In her first post since joining our judging panel, Jo Dalton, founder and CEO of JD & Co., discusses the importance of entrepreneurs reflecting on the year so far and how to capitalise on the remaining months to come, particularly for start-ups.
As we leap into the second half of 2018, it’s important to look back on the eventful year so far including our recent successes, brilliant moments and a few calamities just for good measure. England did a nation proud going further than anyone expected in Russia. And then we were quickly brought back down to earth with Trump’s visit to the UK, the Brexit saga *eyes roll* and finally, Love Island… (yes, ok, you got me! A girl’s allowed one guilty pleasure though surely?!)
What have been your biggest events and achievements this year? What are your plans before the year is out? I hope you’ll take with you at least one of the following tips to success in the entrepreneurial world.
Having ridden the start-up rollercoaster for many years as a founder and advisor, I have been part of the constant state of flux that is the world of growing businesses. Those I have seen thrive, scale and flourish long enough to reap the rewards and benefits of their own success, are those who have put the following tips and tricks into practice.
Here are my 10 key tips for start-up entrepreneurs:
- Start as you mean to go on
- Co-founder pedigree
- No ‘I’ in team
- Hiring from big brands
- Start-up first timer vs. Battle-scarred veteran
‘Do I hire someone who can deliver everything I need right now? Or do I hire someone perfect for the long-term direction I am heading?’
It’s a big decision and not one to take lightly. Ultimately, it is one that requires a little bit of both. Hiring a mix of seasoned start-up individuals to do the heavy lifting and teaming them with fresh talent who are passionate will provide just the right balance of experience and new energy.
- Make a decision!
- Hire shots of expertise
Think about pulling in some heavyweights and don’t be afraid to consult an expert. A few days or weeks of the skillsets you need, injected into your start-up from the very beginning, can save you valuable time and money in the long run. Use specific talent in small shots in the beginning but don’t hire permanently until you are absolutely ready.
- Be prepared to pivot
The example I always use is Slack, my comms tool of choice, check out their story for the best pivoting story ever! PS If you haven’t used it already – Slack Slack Slackety Slack all the way!
- Gotta be in love
- Know when to let go
How many of these points can you relate to? Or is there anyone you know who could benefit from reading this? I always advise to “treat yourself like a start-up”.
PS: Businesses founded by females perform 63% better than all-male teams. I cannot believe I am even typing this in 2018 but we are woefully behind and more investment in female founders would help. I’ll be writing about this in my next article! #justsaying #whorunstheworld #equalpay #ourtime #thankyou
Originally posted and adapted from BMW i UK Tech Founder Awards