Driven to succeed

Over the past months, I’ve had the good fortune to come across and interact with many founders within the startup scene. Some are established, well backed by VC’s and blazing a trail on the road towards (hopefully) far reaching success. Others are just about getting started, trying to manoeuvre initial hurdle between concept to prototype. In doing so I have come across some recurring elements which define the archetype of a successful entrepreneur. Although this certainly does not apply to all such individuals, it would be applicable to perhaps a broad segment of the populace.

First things – when I talk about successful founders, I mean successful in an economic sense, those who want to build something tangible, far greater and beyond the constraints of what a regular employee, or less successful founders may think and execute. Without further pottering, here are the traits in no particular order

• Well, I said it before – an inane ability to think and dream big. Think of firms such as Evernote, Softbank who are led by very charismatic individuals. As Phil Libin of Evernote put it – the “100 year old startup“. Here the plan is to establish a legacy – not just a company.
• Second – the ability and will to execute just the point above. For outsiders, many a time a startup appears as a 100m sprint; for insiders it appears more akin to a marathon – at best a 1km sprint. This is exhausting, gruelling and requires a steely eyed focus even during the most challenging times within a firm. This is difficult – and in some cases it can have horrible consequences as the suicide of Jody Sherman proved. And from what I realize, execution is key – perhaps 90% more relevant than that product itself. For that reason I do respect Rocket Internet; they seem to be able to take an idea (borrowed or original), setup a firm, launch a product – test it out and even close it down if early indicators are poor in less time than it takes many firms to launch a product.
• Third – to be supremely passionate and be able to sell your product. The best example I can give is from the CNN news article of the Oklahoma girl who blew the Girl Scout Cookie sales record. This is more to give an idea that not only a Steve Job can sell. But if you are determined, have the right attitude and are willing to tell each and everyone (even those you don’t know!) about how awesome your product is – then you are halfway there. If I can be blunt – be SHAMELESS! The other half is to continuously accept, and even demand feedback and use it to constantly improve your product – and your message. There are many founders who feel shy, or are content on selling you the features of the products. The great ones sell you a dream – on how it will make your life better, how it will solve the most challenging problems (including the ones you may never have known). Features can be copied – dreams… a bit more ethereal to replicate.
• Fourth – and perhaps quite difficult… in the formative years, to put the company ahead of most other things. I say most, because some aspects such as taking time off for your family & loved ones are not worth sacrificing…. ALL the time. However, among the folk I met, there was a clear understanding of where different priorities stood in their pecking order. Planned a weekend with your buddies, but the product release (which you scheduled) wasn’t ready…. your buddies go without you. This is NOT a 9 – 5 job; you are accountable not only for yourself but also your family; your employees and their families. If you are not willing to sacrifice, “have the Ramen while your peers eat Foie Gras” as one founder eloquently put it – think again of your decision to be a founder.
• Finally – have a good head on their necks understanding their capabilities and more importantly their limits. The best founders are those who are capable of pulling together a strong team and then motivating them to work as one coherent unit. There may be superstar Alpha males, but the best firms I have seen are those who work in close cooperation with their CEO working tireless to ensure that this spirit remains and flourishes.

I could list more, but these traits rank high; I see them as recurring themes – and from my chats, so do investors. This doesn’t mean that if you have these traits, you stand to succeed. Perhaps these could serve more as indicators to understand whether you want to go down this path; at the end of the valley of sweat and tears – do you really have the DNA to be a successful founder?