14 things I will do differently in my next startup.
We are in a great place now. Awesome team, all the numbers are going UP!
But during 5 years I've made a bunch of mistakes that delayed our growth.
Go ahead, learn from them πππ
We are in a great place now. Awesome team, all the numbers are going UP!
But during 5 years I've made a bunch of mistakes that delayed our growth.
Go ahead, learn from them πππ
1. Hunger
We started sales early, got initial traction that allowed me to hire a team. But then I got comfortable, distracted by unimportant things. We stagnated for over a year.
You should always be hungry for growth!
We started sales early, got initial traction that allowed me to hire a team. But then I got comfortable, distracted by unimportant things. We stagnated for over a year.
You should always be hungry for growth!
2. Funding
At year 2 we were not in a good place and took funding: $60k for 17% equity.
Horrible move. I could close a few clients or do consulting work and get the same cash.
Giving up equity in the early stages is very expensive. Try to delay it for as long as you can.
At year 2 we were not in a good place and took funding: $60k for 17% equity.
Horrible move. I could close a few clients or do consulting work and get the same cash.
Giving up equity in the early stages is very expensive. Try to delay it for as long as you can.
3. Technical co-founder
I started as a solo non-tech founder. It was very unsettling without such expertise.
I invited Anvar at the end of year 3 and the growth just went up since.
Here is a short guide on how to hire a CTO.
I started as a solo non-tech founder. It was very unsettling without such expertise.
I invited Anvar at the end of year 3 and the growth just went up since.
Here is a short guide on how to hire a CTO.
https://twitter.com/volodarik/status/1357080786269335553?s=20
4. Hiring
Early hires are crucial and I messed it up a few times. I optimized for speed and salary and didn't pay much attention to their soft skills.
Spend a lot of time with them, maybe even work part-time before hiring.
Early hires are crucial and I messed it up a few times. I optimized for speed and salary and didn't pay much attention to their soft skills.
Spend a lot of time with them, maybe even work part-time before hiring.
More hiring.
Early employees will be jacks of all trades. Hire curious underrated people with obvious potential.
We hired a copywriter with no copywriting experience and paid 2x salary we could afford. But we saw a huge potential.
Now she is the best CMO we could ever find.
Early employees will be jacks of all trades. Hire curious underrated people with obvious potential.
We hired a copywriter with no copywriting experience and paid 2x salary we could afford. But we saw a huge potential.
Now she is the best CMO we could ever find.
More hiring.
Team is a bigger asset than clients and investors COMBINED.
When hiring, sell them your vision. Offer them potential they can't get in the corporation.
During work celebrate every little win. Give them all the credit and take all the blame on yourself.
Team is a bigger asset than clients and investors COMBINED.
When hiring, sell them your vision. Offer them potential they can't get in the corporation.
During work celebrate every little win. Give them all the credit and take all the blame on yourself.
5. Audience
Building an audience or community > paid aquisition.
I just started building in public and WOW, it's so incredible to get so much attention.
Attention = inbound clients, partners, investors.
Get on that Twitter and build your network!
Building an audience or community > paid aquisition.
I just started building in public and WOW, it's so incredible to get so much attention.
Attention = inbound clients, partners, investors.
Get on that Twitter and build your network!
https://twitter.com/volodarik/status/1363891299531825152
More audience.
Building your own audience is hard. Start from being active in other communities.
SPAM and FRAUD are your worst enemies in all the channels.
Be genuine, helpful, feedback and you will get a lot of attention
Building your own audience is hard. Start from being active in other communities.
SPAM and FRAUD are your worst enemies in all the channels.
Be genuine, helpful, feedback and you will get a lot of attention
https://twitter.com/volodarik/status/1354468826352668673
6. Marketing.
My path:
a. didn't do any marketing - no growth
b. hired an agency - no growth
c. became a marketer - 4x growth in 1 year
Skip a and b.
