April 29, 2014
5 Things Every Successful Founder Does
The life of an entrepreneur is a busy one. Here are 5 things every successful founder does. I’m not guaranteeing success by following these five steps. But if you look at a successful company more than likely you will find a founder who follows these 5 principles.
Principle #1: Time is Money
Serious founders understand the principle that their time is valuable. They don’t waste their time on ideas which distract them from their core mission. They plan their time for maximum efficiency and schedule their days. This does not mean they work overtime. In fact, smart founders work regular hours and take time away from work to recharge themselves. Taking personal time, time for exercise, time for family and hobbies helps them to spend their work time more effectively. Don’t get caught in the trap of thinking to be a successful founder you should work 24/7. This will do far more harm than good. Your time is valuable, use it wisely.
“Let him who would enjoy a good future waste none of his present.”
– Roger Babson
Principle #2: Do What Matters
Successful entrepreneurs focus on what’s important to their business. They set a plan for what makes their business unique and what their differentiating factors are. Once they have determined what is important for their business success they focus their time and talents on achieving those things. This is important. As I mentioned, an entrepreneur must wear so many hats and focus on so many different areas of the business it can be very easy to become distracted and lose time (and as we just saw, time is money). As a founder be sure you share responsibilities. Make sure you have a team you can trust and spend your time on those items which require your attention. Don’t get trapped doing tasks someone else should be doing. Do what matters.
“Those who occupy their minds with small matters, generally become incapable of greatness.”
– Francois de La Rochefoucauld
Principle #3: Don’t Give Up Easily
Some founders appear to have found overnight success. It looks as though they woke up one morning and instantly became “the next big thing.” Nothing could be farther from the truth. In most cases the overnight sensations are in reality the product of years of hard work and innumerable failures. What makes the difference is how these founders handle failure. The goal is to fail early and fail often. By not giving up when met with failure these founders learn how to improve their idea, grow their product, and make those changes which will in time yield a successful business. Don’t be afraid to fail. And when you do fail, don’t give up.
“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. “
– Biz Stone
Principle #4: Ignore the Doubters
Founders believe they have an idea which will change the world in some way. They have seen “the future”. As such often times they are met with doubters. Many people are unable to see this vision quite the same way. Either they can’t understand how it would be successful or they simply don’t want to step outside their comfort zone to accept change. Successful founders focus on their ideas with bulldog determination and don’t allow themselves to be swayed by the naysayers. Doubters are the people who play it safe; they fail to see the possibilities and aspirations you seek to attain. Don’t let them hold you back. Don’t allow your dreams to be limited by what someone else might think.
“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.”
– Steve Jobs
Principle #5: Set Realistic Goals
It’s easy to see an opportunity and start to make a plan for how you would improve a product. Every good business starts with an idea and a goal. Successful founders create realistic goals and then meet them. It’s not enough to simply dream big. To see success these entrepreneurs finish what they set out to do. The best way to ensure they meet their goals is by settings themselves up for success with goals they can reach. They seek out a minimum viable product which meets the need they have discovered and they launch. Don’t get so caught up in adding features and secondary ideas that you never launch your business. Set goals you are sure to attain, launch your product and then add features.
“A goal properly set is halfway reached.”
– Zig Ziglar
Successful founders understand the importance of these 5 principles. They apply them to their business and their life. If you’re struggling as a founder or entrepreneur take a look at the list above and find one or two items where you can improve and then work on it. Don’t skim yet another article and miss the important take-away. You have to do more than read or hear. You have to apply them.
And of course – good luck! We’re all in this together.