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What is the best advice for a young, first-time startup CEO?
A 24-year-old founder asked this question during my podcast show.
While I was interviewing a guest, this young founder left a comment that I found intriguing.
Given tons of extensive experience holders on this platform, what would be the best piece of advice, or the single most important tip, you would offer her?
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Alexander James Miller
100% this. Failing is part of the journey. The key is to fail fast, learn quickly, and keep iterating. Embrace the failures as opportunities to grow. And make sure you have a great support network to help you through the tough times. Being a first-time founder is emotionally and mentally draining, so don't be afraid to lean on mentors, advisors, and fellow entrepreneurs who have been in your shoes. You got this! 💪
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The key of business at the beginning is to survive. The longer you survive the hugher the chance of making it big.
I'll speak more based on my knowledge than my experience. I am assuming that by "CEO" you mean "(co-)founder and CEO", so what I'll say here won't apply to people who are employees, even if it's the top job. Also, by "her" I am assuming you mean "him or her".
My most important tip:
* Make sure you have a support network before starting off. For young founders that generally means attending university, even if they quit before the diploma. For older founders, first getting a job in an industry they are interested in, and then launching a startup based on industry knowledge and connections seems the surest path. These are my takeaways after having examined the trajectories of some of the most successful IT/software/internet companies and founders.
Then I'll also say this, just to ground things in reality:
* If you can, make sure your company is and stays innovative. Sometimes you'll hear people talk about "startup grind"; that's what you often have to go through if you don't do that.