http://www.daryllu.com/wp-content/uploads/2018/10/entrepreneurial-ninja_logo_sm.png 0 0 Daryl Lu http://www.daryllu.com/wp-content/uploads/2018/10/entrepreneurial-ninja_logo_sm.png Daryl Lu2015-07-13 12:56:002020-12-09 10:17:38Two Top Lessons from an Entrepreneur Whose Startup Is On a Tear
I met one of the co-founders of a Chattanooga-based startup recently whose company is on a growth TEAR. The company launched two years ago, and have grown to 65 full-timers and 30 part-timers with annual revenues approaching $10MM. Two years… yowza!
With such fast growth, I was curious what were his top lessons and tips he’s learned. Naturally, I asked…
- Treat supply and demand the same. The startup follows a model more recently popularized by Uber – that is, they hire providers to perform a service, and they sell the service to customers. Thus, the startup actually has two markets to address. Most people understand that brands must focus on customer experience, but with their model (and like Uber’s), they must also focus on the service providers. The service providers are an extension of their brand, and thus, it’s important to ensure the service providers are taken care of and heard from.
- Clearly establish roles at the beginning (amongst the founders). I surmise there might have been issues early on when one co-founder worked on the startup full-time while the other worked part-time. Though, I’m unsure what he meant by “roles” here. At least when it comes to duties, early employees (founders included) wear many hats. Instead, I believe he was referring to a hierarchy of sorts. In my experience with Body Boss, one of the lessons learned was the importance of some level of hierarchy to fall back on when decisions reached an impasse. The four of us co-founders had equal equity, equal authority, and without a clear leader, we could (and we did) spin our wheels on decisions that were evenly split.
It’s always great to hear about rapid growth companies, and learn from their founders.
What are your thoughts on ideas and innovations that must address two markets? What are your reservations about hierarchies vs. flatter organizations?