(3 minute read)
Forbes recently created their second annual list of the "Next Billion-Dollar Startups".
This is a list of 25 companies who are transforming their industries and showing great traction.
After finalizing the list, Forbes interviewed the founders and CEOs of each company, who they gave their top tips on what they've learned building a startup.
Here are 13 of the best tips.
1) “Keep moving … technology by its very nature is ever-evolving. So the minute you think you’ve figured it out, is the minute you’ve marked your decline.”
– Chieh Huang, co-founder of Boxed
2) “The first is just getting your product out into the market above worrying about all the other elements. You can always change your branding or hire lawyers, but it’s critical that you figure out if you have product market fit, and if you don’t, figure out how to course correct without getting stuck.”
– Payal Kadakia, co-founder of ClassPass
3) “Find out what you are good at as quickly as possible and hand off everything else to others as quickly as possible. The sooner you can do that, the more leverage you can enjoy and the more value you can provide to your organization.”
–Ali Diab, co-founder of Collective Health
4) “It’s never a straight line from a to b. There’s always going to be challenges along the way to figure out, which is what makes running a company so much fun. The best way to overcome those challenges is to have a great team around you, draw on their experience to understand different ways to tackle the challenges, then make the best decision you can and move on.”
– Steve Kokinos, co-founder of Fuze
5) “Don’t get stuck in a short-term optimization trap where you do everything yourself. Your execution bandwidth will always be limited by the number of great people you have on staff. It’s ok to let a few things break while you hire the team you need so that your company can run day-to-day without you.”
– Roger Dickey, co-founder of Gigster
6) “Hire the best people and let them take on tremendous responsibility. Be nice—it’s so easy to fall into the trap of copying bad habits from bosses you have worked for or stereotypes you assume come with leadership. Confront problems as soon as you can. Trust your gut: It is going to be more right than wrong.”
– Rob Solomon, CEO of Gofundme
7) “The clarity of focus is most important: Take on your most challenging and value-creating problems first, both as a company and an individual. It aligns the team on important goals and sets an example everyone in the organization can follow.”
– Helmy Eltoukhy, co-founder and CEO of Guardant Health
8) “Train your people to constantly question. ‘Yes people’ are a greater threat to your company than any competitor. The creative process is fueled by collaboration, multiple points of view and skepticism to balance innovation without limits.”
– Sam Shank, founder of HotelTonight
9) “Two things matter early on in your startup: your team and your first customers. My co-founder, Matt Polega, designed an executive hiring process consisting of weeks of interviews that test candidates on everything from their analytical skills during a case study to how well they’ll gel with the rest of team during a social gathering. As for the second part, I spent a good year doing ride-alongs with patrol officers and working investigations with detectives in Washington, D.C. to truly understand the problems they faced and what we needed to do to solve them.”
– Scott Crouch, co-founder of Mark43
10) “Be prepared to get your hands dirty every day and spend 10 times more time than you’d expect yourself to be sourcing, attracting, and hiring the best possible talent you can find. If you make a mistake, own it and move quickly to fix it.”
– Tooey Courtemanche, founder of Procore Technologies
11) “Scale requires clarity and alignment. The first step is to write down who you serve, why you are relevant, and the core values and culture that will make or break your organization’s success. Then, engage broadly and deeply with the organization for belief in a common purpose and the journey ahead, making clear what is expected of them and how to operate as one team. I refer to this process as ‘scribe and subscribe.”
– Ramin Sayar, CEO of Sumo Logic
12) “Never stop fighting. This is a battle and you will be in the trenches daily. It is up to you as a leader to have the perseverance to thrive in a challenging environment.”
– Tiago Paiva, founder of Talkdesk
13) “Get your product or service to market and get feedback from your early customers. That feedback will be invaluable to perfect your value proposition to the market you want to serve. It’s important to do this before investing heavily in professional go-to-market [marketing and sales] individuals.”
– Jack Huffard, co-founder of Tenable Network Security
To read the full article by Forbes (Author: Tanya Kilch) and read the other tips click here.
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