Founders should plan ahead and make smart lifestyle changes to reduce the impact of setbacks and achieve success.

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  00:00

  Planning ahead can help founders reduce the impact of setbacks.

  • Examining facts can reveal if we're doing well or not.
  • Founders should plan ahead and set up infrastructure to reduce the intensity of setbacks and low moments.
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  01:40

  Adulting harder and making lifestyle changes can help you succeed, even if you don't want to change your approach.

  • To be successful, you may need to adult harder than those around you and accept that you may have to opt out of certain activities.
  • Check your sleep, diet, exercise, and environment to ensure you are living in a place that is making you more powerful, not less.
  • I was able to succeed without changing my approach to work and play, so why do I have to change now?
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  05:09

  Start good habits early to avoid a massive debt and breakdown later.

  • No matter what, eventually you have to pay the consequences.
  • Start off with good habits early to avoid incurring a massive debt that could cause a breakdown later.
  • Having good habits is essential for success, regardless of age, and it's important to maintain them.
  • Audit your social media habits to ensure they are not negatively affecting your state of mind and decision-making.
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  09:21

  Sacrificing salary for equity can be a good move, but founders should pay themselves enough to stay motivated and out of debt.

  • If your startup salary is allowing you to save money, it's probably not good, but if it's giving you the lifestyle to be all in on your startup, then it is good.
  • Sacrificing salary for equity can be pennywise pound foolish, so consider the right answer for each situation.
  • Founders should pay themselves enough to stay motivated and out of debt, while also keeping money in the company.
  • Salary is for living and equity is for upside, which is an effective philosophy for rationing scarce resources.
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  12:48

  Conflict with your co-founder is inevitable, so figure out how to navigate it and focus on the bigger picture.

  • When faced with a challenge, people with anxious personalities lean in to solve the problem, while those with avoidant personalities tend to avoid it.
  • The root cause of most problems between co-founders is their different styles of dealing with frustration, so take a beat and have empathy.
  • Conflict with your co-founder is inevitable, so figure out how to navigate it and focus on the bigger picture.
  • Early stage founders have infinite opportunities to practice dealing with frustrations with their co-founder.
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  16:24

  Taking a step back and considering "no action" can be a powerful play when making decisions in a startup.

  • Setting expectations is key for prevention and avoiding trouble.
  • Startups often create their own crises by setting unrealistic expectations and not meeting them.
  • When something bad happens, take a step back and sleep on it for clarity before responding.
  • Founders should consider "no action" as a viable option when making decisions, as it can be a powerful play.
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  20:29

  Archive emails for important matters, and it's okay to take a day off when things go bad.

  • Archive emails for important interpersonal matters, unless someone's health or freedom is at stake.
  • It's okay to take a day off and go home when things go bad to react in a way that won't be a bad example.
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  22:37

  Take time to reflect on failure, and don't let it lead to sacrificing relationships, savings, or comfort.

  • Choose the right peer group to hang out with, as it can be predictive of how you will handle setbacks.
  • Founders should use therapy and medication to manage stress and disruption, instead of relying on other crutches.
  • Don't give up when facing failure, examine the facts and look at the positives.
  • Sometimes it's best to stop and not mess up your life in a permanent way, even if it means failing and hurting people.
  • You don't have to sacrifice relationships, savings, or comfort to win.
  • People can be taken advantage of by those who offer services or promise to connect with investors, especially non-technical founders, but failure doesn't mean they failed and the experiences are valuable.