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69 Startup And Life Tips For Entrepreneurs

69 Startup And Life Tips For Entrepreneurs

Startup life is hard, like really really hard. A state of confusion airs the head of entrepreneurs all the time. Every stage is so critical, that even a single step wrong can change the probability of success to a great extent.

What if someone give you a guide book of what to do and what not do. Seems your wish got fulfilled here. Luke Tucker, the venture associate at Sultan Ventures, came up with 69 startup and life tips  for entrepreneurs to help them at almost every stage, from nascent to rave.

Sultan Ventures is a boutique consulting and investment firm based out of Honolulu, Hawaii. Projects and work includes all aspects of operations, business, marketing and consulting for startup companies.

Here are the best 69 from Luke:

  • Tell a lot of people about your ideas.
  • Choose an idea you’re passionate about.
  • Build something people want.
  • Find out if people want something by interviewing them.
  • When possible, solve your own problem.
  • Tackle hard problems that the world is facing.
  • Focus on markets that you can dominate early (monopoly).
  • Know the potential growth markets of your company.
  • Know your strengths and weaknesses as a founder.
  • Find a co-founder with complementary skills.
  • Try to not have more than 3 co-founders.
  • Get accountability early.
  • Pursue advisors and advice from those who have come before you.
  • Read lots of content. Know who the best are.
  • Get really good at googling stuff.
  • Pay attention to your competitors early.
  • Build something. Measure it. Document your Learning.Repeat.
  • Pivot before it’s too late if you have not validated your hypothesis.
  • Charge for your product early.
  • Try not to have a marketing budget for as long as possible.
  • Bootstrap if you can for as long as  you can.
  • If you have to pursue investment capital, fund raise when you don’t need it.
  • Never ask an investor to sign an NDA.
  • Read pitch hacks before you pitch your idea to any investor. 90 or so pages of this e-book by the guys behind Angel.co. Great resource.
  • Don’t say pitch.
  • Raise atleast 18-months of runway.
  • Update your investors monthly.
  • Treat your early customers like they’re greek gods or goddesses (concierge service).
  • Be radical about customer service.
  • Create a list of KPIs to track (remember,accountability).
  • Be transparent.
  • Determine what your one metric that matters most is and optimize everything for that.
  • Create alive dashboard of your company KPI sand display it prominently.
  • Conduct design and development sprints.
  • Ship code daily.
  • Carefully craft what type of company culture you want.
  • Spend a lot of time hiring the best people (talent, and cultural fit).
  • Buy said employees cool things; like computers, fitbits, and beer.
  • Remember: Family, Tribe, Village, City when your startup scales: Be advised your processes will break.
  • Don’t think you’re irreplaceable.
  • Say “no”, more than you say “yes”.
  • Auto email responders. Use them.
  • Delegate, Eliminate, Automate, Liberate.
  • Listen to Tim Ferriss podcasts.
  • Pray and/ or meditate daily.
  • Fast regularly (food and other things).
  • Get a gym membership. Go to said gym.
  • Plan ahead and pack your own lunches.
  • Don’t pay for office space until you absolutely have to (and when you do, stay cheap).
  • Take time to do things that make you happy.
  • If you’re in a software startup, have a hobby that you use your hands to build something tangible/physical.
  • Never stop learning.
  • Set goals for yourself and your company.
  • Use Google sheets and laugh at everyone who still uses Microsoft Word.
  • Have a list of 3- phrases you want to be able to say one day.
  • Take the effort to build a personal brand. It will be more important than you realize.
  • Take time to reflect.
  • Spend quality time with people you love.
  • “Don’t let the immediate crowd out the important.”
  • Wake up early.
  • Wake up at the same time each day.
  • Designate your mornings as “metime”.
  • Get outside your comfort zone.
  • Design mornings as “Me” time.
  • Don’t incorporate until you have too.
  • When you do incorporate, do a Delaware C-Corp.
  • Listen to audiobooks on 2x speed.
  • Remember, you’re not on this journey alone.

Author

Meha Agarwal

Inc42 Staff

Meha has engineering and MBA degrees, but she has always been a writer at heart. It was the perfect combination of utilising her research and analytical skills and her enthusiasm for writing that sparked her interest in writing about the Indian startup ecosystem – the latest tech and gadgets and the startups that create them. She is always on the lookout for industry-specific stories in niche areas of interest such as ecommerce, fintech, greentech and more.

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