnering with an investor, you need to be explicitly clear about the current and future role they’re looking to play in your company. Joanne addresses her personal involvement as an angel investor.
I’m not there to run the company. I’m not there to decide who you hire. I’m not there to tell you what to do. I’m there to be a support system for you, hopefully financially, and to help you navigate. I don’t run your business.
Elham AyoubZadeh
Founder, CEO and Creative Director at Zvelle
While it’s always important to build relationships, your time is extremely pressed and valuable when raising capital. Elle (@elleazadeh) explains why you should never meet with anyone who isn’t an investor.
When you fundraise you are taking time away from your business to achieve a set goal: You need the money.
Sara Hicks
Co-founder and CEO of Ongo Works
Whether you’re meeting with investors or potential hires, everyone is going to have a unique opinion about your business. Sara (@saralouhicks) cautions founders not to let their voices be diminished by outside forces.
I got a lot better at saying, ‘No one knows this better than I do. Not these VCs. They don’t know the market like I do. They don’t know the technology like I do.’
I prepare for meetings and get into a state of mind that ‘No one knows this better than me. I’m going to be confident and speak up.’
Galyn Bernard and Christina Carbonell
Founders of Primary
In addition to speaking up during meetings, you want to be wary of letting outside opinions influence how you believe your company should exist in the world. Galyn and Christina discuss their experiences receiving and evaluating feedback on Primary’s founding mission.
You have to stick with your convictions.
You’re going to find someone who is like-minded and passionate about the same idea. That’s the right partner for you.
Brittany Hodak
Co-founder of ZinePak and Per Diems Against Poverty
Five years into ZinePak, Brittany and her Co-founder Kim Kaupe still own 100% of their now multi-million dollar business. Brittany shares how they used American Express charge cards as a secret weapon to scale.
Once you give your equity away it’s very hard to get it back. Hold on for as long as you can.
Crafting Your Launch Story
How to Leverage Your Network and Build Relationships with the Press
Camille Ricketts
Head of Content and Marketing at First Round Capital
The first step to announcing your new venture is relying on your network to help you spread the word. Camille (@CamilleRicketts) discusses how the First Round team pooled together 30,000 of their contacts to announce The Review and develop an initial subscriber base of 6,000 readers.
People don’t think as broadly or as big as they should when it comes to who they know and who their community is. It should be a combination of everyone you know, everyone your team knows as well as anyone your supporters know and are willing to reach out to. You need to think as broadly as possible when you’re launching an important initiative.
Alex Friedman and Jordana Kier
Founders of LOLA
Alex (@friedgal) and Jordana (@kieroyale) detail how they equipped their ambassadors and the press with LOLA products, as well as knowledge about the brand’s ethos and messaging, to ensure an organic launch.
Marissa Vosper
Co-founder of Negative
Before launching Negative, Marissa (@MarissaVosper) worked tirelessly to build relationships with the press. She explains why it’s possible to do your own press during the early days and how to allocate your time and resources to ensure a strong launch.
Your launch story is your easiest story to tell. Everyone wants to know why you started.
Whether or not you’ve officially launched, you can use social media to start conversations around your brand. With an engaged community of over 21,000 fans, Marissa demonstrates Negative’s three-pronged approach — showcasing the brand, humor, and inspiration — to drive sharing and engagement on the platform.
You can have all the budget in the world but you can’t put a value on creativity.
Galyn Bernard and Christina Carbonell
Founders of Primary
Countless marketing and social channels make it tempting to experiment with them all. In the early days especially, hone your team’s efforts on three primary channels and master them. Galyn and Christina discuss how they used their network, Facebook, and a key content partnership with Scary Mommy to launch Primary.
Kim Plyler
Founder and CEO of Sahl Communications Inc.
According to Kim, a common misconception about PR is “that you can write a press release, send it to a reporter, and it will automatically be published.” She explains why that’s not the case, and how you should approach the media instead.
