I am currently still working at a company and establishing my financial foundation.
My eventual goal is to build a successful startup. While still being employed, I want to learn the necessary skills.
What are some skills that I should master now to increase my chances of success when starting a startup? How to set up myself for success?
I really want to make a course about all the stupid things I did in my own entrepreneurial journey! In the meantime, here are my reflections on the most important skills to be a successful founder:
Some additional thoughts here:
Hello! Y Combinator alum here. Thanks for linking my doc, Rahul.
Before starting a startup, get your physical, mental, and financial health in order.
Sleep: Do you have good sleep hygiene? Do you have any sleep disorders?
Exercise: Do you know how to lift weights safely? Can you jog for two miles at 10:00/mi pace everyday?
Nutrition: Do you have an efficient meal prep routine?
If you're not already, being at low body fat levels, which may require controlling your calories, will give you incredibly high energy levels. When you're doing a startup, you need every edge you can get, especially a big boost like this.
IMO, cleaning up your diet is good practice for a startup: You have to choose wisely within your daily calorie budget -- just like you'll have to spend your time wisely -- and do the right thing even when you really want to do something else, which happens a lot because startups are very counterintuitive. [1]
Do you know how to meditate?
Do you know effective CBT?
Relationships: Do you have a close group of friends? Are you in a stable, long-term romantic relationship? If you're single, I suggest making dating a priority. If you're in a relationship, decide what minimal set of activities you will make time for no matter what: Friday evening dinner, exercising together, one weekend trip per month, ...
Have enough in savings so that you can go a year at your current lifestyle without getting paid. You may need to reduce your lifestyle.
Start contracting so that, if things get low, you have a client pipeline you can turn to.
The above should be heavily optimized in terms of time, effort, and expense and put on autopilot. The above will keep you strong so that you can do the best work of your life. Then you can start building actual startup skills:
Final note: Most people shouldn't take investment and should instead shoot for a bootstrapped exit.
[1] Startups are an extremely counterintuitive endeavor and the right thing to do often feels wrong. For example, our instincts are honed for survival, which causes us to overreact when there is a problem. In the jungle, this makes sense: That rustling in the bushes could be a tiger. But at startups, these survival instincts actually lead to death: Per Reid Hoffman, if you spend all your time putting out fires instead of letting the (right) fires burn, you burn through your startup's funding before you can achieve liftoff.