The end of the year is a time for reflection.

I’ve compiled my top 10 list of insights on what I think is the secret sauce of a successful startup.

Some of these I learned by doing, but most of these I stumbled upon by reading, watching, and talking with other founders about startups. I hope to eventually formulate them into principles, allow me to use these insights as a guide whenever I feel lost, or even help others learn from them.

I have made comments for each item, drawing from my own experience or what I have observed from others. But first, the list:

  1. Put ego aside or accept the inevitable defeat.
  2. Founders’ brand is an advantage.
  3. Speed and agility are a startup’s most unfair advantages.
  4. If you build it, they won’t come.
  5. Listen first, sell second, and build last.
  6. Price it like you’re better than your competitors.
  7. Trust the team.
  8. Hiring is for scaling.
  9. Stop chasing investors; chase customers instead.
  10. Luck and timing plays a big part.

Put ego aside or accept the inevitable defeat.

When I began my startup journey, I was so focused on trying to prove myself that I wasn’t taking the time to truly understand the needs of our customers, the need of the company, or the need to collaborate effectively with my team.

Years later, I realized all that energy and effort were misplaced.

I’ve learned that success in the startup world is not about proving oneself to be the best but rather about working together with a shared vision and purpose.

Founders’ brand is an advantage.

I’ve shunned away from the hypertrophy of working at big tech companies such as FAANG, instead choosing small startups over them because I preferred the ground-up experience.

I’ve since realized much like attending a good school, working at those companies lets me stand out and make a positive impression on potential clients and investors by prebuilding credibility and trust.

Alternatively, being active on LinkedIn and communicating domain expertise will achieve similar results over time.

Speed and agility are a startup’s most unfair advantages.

Move fast, learn faster. Small teams can move mountains when the focus, mission, and effort are aligned.

If you build it, they won’t come.

I can’t believe how often I jump head-first into problem-solving mode. Jumping into solution mode too early creates a false assumption that the solution will automatically attract customers.

Listen first, sell second, and build last.

Listen first means seeking out and gathering feedback from potential customers, identifying their pain points and unmet needs, and understanding the motivations of a target market.

Selling second means using the information to develop a compelling value proposition and messaging that resonates with the target market.

The building last involves using insights and feedback to create a product or service that meets the needs of your target market - an MVP.

Price it like you’re better than your competitors.

Pricing a product or service like it’s better than the competitors is a controversial insight. I’ve found from personal experience that most founders undercharge and focus too much on price competitiveness. The risk here is obvious, but if executed right, the reward can also be equally outsized. Also, if the primary method of monetization isn’t ads and the user’s data, charge money from day 1.

Trust the team.

I’ve realized that success stems from learning to rely on my team to bring their unique skills, experiences and work together effectively in order to drive the company forward.

When team members trust each other and feel comfortable sharing their ideas and concerns, it creates a positive and productive work environment. Open and honest communication is essential for building trust within my team, which includes mutual respect and appreciation for their unique skills and perspectives.

Hiring is for scaling.

The worst thing a startup can do is to use a lack of resources as an excuse. Founders must be flexible and capable enough to take on the mantle of doing whatever the company needs.

Stop chasing investors; chase customers instead.

While it can be tempting to focus on securing funding from investors to fuel growth, the ultimate goal of a startup should be to create value for customers and generate sustainable revenue.

Luck and timing plays a big part.

As a founder I have accepted the fact that in the long marathon of a startup journey, luck and timing can play a significant role in the success of a company. While hard work, dedication, and strategic planning are all important factors in the success of a startup, there are also elements of luck and timing that can have a major impact.

That’s it! Thanks for the read. Here are some honorable mentions:

  1. Cash is king.
  2. Do things that don’t scale, and use whatever tool to get across the finish line faster.
  3. ABC: Always be closing.
  4. Customer retention is cheaper than getting more customers.