My path:
a. didn't do any marketing - no growth
b. hired an agency - no growth
c. became a marketer - 4x growth in 1 year
Skip a and b.
https://twitter.com/volodarik/status/1363526491124948992
More marketing
For over a year content marketing Quora was bringing us 80%+ new leads and we could not find other channels.
This was a nightmare. What if they ban me or anything else? Then we are done!
Now we are diversified
For over a year content marketing Quora was bringing us 80%+ new leads and we could not find other channels.
This was a nightmare. What if they ban me or anything else? Then we are done!
Now we are diversified
https://twitter.com/volodarik/status/1359662433930014721
7. Agencies.
We hired 2 agencies (PPC and SEO) in the early days. Wasted around $50k, a bunch of time, and got close to no results.
Then we did the same work ourselves and everything worked. Do the math.
We hired 2 agencies (PPC and SEO) in the early days. Wasted around $50k, a bunch of time, and got close to no results.
Then we did the same work ourselves and everything worked. Do the math.
8. Influences.
I discovered this in year 5, but the founder must be the startup's biggest influencer.
With almost no following I get a lot of attention. Imagine if I started this from day 1 π
I discovered this in year 5, but the founder must be the startup's biggest influencer.
With almost no following I get a lot of attention. Imagine if I started this from day 1 π
https://twitter.com/volodarik/status/1360658929383071746
9. Mentorship
Peers > Mentors.
I joined a mastermind group last year and this was a major shift for me.
Surround yourself with peers on ~ the same level. You will get support and a lot of insights.
Peers > Mentors.
I joined a mastermind group last year and this was a major shift for me.
Surround yourself with peers on ~ the same level. You will get support and a lot of insights.
10. Feedback
Through I delegated most of the functions, I got isolated from clients. No feedback - you are blind.
For 2 years I tried to target the wrong customers even though they were bringing us 10% of revenue.
Talk to clients on a weekly basis!
Through I delegated most of the functions, I got isolated from clients. No feedback - you are blind.
For 2 years I tried to target the wrong customers even though they were bringing us 10% of revenue.
Talk to clients on a weekly basis!
11. Delegation
At start, I was doing everything. w/ first hires, I micromanaged, completed their tasks instead of giving frameworks.
The better way to do it
β’ create docs how to do the role and spend a lot of time onboarding
β’ trust their decisions and let them make mistakes
At start, I was doing everything. w/ first hires, I micromanaged, completed their tasks instead of giving frameworks.
The better way to do it
β’ create docs how to do the role and spend a lot of time onboarding
β’ trust their decisions and let them make mistakes
12. Transparency.
It's hard to switch from a small team mindset. The bigger the team got, the less there was understanding what is happening. I didn't hear the feedback and it slowed us down.
This helped:
β’ OKR
β’ 1on1
β’ personal weekly planning. email sent to everyone
It's hard to switch from a small team mindset. The bigger the team got, the less there was understanding what is happening. I didn't hear the feedback and it slowed us down.
This helped:
β’ OKR
β’ 1on1
β’ personal weekly planning. email sent to everyone
13. Priorities
Picking what to work on is easier than saying NO to things.
Biggest example - conferences. In year 1 I exhibited on WebSumit. $3k + 1 week = no result.
So many things I had to say no to...
Picking what to work on is easier than saying NO to things.
Biggest example - conferences. In year 1 I exhibited on WebSumit. $3k + 1 week = no result.
So many things I had to say no to...
14. Stress
Stress β success.
I was miserable for 3 years. Worked overtime, didn't sleep well, didn't exercise and productivity was π
Now I take care of my mental and fiscal heals, feel much better, work less, and accomplish much more.
Stress β success.
I was miserable for 3 years. Worked overtime, didn't sleep well, didn't exercise and productivity was π
Now I take care of my mental and fiscal heals, feel much better, work less, and accomplish much more.
Follow me for future threads here @volodarik
I share a lot of stats and experiments on the way to grow lemon.io from $2.7m to $10m in 2021.
I share a lot of stats and experiments on the way to grow lemon.io from $2.7m to $10m in 2021.
β’ β’ β’
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