From the founder of LearnVest:
Two years ago he left a well-paying job, invested all of his money, and began the terrifying journey of building a company. Today, he wants to share the ten most powerful things he learned about turning that idea into a business at a time when the economy was at its worst, and capital was scarce.
1. Get skin in the game: having your own money invested keeps one focused.
2. Get support: rely on friends and family for advice, not money.
3. Be steadfast about the big idea, but willing to adjust the execution.
4. Know your user: at the end of the day, it’s the user that counts.
5. Provide the best customer service possible.
6. Spend $0 on marketing: go after awards.
7. Clearly identify your metrics: Set specific weekly/monthly goals and clearly articulate those goals.
8. Create structure but balance with innovation: Use the fact that your company is small and flexible to your advantage.
9. Be cheap!!
10. Never get demoralized!!!!
Two years after I had the idea to start LearnVest, I’m proud to say that I have been able to raise two rounds of funding (a seed round and a venture round), enroll an incredible group of people to be on the LearnVest team, and now provide financial guidance and advice to thousands of people every day. Just last week, he received $4.5 million in funding from Accel Ventures (investor behind Facebook).