Most Founders have a "certain set of skills" that apply to one aspect of their startup, whether it's deep product knowledge or incredible domain expertise from their previous job.
Unfortunately, in a startup, we sorta need to be a jack of all trades because we're often the only person doing all the work!
Let's assume that you could only invest the bare minimum in the various aspects of your startup operations.
Here's the least you'd need to know.
At the very least a Founder should understand how an income statement works.
That simply means "here's where we're making money, here's where we're spending it, and here's how much we're making (or losing)." If you didn't understand a balance sheet, or complicated projections, or anything else, you'd at least have to understand where the money came in, and where it went out.
Side note — I meet very few Founders who know any of this.
Even if you don't know anything about marketing, you'd absolutely have to understand the fundamentals of how marketing performs.
That means knowing how much it costs to acquire a customer, how well your new prospects are converting to paid prospects, and what your total revenue earned per customer is (so you know you're acquiring customers profitably).
If you know those numbers, the rest is a matter of testing channels to deliver those results.
While lots of great companies are built by genius coders and designers, you don't necessarily need to know their trade first hand to know how to leverage these skills.
A good Founder knows what code and design can do (to affect the product) even if they don't know how to do it themselves. The key here is to understand the fundamentals of code and design so they can be properly applied.
And yes, those fundamentals are crazy important these days.
Once you get into more overarching skill sets, it's hard to be an "expert" per se.
While it helps to have experience, many young managers figure out "management" through on the job training, mostly out of necessity, but also because most companies only have a handful of employees to manage in the formative years.
Clarity.fm is a great resource to get advice from experts who have "been there and done that". Check out this review from a popular Clarity expert who explains the magic of one entrepreneur working with another.
8 entrepreneurs reveal their #1 critical skill. We learn from eight different entrepreneurs — including Tim Conley and KISSmetrics Co-Founder Hiten Shah — the one skill or activity they focused on that made their startup successful.
3 marketing techniques every startup must master. Roy Morejon — Co-Founder of Enventys Partners — breaks down the basics of engaging your audience through storytelling, analytics, and lead generation.
Forming new habits and learning new skills. Entrepreneur and Marketing Jedi Sujan Patel discusses how to adapt, learn new habits, and teach yourself things you never thought you would spend time learning – let alone trying to master — as you're building your startup.
Wil Schroter is the Founder + CEO @ Startups.com, a startup platform that includes Bizplan, Clarity, Fundable, Launchrock, and Zirtual. He started his first company at age 19 which grew to over $700 million in billings within 5 years (despite his involvement). After that he launched 8 more companies, the last 3 venture backed, to refine his learning of what not to do. He's a seasoned expert at starting companies and a total amateur at everything else.
Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.
Already a member? Sign in