Lessons Learned from My Last Tech Start-Up

Are you starting your entrepreneurial journey? If so, be ready for the experience of a lifetime. If not, I highly recommend that you join the herd. You will have [a few] highs and [many] lows, but regardless of the outcome, I promise that it will be well worth your time. 

You will obviously learn about technology, but you will also gain invaluable skills in the areas of fundraising, product management, sales, marketing, finance, recruiting, legal, patents, team dynamics, and so much more.

Here are the three things that I wish someone had told me when I started on my journey:

1. Technology is not most important
2. Listen to your customers
3. Karma is real

1. Technology Is Not Most Important

Yes. You are a building a TECHNOLOGY company. Yes. It is very difficult to find a great developer or engineer (there is a difference!). But no, the underlying technology does not make or break your start-up. Every technology hurdle can be overcome, and often, technology becomes commoditized. 

So, what is most important? Sales! A start-up can have the best technology in the world, but if the start-up does not know how to sell it, the customer will not buy it. If the customer does not understand your product, it is your fault, not the customer's fault. Without customers, your start-up will never be able to move forward.

When selling, it is not only important for you to get a customer to love the product, but also for you to create interest/heat behind your product, to a point where customers want to at least try it. Easier said than done, I know. But a strong foundation with profound customer interest will lead to [strong] investor interest as well.

2. Listen to Your Customers

Let me guess, fundraising is at the top of your mind? You already have plans to meet angel investors, seed funds, venture funds, etc. and of course, you will do whatever they ask to get that million dollar round? Trust me, I get it.

1st mistake: Losing sight of your vision because you are swayed by the ideas and various directions that each of your investors want you to take. 

(This is your baby. Bring them to your vision.)

2nd mistake: Blindly following investor strategies. Investors are exceptional within their roles, but their strategies do not always align with an entrepreneur’s market, product, or vision. An investor’s strategy is to invest in many start-ups with the hope that a few, if not all, of their start-ups offer a stellar ROI. Your strategy is to succeed at THIS start-up.

(Trust your own expertise.)

3rd mistake: Feeling hurt, or worse, giving up, when investors (or even friends) tell you that this idea does not make sense. 

(Use this as an incentive to prove them wrong.)

At the end of the day, no one will know if your start-up is a “smart” idea or not. The best path forward is to ONLY listen to your customers, and iterate based on their feedback. This will be your best chance of success. (FYI: Ultimately, investors will also end up speaking with your customers to gauge their interest in your product.)

You never know, you may be like Airbnb where investors were not completely sold. Today, Airbnb’s overwhelming success has led these same investors to regret not getting in on the ground floor. Thus, follow your customers!

3. Karma Is Real

Building a start-up has an innate virality, and has the ability to sweep you into a never-ending hurricane of directions and tasks as you look forward to that sunny day. This can cause an insane amount of stress, and when pulled in an unnatural direction, it can cause some people to react in a way that will disappoint them later. Unfortunately, stress is part of the test, and you must learn how to deal with this with poise and elegance. 

The market is big, but the ecosystem is small. Whether it’s a customer, investor, partner, or even a candidate to hire, they all talk to one another. If recommendations towards you, the product, and your team are not glowing, the path to fundraising, customer buy-in, hiring, and ultimately start-up success will be difficult. 

Always be professional. Always help. Always be kind. Because trust me, you will need a favor sooner than you think. Karma is real!

The good news is that you have taken one small step for entrepreneurship, but you have taken one giant leap for yourself. I wish you the best success moving forward. If you need any advice, please do not hesitate to contact me as I promise to always look at it from an entrepreneurs’ perspective.

Onward and upward!