How to boost your chances of founder success

Recently founded a startup, or planning to soon? Startups are notoriously difficult because they constantly require perseverance, originality and innovation. With 90% of startups failing, combined with frequent knock-backs and lack of resources, achieving success can seem unimaginable. 

Knowing the pitfalls to avoid as a founder will give your startup the best chance of success. 

4 First-Time Founder Mistakes To Avoid

Not telling your story 

Every startup is fundamentally unique; from the founder’s background and history to the market insight that led to starting a mission-driven company. As a company progresses from a few customers to something much more impactful, such stories can elevate a company from being a business to having a brand identity that consumers can connect and identify with. 

Think about the global problem you are trying to solve and leverage your experience. Having worked for over a decade in the energy sector, my story combines the two; from recruiting in the oil and gas industry to flipping the tables to grow the talent shortage in the emerging renewables sector. Being open and honest has led to many clients believing in who we are and what we are trying to solve. 

Going too fast 

Most entrepreneurs tend to move too fast with the notion that speed can often mean the difference between first to market or second. In the quest to be first and to move fast, you increase the chances of exhausting yourself and those around you, cutting corners, and making mistakes.

Sometimes to speed up, you have to slow down, particularly in startups where time, people and money are your most precious resources. Without thorough preparation and strategic focus, rapid growth doesn’t always lead to profit and sustainability. 

Our priority when launching was to have a solid foundation. As my startup journey has progressed, I now understand this to be three fundamental building blocks; strategy, systems and leadership. It means as a business we knew our purpose, understood our market and were able to establish goals. 

Ignoring your critics 

Ideas are worthless without great execution, and negative feedback reinforces this statement. Listening to things that are difficult to hear strengthens your ability to deal with negativity, making you a better leader in the face of adversity. If you never hear negative criticism, you’re not talking to the right people or your idea isn’t groundbreaking enough to warrant engagement from others. 

Getting criticism is a sign that you’re doing something that’s actually worth questioning. It takes a willful, strong leader to find value in it. 

Entering a maturing market has been the biggest risk of my career and not something I jumped into lightly. But as a Founder, facing your fear and doing what you believe in is the biggest driving force. I listened to those who said ‘don’t do it’ and ‘it won’t be a success’ to mold the business that I operate today. Without the critics at the beginning and throughout this startup journey, I wouldn’t be standing where I am today. 

Hiring the wrong team 

As a founder, you will face a world of challenges, and the vast majority will be people problems. Hiring your head of sales too quickly and your head of product too late, or just hiring the wrong people altogether. 

Your skillset will be entirely different to the skillset of your hires. It’s important to focus on the needs of the company, rather than being swayed by the ‘flashiest’ resumes. Getting an agency or hiring manager involved in the process that knows the right questions can be the difference between hiring the right team or crashing.  

Unfortunately, there is no magic formula for first-time founder success. Avoiding these mistakes will help ease the stress and challenges that inevitably come with building and scaling a startup, drastically improving your chances of building a successful company.