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

Business Strategy

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!
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