This week marks one year since I left my job and began an unheralded life of the entrepreneur. While the learning curve has been steep, it has been one of the most productive years in terms of personal growth. Here are 50 of the most important things I’ve learned along the way.
1. It’s really tough to leave a good job to start a startup.
2. No matter how hard you try you can’t please everyone.
3. Getting employee #2 is 10x harder than #3 and #4.
4. Pay the good ones well so they’ll work with you again.
5. Create deadline incentives for every vender.
6. Don’t write anything in an email you don’t want published on a blog.
7. Lack of money is a major contributor to failed startups.
8. Taking funding is a gift and a curse.
9. Find people older and smarter than you and listen to them as much as possible.
10. It’s easier to manage a startup as a single guy than a married one.
11. Some of the best work is done after the 5th insane day.
12. Pizza can taste really bad after a couple of days.
13. Don’t let the engineering team help move the fridge.
14. Continually educate yourself and your team.
15. Silicon Valley is still the place to be for startups.
16. Being the last company to leave your office complex at night feels really good.
17. Desks are way better than cubicles.
18. Contract work is an easy way to a slow painful death.
19. The personal struggles of employees come before work.
20. No one is right 100% of the time.
21. It always takes longer and costs more than you plan.
22. Whiteboards are the lifeblood of good ideas.
23. Negotiating lease that includes utilities makes the AC feel a lot better.
24. Partnering with friends makes problems more complicated.
25. Work on homerun opportunities because it’s likely they’re only doubles or triples.
26. Everyone hatets pointless meetings.
27. The iPad is creating jobs (four in our office).
28. Save your best ideas for your own products.
29. Money can be a horrible motivator.
30. Treat colleagues and partners the way you want to be treated.
31. California has brutal tax laws for small businesses.
32. Daily progress is much more rewarding than weekly progress.
33. Make decisions when they need to be made. Not too early or too late.
34. Ideas are the easy part, doing the work is the hard part.
35. It feels great to get written up by technology blogs you read everyday.
36. Don’t buy any office furniture; companies give it away all the time.
37. When tech companies go out of business hire their engineers.
38. Don’t believe everything other Founders tell you.
39. Getting paid is sometimes harder than getting the job.
40. Your wife/girlfriend can make or break your startup.
41. Your family is the most important thing you can make succeed.
42. Working remotely may make or break your employees’ work production.
43. Make sure your cheap Macs bought on Craigslist have AppleCare.
44. Do at least one deal per day, no matter how big or small.
45. Working in the shadows of Google, LinkedIn, and Facebook (Silicon Valley) is inspiring.
46. No one will understand your great ideas until they see it work.
47. Don’t make critical decisions on little sleep.
48. Don’t be afraid to admit mistakes. It can help you move forward.
49. Celebrate your wins when you get them.
50. Keep fighting. Don’t give up. Don’t give in. There’s light ahead.
thanks for this, heading out to close my first major fundraising round $100k, after pretty much running myself into great debt to see my idea take hold. I think you are spot on and I wish you all the best, this post is great.
ebun – that’s awesome congratulations! nothing shows true commitment to an idea like spending your own money to fund it. good luck! make it happen.
Really enjoyed reading this DA. Keep up the good fight, I will always keep my faith in you!
Thanks Rony.
Dead right. Well said.
Thanks Big Daddy. That’s awesome your parents named you ‘Big’ esp with a last name like ‘Daddy’.
Great list! I don’t agree with all of them, but it’s still a great list.
Orlando – what would you take out or add?
“Ideas are the easy part, doing the work is the hard part.” is the only one I disagree with. My belief is that coming up with a money-making idea, the only type that matters, is the hard part. Think of it like this, anyone can be a songwriter, i.e. come up with the idea for a song, but not every song will make money, no matter who sings/executes it. The same with tech ideas.
