Before starting up my first company, Influenza Media I had read several books and hundreds of articles on how a startup should be and what to look out for, but it’s only after learning from firsthand experiences that I fully understand the reasoning behind the things that I’ve read.

I’ve listed these out with hopes that it’ll help out some young entrepreneurs :

1) Your team is key

Yeah yeah yeah. You probably hear this on a daily basis from your business mentors or websites that you visit, but it’s true. Here’s why: Startups require a tremendous amount of trust and energy. You need to have the trust of your colleagues in order to work efficiently. Nothing is worse than having to defend your position with each decision you make. Now, I’m not saying that you shouldn’t have discussions here and there to decide on the best move for your company, but some important decisions require blind faith. You don’t have time for 3-4 hour discussions to decide what colors to use for your website! In a startup, there will always be a time when you and your team cast doubts on the startup. Let me repeat: there will always be a time when you and your team cast doubts on the startup. This is why the energy of a startup is so important. This energy can come from different places such as passion for the industry, synergy between team members or the challenge that comes from a startup, but it’s the energy that helps wary team members from giving up. Here’s a tip for entrepreneurs that are still in school: Pick people that are close to you as founders, given that they have startup material. Either that or spend at least 2 months talking to the incumbent to learn more about him/her, or make them your roommates! (Read: Velocity)

2) Be resourceful and make do with what you have

If your co-founder wants an awesome looking website like the ones covered by the FWA you probably picked the wrong partner. Always do your homework and look for ways to get the best equipment, service and staff for the lowest cost. An example: I own a professional class printer that’s worth over $1,500 without having to pay a cent. How? Ask around for donations. I also have an executive chair that’s torn in a few places and some office furniture all without having to spend.

Here’s a tip: Never buy anything new for your startup. I don’t care if new things look shinier or last longer, you don’t need it to be new! Never give in to the temptation of buying something new. Do it for your personal life if you really have to, but don’t do it for your business. Always operate as lean as you can.

3) Trust your gut

You don’t have a lot to work with in a startup. To make it even worse, we (students) are used to working with problems where all the information is presented to us beforehand. That’s not the case with startups (and real life). If you have a hunch or an uneasy felling about something, stop what you are doing and think about it – critically. There has been times when I had a premonition that I didn’t act upon. It left me to suffer the consequences shortly afterwards.

4) Be humble and stay humble

A lot of business relationships have to do more about liking the other person than, oh say, dollar bills but that’s not the real point. The point is that entrepreneurs have to live with constant rejections and rude replies from prospective clients. When their business grows, usually their confidence and arrogance grows with it. Who can blame them? The important thing is to stay humble and to treat those you’ve surpassed with courteousness and respect, who knows what they might be talking about you behind your back?

Peter Kao

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