Business Strategy

54: 5 Things the Best Founders Do To Build Great Companies

May 16, 2024 Steve Coughran Season 1 Episode 54
54: 5 Things the Best Founders Do To Build Great Companies
Business Strategy
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Business Strategy
54: 5 Things the Best Founders Do To Build Great Companies
May 16, 2024 Season 1 Episode 54
Steve Coughran

Welcome back to the Business Strategy podcast, I'm Steve Coughran, your host. Today, we're diving into the core principles that the best founders employ to build remarkable companies. Number one on our list is getting intimately acquainted with your customers. It's astonishing how many leaders fail to engage with their clients regularly. I'm not talking about surface-level chats; I mean meaningful conversations where you ask the tough questions. I once advised a company to survey their customers about what they loved and hated, using those strong words intentionally to uncover deep-seated issues. Asking customers about their loves and hates reveals invaluable insights, guiding you towards solving real pain points. But remember, empathy is key here. Step into your customers' shoes and approach feedback with an open mind. This leads us to our second principle: short cycle time. Founders often spend too long perfecting their product or service before testing it with customers. Adopting a system where you can build, measure, learn, and adjust rapidly is crucial for success. Take it from my own experience; investing in a strategy management software without customer feedback led to costly mistakes. Test your hypothesis quickly and cheaply to validate product-market fit before investing significant time and resources. Our third principle is staying lean until everything works well. Don't rush into hiring; instead, build your infrastructure and operating model first. Scaling too quickly can backfire if your systems aren't robust. Remember, in the early stages, you're iterating and refining your offering, so keep your team lean until you've nailed it. Fourth, make a long-term commitment to your business. Avoid the temptation to jump ship when results don't materialize quickly. Building a sustainable business takes time and perseverance. Show yourself grace and have patience; success doesn't happen overnight. Lastly, take care of yourself. As founders, we have a responsibility to our stakeholders to be as healthy as possible. Avoid the allure of burnout; prioritize self-care and maintain a balanced lifestyle. Remember, taking care of yourself isn't selfish—it's essential for sustainable success. So there you have it, the five things the best founders do to build great companies. Join me next time for more insights and strategies to fuel your business growth. Until then, take care and cheers to your success!

Links:
Do you have ideas or feedback to share? Email me at contact@coltivar.com
To learn more about us, visit:  https://www.coltivar.com/

Disclaimer:
The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-p

Support the Show.

Show Notes

Welcome back to the Business Strategy podcast, I'm Steve Coughran, your host. Today, we're diving into the core principles that the best founders employ to build remarkable companies. Number one on our list is getting intimately acquainted with your customers. It's astonishing how many leaders fail to engage with their clients regularly. I'm not talking about surface-level chats; I mean meaningful conversations where you ask the tough questions. I once advised a company to survey their customers about what they loved and hated, using those strong words intentionally to uncover deep-seated issues. Asking customers about their loves and hates reveals invaluable insights, guiding you towards solving real pain points. But remember, empathy is key here. Step into your customers' shoes and approach feedback with an open mind. This leads us to our second principle: short cycle time. Founders often spend too long perfecting their product or service before testing it with customers. Adopting a system where you can build, measure, learn, and adjust rapidly is crucial for success. Take it from my own experience; investing in a strategy management software without customer feedback led to costly mistakes. Test your hypothesis quickly and cheaply to validate product-market fit before investing significant time and resources. Our third principle is staying lean until everything works well. Don't rush into hiring; instead, build your infrastructure and operating model first. Scaling too quickly can backfire if your systems aren't robust. Remember, in the early stages, you're iterating and refining your offering, so keep your team lean until you've nailed it. Fourth, make a long-term commitment to your business. Avoid the temptation to jump ship when results don't materialize quickly. Building a sustainable business takes time and perseverance. Show yourself grace and have patience; success doesn't happen overnight. Lastly, take care of yourself. As founders, we have a responsibility to our stakeholders to be as healthy as possible. Avoid the allure of burnout; prioritize self-care and maintain a balanced lifestyle. Remember, taking care of yourself isn't selfish—it's essential for sustainable success. So there you have it, the five things the best founders do to build great companies. Join me next time for more insights and strategies to fuel your business growth. Until then, take care and cheers to your success!

Links:
Do you have ideas or feedback to share? Email me at contact@coltivar.com
To learn more about us, visit:  https://www.coltivar.com/

Disclaimer:
The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-p

Support the Show.