Startups should NOT “do things that don’t scale” The whole point of technology is to find an elegant, scalable approach. The sooner you do that, the better off you are. When you glorify doing things that don’t scale, you end up with a startup that doesn’t scale.Romeen Sheth
This week I interviewed someone who: – Built a $1.5B company as COO – Sold a $1B company to Microsoft – Invested in 25 🦄🦄🦄🦄 Here’s 10 timeless lessons from one of the greatest tech entrepreneurs of our generation:
@DavidSacks is a legend and man of many titles: Founder, Executive, Investor, Coach, Filmmaker. He’s also a down to earth guy that’s incredibly generous with his time. This convo was a follow on from a dialogue we started earlier this year. Alright…onto the lessons:
Lesson #1: Startups should NOT “do things that don’t scale” The whole point of technology is to find an elegant, scalable approach. The sooner you do that, the better off you are. When you glorify doing things that don’t scale, you end up with a startup that doesn’t scale.
Lesson #2: You can’t do it alone, no matter how great you are. To win big, surround yourself with: A. Other greats B. Role players C. A system that brings out the best in everyone. All three of these are equally important and allow organizations to thrive.
Lesson #3: Silicon Valley is no longer a place. It’s a way of doing business 20 years ago SV was the home for innovation. Today it’s now spread to many other places. Risk Capital + Knowledge + Support = a more inclusionary and global ecosystem. That’s a great thing.
Lesson #4: Chaos is exacerbated by growth. Too many organizations and first time leaders are focused on subduing chaos. Embrace it. Ironically, chaos is one of the few startup problems that growth doesn’t solve. In fact, it’s caused by growth.
Lesson #5: Let your winners ride It’s so hard to create a winning formula. If you have it, think long term. Even if you leave, keep some of your holdings. When PayPal sold it was for $1.5B. Today, it’s a $320B+ market cap. David personally left billions on the table.
Lesson #6: Bypass the gatekeepers The @theallinpod is at 1M listeners / fast on its way to 10M. This is one of the BIGGEST unlocks for individuals and organizations in 2021. Control over the message = control over the narrative. Build an audience. Write your own story.
Lesson #7: Choose equity in yourself over the security of an established brand. The establishment is overrated. Choose upside in yourself. You’ll attract like minded people. People that want to be pushed and leave their imprint on the world vs. being cogs in a machine.
Lesson #8: Expect to be underestimated You will face endless rejection and endless challenges. Don’t brood over the passes from VCs, the “no’s” from partners or those that favor the incumbent. At the end of the day, the market’s “vote” is the only one that counts.
Lesson #9: Don’t be afraid of judgement The road to greatness can oftentimes be very lonely. Shut out the noise and listen to only those that matter – Yourself – Your team – Your customers
Lesson #10: Your startup is a movement. Treat it like one. There’s an analogue between grassroots politics and startup evangelism. The best “campaigns”: – Define a larger cause – Articulate the problem better than anyone else – Attack the status quo – Define the category
That’s the list! 10 timely lessons to help orient founders and investors on the road to building generational companies. He also shared his perspectives on: – Intensity and mindset – Driving virality – Blitzfailing / Blitzscaling Check out the full episode in the bio.
And if you enjoyed this, give me a follow: ➡️@romeensheth⬅️ I tweet every week about: – Building an 8 figure business – My conversations with leading founders and investors