5 top priorities for startup founders

In this article, I gathered the main priorities (in ascending order), according to which I sort and keep in balance everything I need to do - whether it is related to consulting and mentoring the founders / managers of startups or managing my own mParticle project. This list cannot be called exhaustive, and other people may have their own thoughts on this subject, and therefore I, as always, reserve the right to make mistakes. I just want to tell you about how I personally prioritize. I listed in order the main five points that need to be followed by the CEO of a startup.

1. Do not stay without money

A. If you don’t have enough money, meet up with investors. Without the timely contribution of capital, your business will not go up the hill, and startups are not killing the lack of profit, but their cash flows.

B. If funds are sufficient, then focus on growth (sales / customers / users). Make your business sell and generate revenue, or concentrate on the product / UX. This approach will allow you to ensure your product meets market needs.
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Note: Fundraising is a permanent process. So meet new and existing investors before you need money. You should use meetings with them in order to lay the foundation for future cooperation and determine on which indicators their decision on the future financing of your project will depend. Use these indicators in order to build major priorities.

2. Motivate, support and increase your team

A. Keep your team up to date with your project. Share victories and difficulties with your team. Well-established communication underlies good relationships, and you need good relationships with your employees.

B. Give your employees a platform for private and public communication. Take into account both individual and universal wishes and make changes based on them.

B. Give enough time to recruiting. If you are actively involved in hiring new employees, this should be your top priority. If not, always meet potential candidates, considering it as an opportunity to get a new employee (regardless of whether you take them for work or not).

3. Plan

A. The role of the executive director is to be able to direct the company and maintain its balance in the context of limited resources on the road to profitability, financing and / or generating income from selling startup shares at a higher price. As a child trying to find a way out of the maze, start at the end and move forward. Decide what tactics are needed to implement the strategy. Most people do not understand that early success almost always brings tactics rather than strategy.



B. Understand all aspects of your business, but contact experts and trust partners. It also promotes motivation.

Q. Always make contingency plans, taking into account that virtually every model has its drawbacks, and usually something goes wrong as you planned or hoped for (especially in the early stages of business development).

4. Talk about your intentions.

A. Make sure your employees know about your latest designs. They are your main followers, so make sure they keep up with the latest ideas.

B. Focus on customers (see clause 1B). Talk to them, but most importantly - listen to what they need.

C. Make sure investors are aware of the latest developments and plans, provide them with regular news about how the company is doing, and ask for their help.

D. Actively use your blog, Twitter, use the press and other opportunities to talk about important updates to your business. Media-built connections can be as important as relationships with particularly valuable customers or investors.

5. Be cool

Culture is often formed from the top down consciously or unconsciously. Always keep calm and composure, even if you are experiencing deep down.



And what are your thoughts on what things should be prioritized for startup founders?