You need a story that is applicable with current events and is the right fit for a specific publication. Don’t worry about being published in The Wall Street Journal. Find the media outlets that are appropriate for your business, and build relationships with them.
Developing Your Go-to-Market Strategy
How to Utilize Grassroots Marketing
Lara Crystal and Lindsey Andrews
Founders of Minibar
Before and after launch, the most effective way to raise awareness for your brand is going out and physically talking to your customers. Lara (@leicinnyc) and Lindsey (@LLANYC) detail why grassroots marketing was critical to Minibar’s growth and how they’re layering on additional communication channels through scale.
People aren’t going to use your service because they see a banner or an ad in search.
In the beginning, it’s easy to get a few customers if you have a good product. The difficult part is figuring out why those customers should use you in the future.
Cultivating Your Entrepreneurial Grit
The Emotional Reality of Life as a Founder
Crista Freeman
Co-founder and CEO of Phin and Phebes
While the freedom to chart your own path and contribute something meaningful to the world will always make entrepreneurship worth it, Crista describes ‘The Dip’ that no book or advice can prepare you for.
The Dip is the highs and lows of running your own business. The highs are amazing but the lows can be so discomforting that you almost feel suffocated. Nothing can prepare you for that feeling of nauseating, suffocating, can’t breathe discomfort.
Kimberly Dawson
Founder of K.Dawson Company
The most instrumental feedback Kim’s (@SassyStrategist) received as an entrepreneur is to stick it out. She shares her personal experiences gleaning the lesson.
You’ll never know if you can succeed unless you stick it out.
Brooke Moreland and Sara Chipps
Founders of Jewelbots
Failure is inevitable when you’re navigating new challenges. Brooke (@audrabrookie) and Sara (@sarajchipps) affirm why you shouldn’t associate failure with your self-worth and how to move on when you make a mistake.
No matter how big, you aren’t going to be judged on a single mistake.
Camille Ricketts
Head of Content and Marketing at First Round Capital
From being sent to pitch the $100,000 Roadster to touring NPR around Tesla’s Gigafactory, Camille shares the experiences that informed her intuition and taught her to trust her gut.
It’s easy to panic, throw your hands up and say: ‘There’s no way for me to know how to do that!’ You’re going to be thrown into so many situations where you have to find a solution without a template or precedent. Trust that you’ll be resourceful in the moment. You have no other option.
Rachel Blumenthal
Founder and CEO of Cricket’s Circle
Whether it’s a color change on your website or the description of your latest product, a collective lesson that all entrepreneurs must learn is: Good is better than perfect. Rachel (@Cricketscircle) describes her experiences learning to listen to and appreciate her instincts.
Obsessing over something for a few more hours, days, or months likely won’t yield a better outcome. Know when good is enough. When you make a decision: Be decisive, confident and stand behind it wholeheartedly.
Joanne Wilson
Angel Investor, Blogger, and Co-founder of Women’s Entrepreneur Festival
Joanne affirms “the power in understanding and learning over the course of a decade by being involved in so many businesses.”
The only way to learn something is to spend every day experiencing it, learning from it, talking to people, and moving forward.
After rebelling against attending a women’s college to working in retail and then real estate, Joanne would have never predicted that she’d be in the role she is today. As you navigate your life and work, it’s wise to avoid prescribing a set path.
Even five years ago, if someone would have told me: ‘You’re going to be invested in all of these companies and running this Festival.’ I don’t think I would have believed them. I would have never called that my full circle would return to become the poster child for women in startups.
Grace Garey
Co-founder of Watsi
Especially when taking on daunting challenges — like crowdfunding healthcare for the developing world — it’s difficult to feel confident when you’re pioneering a new way of thinking. Grace (@gracegary) imparts her quest to acknowledge Watsi’s achievements while always striving to push the limits.
Being an entrepreneur is about learning to juxtapose self-trust with never being satisfied.
Always think about the next big thing.
