Top 6 Traits of Successful Founders: Insights from a Serial Entrepreneur

Discover the essential traits of successful founders from a seasoned entrepreneur with three startups and four business sales under his belt. Learn why taking the plunge, valuing your time, and leveraging data are crucial for first-time founders. Most important is #6!

Top 6 Traits of Successful Founders: Insights from a Serial Entrepreneur
Created time
Jul 15, 2024 11:44 AM
Image
Publish date
Oct 31, 2023
Slug
top-6-traits-of-successful-founders-insights-from-a-serial-entrepreneur
Featured
Featured
Type
Article
Ready to Publish
Ready to Publish
In an Ask Me Anything on Reddit (r/SaaS) recently, the question that got me thinking the hardest was "what are the best traits in a founder".
Here's my personal opinion, with a background of 3 'proper' startups founded and 4 products/businesses sold. Most important is #6.
This advice is tailored for people thinking about becoming a founder for the first time.

Key Traits of a Founder

  1. Taking the Plunge
      • The biggest differentiator between founders and non-founders is simply that we take the plunge (and we do it again and again).
      • Not being afraid to put yourself out there and what you make on the line.
      • Being open to critique is a hard thing, but it's vital to being a founder.
      • So just start. Try to launch something in the next month or two.
  1. Starting Without Quitting Your Job
      • This doesn't mean you have to quit your job to 'start something'.
      • I would always advise people to build a small side product in their spare time and try to get some initial traction.
      • Only once you have some proof of demand or that you're solving a real problem, can you think about quitting your job.
  1. Wearing Many Hats
      • You need to be able to and be comfortable wearing many hats.
      • Being able to think about the business, commercials/finance, product, marketing, etc. is crucial in the early stages.
      • The best founders are comfortable with all these domains and are great at most of them, even if they have little background in them.
  1. Strong Opinions, Weakly Held
      • "Strong Opinions, Weakly Held" (not my quote).
      • Being able to put your ego and sunk costs aside when you learn something new and being able to change direction is very very important.
      • Too many founders and startups just keep on going, dying the slow death.
  1. Using Data for Decision-Making
      • The best founders/teams I've worked with respect data as a vital signal in any decision-making.
      • It can never be the only signal (lots of issues with interpreting data).
      • But soooo many startups barely use data or just pay it lip service.
      • I can't tell you how many times I thought a big new feature was going to be well-received and move the needle.
      • But the data is unemotional and tells you the cold reality, like "only 5% of users tried this feature in 30 days, and the users that tried it had the same retention and those that didn't".
  1. Valuing Your Own Time
      • Place an enormous value on your own time.
      • Time is without a doubt your most precious and constrained resource.
      • If you waste it in the early stages, your chances of success with be very low.
      • The best founders ruthlessly prioritise their time — shedding unnecessary tasks/chats/meetings/random coffees.
      • They're hyper-focused on what they need to do with their time and what the company is using its collective time building.

Start using AI customer support in your business today

Create free AI agent

Written by

Alex Rainey
Alex Rainey

Alex is an experienced CTO and founder who largely focuses on all the technical areas of My AskAI, from AI Engineering, Technical Product Management and overall Platform Development.

Related posts

Founders: Focus on What Matters Most for Startup Success

Founders: Focus on What Matters Most for Startup Success

Founders, focus on what truly matters! Learn why prioritizing the right stages of your startup journey is crucial. Discover why adding new features won't help if you lack traffic or conversions. Optimize your efforts for maximum impact and growth.

Balancing Startup Life and Parenthood: Essential Tips for Founders

Balancing Startup Life and Parenthood: Essential Tips for Founders

Balancing life as a founder and parent is challenging but rewarding. Discover tips to manage your time, reduce stress, and find joy in parenthood. Learn how to be more productive, set boundaries, and prioritize self-care. Embrace the journey and redefine your expectations.

Unlock Innovation Secrets: Lessons from Bell Labs for Founders

Unlock Innovation Secrets: Lessons from Bell Labs for Founders

Discover the untold story of Bell Labs, the innovation powerhouse behind the transistor, laser, radar, UNIX, and digital data. Learn invaluable lessons for startup founders on structuring organizations, embracing new technologies, and strategic long-term thinking. A must-read recommended by David Friedberg.

Top 10 Lessons for 2nd/3rd Time Founders: Actionable Insights

Top 10 Lessons for 2nd/3rd Time Founders: Actionable Insights

Discover actionable insights from a seasoned 2nd/3rd time founder. Learn the top 10 lessons on product development, marketing, pricing, and team management. Avoid common pitfalls and drive your SaaS startup to success with these practical tips.

AI Tools in Customer Success: Insights from Alteryx

AI Tools in Customer Success: Insights from Alteryx

Discover how Daniel Theuns from Alteryx leverages AI tools in his role as a Customer Success Manager. Learn about the AI tools he uses and how he stays updated with AI developments.

Discover AI Tools for Customer Success with Megan Taylor

Discover AI Tools for Customer Success with Megan Taylor

Explore how Senior Customer Success Manager Megan Taylor leverages AI tools in her daily role. Learn about the AI tools she uses and how she stays updated with AI advancements.