- Challenges of Being a Start-up Founder
Start-up junkie Brenden and Billy discuss the challenges of being a start-up founder, the traits that make a successful start-up leader, why some start-ups fail, how and who should be a founder, and more!
What we discussed:
- [01:25] – When did Brenden become fascinated with start-ups
- [02:07] – What is Brenden doing to study start-ups and start-up founders
- [03:33] – Who and why should you start a business
- [05:05] – The story of artist Russ
- [06:04] – What is delusional self-belief?
- [07:03] – An important trait of all successful founders
- [08:00] – How do the founders navigate difficult conversations to get their vision?
- [10:16] – Building a team from a start-up perspective
- [16:14] – Brenden’s advice to people wanting to be start-up founders
- [18:14] – The average age of successful entrepreneurs
- [22:29] – Copy and change other’s ideas
- [24:50] – The best business model is one’s unique insights
- [26:39] – Topics about start-ups Brenden wants to explore more
- You shouldn’t be a start-up founder if you’re not fully committed. That doesn’t mean you’re not going to pivot, change, tweak, or adjust. Do a lot of things on your road to success, but you can’t just go halfway.
- The number one reason you should become a start-up founder is that you want to solve a very specific problem. And you have an idea that will allow you to do that.
- Delusional self-belief is a very important trait of all successful founders.
- At the initial phase, you should avoid at all costs taking money to build your business and paying people money.
- The unicorns that have had the most success have about two to three founders.
- You should have the ability to go back and forth between ideas, especially in start-ups, with technology in it.
- In technology start-ups, when you build something new, you’re going to get it wrong.
- Evan Spiegel took 400 product trials before he perfected Snapchat.
- If people are unwilling to sacrifice their own time to be a part of this journey, then you’re or your idea is not great.
- LinkedIn and YouTube started as dating sites.
- Successful founders already know exactly what the product vision is when they start a new company and execute it well.
- The average age of successful entrepreneurs is in their forties.
- You should never partner with someone only based on skill set because start-ups get hard, really fast.
- Most start-ups in the technology space don’t fail because of bad ideas. They fail because of bad people instead, maybe not bad people, but founder conflict, where the founders fight each other.
- Practically, every company has copied another company.
- The best business model is one’s unique insights applied to an industry in a way that no one else has done before and become successful from.
- “You have to believe in your idea so much that it’s even crazy to you.”
- “If people are willing to work for you for free at the beginning stages of business, it generally means you got something interesting.”
- “Being obsessive, relentless, and almost delusionary-focus are some common traits of start-up founders.”
- Zero to One: Notes on Start-Ups, or How to Build the Future by Peter Thiel
- Elon Musk: The Unauthorized Autobiography
- The Hard Thing About Hard Thing: Building a Business When There Are No Easy Answers Hardcover by Ben Horowitz
- Make Elephants Fly: The Process of Radical Innovation by Steven S. Hoffman
- Surviving a Start-up: Practical Strategies for Starting a Business, Overcoming Obstacles, and Coming Out on Top by Steven S. Hoffman
- The Five Forces That Change Everything by Steven S. Hoffman
USEFUL RESOURCES/ LINKS:
Brenden’s Website: https://www.mastertalk.ca/about
Support the show (https://www.patreon.com/bePatron?u=23010497)
Insight Out Links: