Advice From Current Entrepreneurs to Aspiring Entrepreneurs
How to ensure the challenge is worth the reward
We interviewed 30 founders of scale-up ventures and asked what advice they would give aspiring entrepreneurs.
This is what they said.
In Their Own Words
Work on passion projects
“Have a bold vision, because if you want to keep yourself motivated in continuing to keep going, l’d say it’s important to have something significant that’s driving that passion, because otherwise, there’s going to be way too many challenges along the way that will make you not want to continue.”
“You’ve got to really want to solve the problem. You know it takes over your life. And so if you don’t love the problem, work will not be enjoyable.”
“Shoot the moon” with your aspirations
“Be aggressive with the plan. And even if you don’t hit it, it’s like, it forces you to at least get closer to achieving it.”
“You just have to be really comfortable with having a strong point of view, and I think one of the very strongest things about being an entrepreneur is having everyone else around you tell you you’re wrong and still having the fortitude to disagree and march forward with your vision.”
Choose your counsel wisely
“Pick the people over the term sheet. Always pick the right people.”
“Don’t take money from bad partners … find really good advisers that really want you to be successful. Not like they’re trying to control the business.”
Build the right team
“Surround yourself with good people. This is a difficult journey, but it can be a lot of fun and extremely rewarding, even if it’s not successful. If you’re doing it with the right people … it just makes the magic.”
“If you can get people that are strong on the executive team, then it just makes everything easier, from, recruiting other top talent to, just the opportunity cost of having the people on the right seat at the right time is just so high when you are in a high-growth environment.”
As you grow, remain customer-focused …
“Really focus on understanding your users. Fall in love with the problem, not with your solution.”
“I think, in Canada, it’s the fastest way to start building a product, and focus on selling the business, focus on selling those to the customer, and then work backwards from there.”
Stay strong in your convictions …
“You have to be careful, but you have to listen … you have to have strong opinions that are loosely held. Meaning, you have to be willing to change on a dime. But don’t change because someone says to change, because more often than not, they’re actually wrong. So, if you do what everyone is telling you to do, you’re not doing anything interesting, because it’s highly predictable…. So when people are telling you to do things that are different than what you’re thinking to do … there’s a good chance you’re on to something, right?”
“The foundational pillar of our values is inclusivity and allowing people to be their authentic selves. We want to work with organizations that also demonstrate that within their own values, within their own leadership teams. And I find that diversity matters to us; I wanted to see truly that it matters on the other side.”
You are the expert of your company
“I would say follow your gut and remember that even though there are many, many people giving you advice … they might have done something like it … but they’ve never actually done the thing that you’re doing.”
You only know so much
“Be extremely open to failure and to learning from it. To the point that you almost sometimes wonder, why am I doing this to myself? But I think it’s something that needs to become part of your DNA. Because otherwise, with every stage of the startup, there’s going to be so many new things that you just need to be open-minded around learning how to deal with them.”
“Stop your ego and just be really willing to learn. There’s so much that other people have to teach you, but you’ll have to be willing to listen to take those blessings in. So it’s kind of about being selfless. Not getting defensive when someone’s, like, “But what about this?” and “That’s maybe a really good idea.” But if you can’t hear that idea, you’re gonna lose out on the innovation.”
“Because investors will ask hard questions, and you can either choose to let it destroy you or you can actually see their wisdom.”
In the beginning, balance is unlikely, so set boundaries
“I think we put so much effort on work-life balance and I don’t necessarily subscribe to that. I subscribe to boundaries for entrepreneurs … we didn’t become entrepreneurs because we cared about work-life balance.. So I think the biggest thing I’ve discovered is the boundaries. So just knowing when you do have to put your phone away when you’re with your family, be with your family; when you’re at work, be at work. And it’s hard to do both. So I think that has been the biggest thing that has helped me get through this.”
“But it’s like, how do you push a business forward and take care of your family, and make that work? And I generally had that it’s a huge burden for female founders. Unless you’ve got a partner who’s making enough, it’s very, very hard to manage.”
Be prepared for a tough, long haul
“Be prepared to commit at least eight years to this. Stick with it no matter what.”
“You got … to deal with no resources…. And you’re super, super broke. We went from well-paid jobs and … now, you’re coming home [to your parents] for dinner all the time.”
Remind yourself that the struggle is worth the reward
“It’s very challenging, but also very rewarding. So I just think that it’s like, if somebody is self-selecting for it, absolutely, should be encouraged. But it’s really not for everybody…. I actually think it’s very much like … having a child. If somebody doesn’t want to have a kid, you don’t say, ‘You should have a kid’. If somebody wants to have a kid, you really encourage it. And they’ll see how hard it is later on. But they’re never going to fault the person and say, ‘You should not have a kid,’ because there’s so much that it actually returns.”
“It’s stressful … but it’s also extremely rewarding. But if the only thing that somebody is looking for is the money, this is not the way to go.”
Advice From the Research
While women receive less funding, they show greater returns or market valuation in the long run. Research suggests this may be due to:
More sustainable business models
Having a steady growth business model, rather than rapid expansion, can allow for greater agility and resilience to market fluctuations. However, venture capitalists may be less attracted to this type of business model, so it can be a balancing act.
A people-first leadership style
Having a more interpersonal-oriented leadership style focused on building an inclusive and a values-driven culture may be contributing to more long-term business successes. Women should leverage these approaches as a potential competitive advantage.
