Robert Wells

Entrepreneur

I want to invent something cool.

Tesla, Apple, Virgin, SalesForce, 37 Signals, Amazon, Dropbox

Startups and startup founders have been catapulted into the spotlight in the last decade. The truth is, leading or working in a startup is a risky and tumultuous experience. The startup world is a rollercoaster of emotions and instability. Reid Hoffman said it best, "An entrepreneur is someone who jumps off a cliff and builds a plane on the way down."

On the positive side, there are definite moments of pure excitement and a feeling of freedom. In my experience, working with startups for over 17 years, most entrepreneurs jump into the tumultuous and exciting world of startups to create financial independence or reinvent themselves. Some want to wake up every day with a sense of purpose or to build recognition. Some do it for altruistic reasons, to solve a problem, meet an unmet need and some do it as part of their mission to heal the world.

I used to think there was a formula with tools and processes to quickly create a successful startup. All you needed was a great idea, and if you followed this method, you were set.

Experience has taught me that it isn’t a tool or process, or even a great idea that makes a successful startup--it's the people. Having a great trustworthy team is followed by timing to market and relentless tenacity of a cohesive team that strives to provide value & solve problems for their customer(s).

I believe a smart entrepreneur knows their capabilities and surrounds themselves with a strong team and experienced mentors.

Entrepreneurs should consider the following advice:

• Don't fall in love with your product, fall in love with your customers and build & respond to their needs as quickly as possible.
• Build your startup based on 2 to 3 key assumptions. Everything boils down to these assumptions.
• Be clear & rational when building your startup. Make sure you have good mentors to help keep your thinking clear.
• Know your value positioning statement and messaging - keep improving as you learn about your customers.
• Use the Scientific Method with both your product and business - Hypothesis + Experiments to prove it is true/false
• Focus on "de-risking" your startup from the beginning:
- Convert assumptions into knowledge (At low cost, and as quickly as possible)
- Decrease assumptions to increase value
- Consume intellectual capital before outside capital
- Know when to proceed and when to pivot