“There’s a problem when you start a company when you’re 22, and the problem is that you don’t know anything.” – Steve El-Hage
When a Founder who raised $75 million with top VCs and angels takes time to go over his main mistakes since founding the company ten years earlier, we take notes.
In a recent podcast with early-stage VC firm First Round Capital, Steve El-Hage lists several first-time Founder mistakes he made since launching Massdrop, later become Drop, a startup that unites communities to build the products they love.
#1 – Listen to users to resuscitate revenue that’s flat-lined (but also: in all cases, we might add)
#2 – You’re going to screw up key hires – it’s all about how your course correct
#3 – When it comes to advisors, bring on more and dedicate more time to them
#4 – Proactively manage burnout for yourself and your team
#5 – Spot looming long-term problems, make unpopular calls, and stick to your guns
What’s interesting is that El-Hage goes into details on each point and comes out with practical advice on how to avoid or repair these mistakes most Founders are bound to make at some point.
The First Round post is very well edited and easy to read. We command you to take a long look at it (see the link below.)
🗣 What do you think of this list? Which points would you add to it?
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🔗 First Round’s post, “The First-Time Founder’s Guide to Learning Everything the Hard Way,” is here
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