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Building a successful startup requires prioritizing revenue models, hiring the right people, focusing on product development, and maintaining a strong company culture.

  • πŸ’Ό
    Building a startup is tough, but it gets easier with experience.
    • Kathryn Minshew built a company called The Muse that provides expert advice for career decisions and acts as a marketplace connecting 50 million Millennials with 500 companies.
    • Building a successful startup is hard, but it does get easier over time.
  • πŸ‘₯
    As responsibilities increase with growth, having a smart executive team can help solve problems.
    • As responsibilities and consequences increase with growth, stress and challenges become harder, but having a team of smart executives can help solve problems.
    • New job is disappointing but challenges get easier, focus is crucial but difficult due to competing priorities.
    • When the muse was small, they focused on growing their user base and creating a product people loved, but realized they needed to shift their focus to revenue when growth slowed and they were at risk of needing to fundraise again.
  • πŸš€
    Prioritizing revenue models and hiring a sales leader is crucial for sustaining success, while focusing on getting feedback and iterating is key for product development.
    • Prioritizing user growth and experience is important, but it's also crucial to shift focus towards revenue models and hiring a sales leader to sustain the company's success.
    • When pitching their first product to Y Combinator, the speaker and her co-founder learned the importance of focusing on getting something out the door, getting feedback, and iterating rather than trying to create the perfect product from the start.
  • πŸ’Ό
    The Muse's successful and lasting business culture is based on hiring and attracting people who align with their six core values.
    • Culture is often overlooked but crucial for building a successful and lasting business.
    • Culture at The Muse is based on two things: how they hire and attract people, and how they behave, with every interviewee tested against their six core values to ensure long-term success.
  • πŸ‘₯
    Culture is key: hire the right people, be honest about values, and avoid negative impacts; a company's decline in food offerings during a recession led to defensive behavior towards employees.
    • Culture is about finding the right people and being honest and authentic about your core values and behavior, and avoiding hiring someone who may have the skills but could negatively impact the team.
    • During the recession, a company's fancy food offerings gradually declined until they were serving hot dogs every week, and when an employee asked if the company was cutting back, the head of the office responded defensively and treated the employees like children.
  • πŸ’°
    Raising money doesn't equal reckless spending; The Muse values transparency and company culture by sharing board decks and budgets with all employees.
    • Transparency and living out the company culture are important values at The Muse, demonstrated through sharing board decks and the full company budget with all employees.
    • Raising more money doesn't necessarily mean frivolous spending, as it ultimately depends on the company's priorities and leadership.
  • πŸ’°
    Prioritize spending on what matters by having an open conversation about trade-offs and budget breakdown.
    • The company presented a 20 slide PowerPoint deck detailing their budget and spending breakdown to have an open conversation about trade-offs and prioritize spending on what really mattered.
    • Say no to ball pits and stay motivated for the long haul.
  • πŸ’‘
    Remember your why and seek inspiration from users to overcome startup challenges.
    • Remember why you started, as success doesn't always come from a single presentation, but from the conversations and connections made afterwards.
    • The speaker emphasizes the importance of remembering the initial motivation and seeking inspiration from users and others to overcome the challenges of being a startup.
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