What is some good advice for first-time startup CEOs? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Starting a successful company isn't easy - in fact, 20 percent of new businesses fail during the first year, and nearly 50 percent fail by the fifth year. Of course, the market plays a key role in this, and no one has control over that. But you can control how you run your company.
You should have a bias toward action. Work every day like you're going to go broke tomorrow. You can't be stagnant - with your product, team, progress, anything - when building a startup or small business. You have to constantly move forward and never accept the status quo.
It can be easy to let culture fall to the wayside at the very beginning of your business's journey - you may think product and business plan should be the only priority. However, the quality of your team is a major contributor to the long-term success of your company. Who you hire, especially when the company is small, makes a major impact on quality of product, decisions, and productivity. A rule I keep in mind: each team member should be better at their respective function than you are.
In order to retain those experts, maintaining a positive company culture is key. Don't just state your values in your employee welcome packet. Make your company mission clear and embed it in your culture and work often. Your team should feel like they're driving towards a shared goal. One person's success should feel like the team's success.
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