Orlando – Seems like I read about how good angels/vc’s invest in people more than they invest in ideas in fact I read about two examples today alone (Ron Conway and Andy Swan). In terms of the song analogy, music (entertainment) is a hits based business and hard for even the best to get it right every time. Entrepreneurism I feel is much more driven by determination and perseverance than any magically market or consumer trend.
But what’s easy for some is hard for others and vice versa.
I understand that my point of view is in the minority, and that good angels/vc’s tend to invest in people rather than ideas. And, I completely understand the rational since, traditionally, there has been a lot of money involved. But, in today’s market, where it takes relatively little to fund a company, maybe it’s time for the industry to rethink it’s approach.
Regardless, before you can give the people what they want, you have to know what they want. To me, that’s all about the right idea. From there, follow the blueprint, and remain agile.
It’s an interesting thought. Thanks for sharing.
I have had difficulty with execution, and think staying focused is one of the hardest things, but yes, an idea that actually makes money is all that makes the other 49 truisms true. Having some related products as fall-backs seems wise to me, so I am launching some simple products that will have heavy competition before finishing the ones that will likely dominate a niche, seems like a home run now, and could be a “double or triple”. Another thing I am trying is using Kickstarter crowdfunding campaigns to measure real buying interest before I commit to some of the seemingly easy to execute product ideas. Orlando’s suggestions make me think of adding more ways to know what the people want. I want to create ways of tracking existing buyers, ways of asking for product suggestions related to existing products to the world at large, and especially niche buyers. The question is how?
Great list! I agree to most of them. I am entrepreneur for 10 years now.
Thanks Daniel. Congrats on the long ongoing run, your list would probably be more interesting! Personally I’ve never felt better professionally then I do with what I’m doing now. Hope to keep the entrepreneurial flame alive.
[...] Arts, quit last year to begin his own endeavor, Vaporware Labs. you can view the article here: http://derekandersen.wordpress.com/2010/08/06/50-things-learned-in-my-first-year-as-a-full-time-entr… This entry was posted in Articles. Bookmark the permalink. ← What are some of the best [...]
Linked to my list of cool and awesome links.
facebook.com/drqxx
Cool thanks.
Great post. I coulnd’t agree more (except for the part about Silicon Valley being the best place for a startup – that would be Los Angeles).
Ha. Well I’m not sure I’m up for diving into that one this morning. Agree to disagree. Or as Ron Burgundy says, “When in Rome”.
Thank you very much for sharing your experience. I really appreciate it and hope to hear and learn from you more..
Thanks again.
Thanks for the kind words Chandana! You’ve motivated me to post something new this morning. http://derekandersen.wordpress.com
I read it and really value your facts. Thank you.
Living vicariously through you right now, DA.
bro what I’m doing is small potatoes comparing to the cool stuff you work on.
Those are great tips. I definitely believe in not giving up.
Krass! Hatte ich garnicht gedacht…
Derek,
Check out my latest blog post, “Execution is easy. (Profitable) Ideas are hard”: http://bit.ly/9MKDAB
Thanks for that writing Orlando. Two of my products under development seem to pass your test since I have customers asking for them and saying they know of more buyers when I get the price down to X. I just need to execute. Congrats Derek on a successful year in Silicon Valley, where the tax laws are brutal.
John in Texas
I truly truly congratulate you with both your first successful year as an entrepreneur and your soon-to-launch game titles. You’ve paddled up-steam for a while, and hit several waves along the process, but you’ve bounced back and finished what you’ve started. I envy that. Congrats
Hi Derek,
Why don’t you share about a few of the waves you hit so that they will be avoided by others..
Thanks
Thanks a lot Dan. Really appreciate it.
thans for great sharing
thank nigne.
Thanks for sharing. I will bookmark your website.
Thanks Shirley. I appreciate it.
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Tjo, die Dinge können so simpel erscheinen. Herzlichen Dank für eure Erläuterungen
i haven’t been on the silicon valley but i would really love to visit that place. i bet that it is a very exciting place to visit ‘;`