18 essential reminders from one founder to another
8 May 2023
After building Tech in Asia for over a decade, I’ve learned many valuable lessons along the way, some of which I have shared before. These lessons are things I wished someone had told me when I was starting out.
From having a clear vision to being kind, here are 18 essential reminders for those ready to take on the challenge of building a startup.
1) Have a clear vision
It's crucial to have a clear understanding of your startup's mission and communicate it coherently to your team and stakeholders. This will help keep everyone aligned and focused on the same goals.
From 2015 to 2017, Tech in Asia raised over US$10 million. This made the team feel ambitious, but we were undisciplined. I lost sight of our vision by pursuing every opportunity that seemed promising and aligned with our mission of building the startup community.
Losing sight of our vision meant we burned a lot of money with no clear returns. We had to go through a painful layoff and spend years getting back on our feet.
2) Be adaptable
The world is constantly changing, and it's crucial to adapt to new circumstances and challenges. Be open to new ideas and be willing to pivot when necessary. Don't be afraid to experiment and try new things.
A lot of people don’t know that Tech in Asia tried launching a subscription service as early as 2013, but it didn't work out. The necessary technologies weren't available, and the market wasn't ready to pay for it.
We made the difficult decision to kill the project in 2014. However, we kept the idea on ice and relaunched the subscription service five years later when the conditions were more favorable. It turned out to be a better fit for the market and has been a valuable revenue stream for us.
3) Hire the right people
Your team is one of the most important factors in your success, so it's essential to hire people who are skilled and who share your values and have the passion for what you're doing.
When you onboard the right people, you'll feel energized working with them. I've been lucky enough to hire some very talented people who have dug in and fought alongside me through tough times. You know who you are.
4) Cultivate a culture of transparency
Build a culture of trust and transparency within your team. Be open and honest with your employees and encourage them to do the same with each other.
Life is too short to micromanage, play mind games, and engage in workplace politics. At Tech in Asia, as long as you hit your objectives, you get full control over when and where you work and when you go on holiday.
We also encourage questions and discussion in open Slack channels. Every month, we share our shareholder deck with the entire company, so colleagues know exactly how we are performing.
5) Focus on your customers
Your customers should always be at the forefront of your mind. Listening to data is critical, but don’t forget to understand the why behind the data by talking to users and listening to their feedback.
One method I use is to seek out negative feedback. I always ask customers what they dislike about our product: “What’s one thing I’d hate hearing about our product?” This is likely the most critical feedback for improving it.
You should do the same when talking to your team. The user experience of your employees depends on how you design your policies and shape your culture.
6) Be persistent
Building a successful startup takes time and hard work, so you need to be prepared to persevere even when things get tough. Don't give up even when you face setbacks or failures.
As founders, it's natural to have doubts and thoughts of giving up when we encounter hurdles. However, it's important to keep pushing forward and look for potential lessons and opportunities to learn and grow.
Adversity can often present unexpected opportunities for improvement and innovation. Running away from difficulties only hinders your ability to overcome and upgrade.
7) Build a strong network
Build relationships with other entrepreneurs, investors, and advisors. Surround yourself with people who can support you and offer valuable insights and advice.
These people can be highly critical of you, but they truly care and will always have good intentions. Similarly, stay away from people with ill intentions. It’s hard to explain how to root these people out, but they usually have bad vibes, and these are times when you need to trust your gut.
8) Don't take things personally
Remember that criticism or negative feedback is not necessarily a reflection of you as a person but rather a comment on your work. View it as constructive criticism and use it to improve and grow.
You can only get honest feedback if people know you won’t take it personally. As a founder who pushes for excellence, I have accepted that there will always be a barrier between myself and my colleagues. But because of that barrier, I need to work twice as hard to earn their trust.
9) Be selective about the advice you take
As the key operator, you've likely spent a lot of time working on the problems at hand. It's good to expand your knowledge and perspective by seeking advice, but you shouldn't listen to everyone who has something to say. Opinions are like assholes; everybody has one, and they usually stink. Be selective about the advice you take and the lessons you learn.
For example, if a founder tells you that doing X brought them 100% growth in 30 days, blindly copying their approach may not work for your business. Instead, ask them what made X successful and extract the underlying principles. Test those principles through your own experiments and adapt them to fit your unique circumstances.
10) Take care of yourself
Building a startup can be demanding, both mentally and physically, so it's important to maintain a healthy work-life balance.
It is natural for younger founders to scoff at this reminder. I learned this lesson with age. As you get older, your body changes, and you’ll need to find the right daily balance to stay on top of your game.
11) Celebrate your successes
Recognize the hard work and achievements of your team and take time to reflect on what you've accomplished so far. This will keep you motivated and focused on your goals.
I’m particularly bad at this, but I’m trying. I’m highly critical of myself and often put too much pressure on my shoulders, and that pressure tends to trickle down to the team.
12) Focus on what you can control
As a founder, it's natural to want to control every aspect of your business, but you can’t. Instead, focus your energy on what you can control and learn to let go of the things that are out of your hands.
This is especially important in the current climate where there may be many external factors we can’t predict such as wars or recessions. By prioritizing what you can control and taking action on those areas, you can make the most of your time and resources.
13) Take responsibility
If you make a mistake or wrong someone, don't hesitate to publicly apologize for your behavior. Founders who blindly defend themselves or refuse to acknowledge their wrongdoings are likely to lose the respect and trust of their community.
14) Appreciate what you have
Avoid comparing yourself to other founders, as there will always be someone who appears to be doing better. Instead, cultivate a sense of gratitude and try to live in the present moment.
15) Recognize your zone of genius
One of the greatest joys in life is doing what you love and excel at. It's important to prioritize spending most, if not all, of your time in this area.
As a leader, you also have the ability to structure your team in a way that maximizes everyone's strengths and places them in their respective zones of genius. While this can be a challenging task, it's worth the effort.
16) Profitability is king
While fundraising can be helpful, profitability keeps your business afloat. Make sure to keep a close eye on your cash flow and manage your resources carefully to avoid running out of money.
At Tech in Asia, we haven't fundraised in more than five years, and achieving profitability in 2019 was a significant accomplishment for us.
17) There’s more to life than work
Your family, loved ones, hobbies, and interests are equally important. For me, my family is my top priority.
I also find it helpful to focus on playing tennis, though I am not particularly good at it. It's a fun sport that keeps me healthy and teaches me mental toughness, as it combines physicality with the need to find weaknesses in your opponent's game.
If you're a founder who is interested in tennis, I highly recommend reading *The Inner Game of Tennis* by W. Timothy Gallwey. It's a great resource for improving your mental game both on and off the court.
18) Practice kindness and pay it forward
Just as you have received help in the past, it's important to extend the same courtesy to others. Consider offering your time to other aspiring founders, even if it's just a small amount.
Layoffs have become common in the tech industry, and it's likely that most young founders are experiencing their first round of retrenchments. In 2016, Tech in Asia had to undergo a layoff, which gave me the unfortunate experience of planning and executing one.
Whenever a founder reaches out, I'm always happy to lend an ear and share my mistakes and the lessons I learned.