5 top priorities for startup founders

In this article, I have gathered the main priorities (in ascending order), according to which I sort and keep in balance everything I need to do - whether it is related to advising and mentoring the founders / leaders of startups or managing my own mParticle project . This list cannot be called exhaustive, and other people may have their own thoughts on this matter, and therefore, as always, I reserve the right to make a mistake. I just want to tell you how I personally prioritize. I listed in order the main five points that you need to follow the CEO of a startup.

1. Do not be left without money

A. If there is not enough money, meet investors. Without a timely investment of capital, your business will not go uphill, and startups are killed not by the lack of profit, but by their cash flows.

B. If there is enough money, then focus on growth (sales / customers / users). Make your business sell and generate revenue, or focus on the product / UX. This approach allows you to ensure that your product meets market needs.

Note: Fundraising is a permanent process. So meet new and existing investors before you even need money. You should use the meetings with them in order to lay the foundations for future cooperation and determine what indicators their decision on the further financing of your project will depend on. Use these metrics to build your top priorities.

2. Motivate, support and grow your team

A. Keep your team up to date on your project. Share both victories and difficulties with the team. Good communication is at the heart of a good relationship, and you need a good relationship with your employees.

B. Give your employees a platform for private and public communication. Take into account both individual and universal wishes and make changes based on them.

C. Allow enough time for recruiting. If you are actively engaged in hiring new employees, this should be your top priority. If not, you should always meet with potential candidates anyway, viewing this as an opportunity to get a new employee (regardless of whether you hire them or not).

3. Plan

A. The role of the executive director is to be able to guide the company and maintain its balance in conditions of limited resources on the road to profitability, financing and / or earning income from the sale of startup shares at a higher price. As a child trying to find a way out of the maze, start from the end and move forward. Decide what tactics are needed to implement the strategy. Most people do not realize that early success for startups almost always brings tactics rather than strategy.



B. Understand all aspects of your business, but turn to experts and trust partners. It also contributes to motivation.

IN.Always make plans taking into account unforeseen circumstances, taking into account that almost every model has its own flaws, and usually something goes wrong as you planned or hoped (especially in the early stages of business development).

4. Talk about your intentions.

A. Make sure your employees are aware of your latest plans. They are your main supporters, so make sure they are up to date with the latest ideas.

B. Focus on customers (see paragraph 1B). Talk to them, but most importantly, listen to what they need.

B. Make sure investors are aware of the latest changes and plans, provide them with regular news about how the company is doing, and ask them for help.

D. Actively use your blog, Twitter, use the press and other opportunities to talk about important updates to your business. Communications built through the media can be just as important as relationships with particularly valuable clients or investors.

5. Be calm

Culture is often formed from top to bottom consciously or subconsciously. Always remain calm and calm, even if you are deep down.



And what are your thoughts on what things should be a priority for startup founders?