My Simple Takeaways from Being an Entrepreneur
Last night, I read a brief story by a French adtech startup co-founder about how they launched, built, and eventually sold their company in just two years. The advice they shared resonated deeply with me, especially because it touched on some mistakes I made with Yishi.
After tossing and turning for most of the night, I felt compelled to jot down some of my takeaways. Someday, when I’m ready, I’ll write more about my journey with Yishi. But for now, here’s a quick snapshot of my reflections:
1. Team - the Most Important Factor
I believe that the success of the a startup is largely dependent on the founding members. Ideally, you find co-founders who:
Have extensive and complementary experience and skills in the field of the business + in early-stage startups,
Have worked together and know each other well, and
Are people you genuinely like and trust (do not ignore red flags in their personal lives).
Looking back, I didn’t have all three. Starting with myself, I lacked firsthand experience in CPG and startups, which led to some expensive mistakes.
2. Product
1) Pick an attractive market you know well:
I made two critical mistakes here:
I analyzed the market after I picked the product, and naturally, I did so with a biased perspective.
I chose an industry I knew little about.
Be brutally honest about your market. Make sure either you or your co-founders have relevant experience. Without that, no amount of resourcefulness can truly compensate.
2) Have a killer product:
I believe that deep down, founders know whether their product is the best product solving the problem they set out to tackle. While the product can and will evolve, it needs to start from the right category. This is one of the things Yishi lacked before we decided to shut it down.
3. Money
1) Do not raise money (if you can avoid it):
For me, having investors created immense pressure. Subconsciously, I felt obligated to push for faster growth to make my investors happy. That constant need to deliver can cloud your judgment and shift your focus away from what truly matters.
Most importantly, without raising, you will be forced to grow revenue and profitability as fast as you can so you can live off the profits. This is the best incentive to ensure the financial health of the business.
2) Be as frugal as possible:
The adtech company sent thousands of cold emails per day manually using free Gmail accounts and the free version of HubSpot. Their resourcefulness stuck with me—sometimes, scrappiness and creativity can go a long way.
4. Be True to Yourself & Embrace Change
If, 2-5 years in, you start questioning your decision of starting the company, don’t be afraid to evaluate all your options. Life is meant to be lived fully, and that includes embracing the uncertainty of change.
The reality is: most startups fail, and that’s completely normal and should be your expectation from the very beginning. The mission from Day 1 is to overcome failure by working hard and doing all the above.
Many founders talk about the “scary moments” when they felt their business might not work. After Yishi, I’ve learned there’s nothing to be scared of—difficult business decisions are normal. Embrace the changes that align with your true desires at that point in time.
Personally, I believe all change is good. It shapes who we are and adds vibrant layers to the limited time we have on Earth.
The Next Chapter
As I like to call myself, I’m an experience collector. I feel extremely lucky to have the full experience of being a Founder—building, growing, and exiting a startup. All the ups and downs are invaluable gifts that helped me learn and grow, and I’m truly grateful for every bit of the journey.
My next chapter—working at a large retailer HQ—will bring experiences I’ve never had before. It will lead me to a new part of the country, potentially to many other countries around the world. I’ll see and touch the results of the work I help create (the main reason why I left consulting), and I’ll be growing and learning more within a large and complex organization.
I’m excited to embrace this new phase with open arms. Every twist and turn along the way is a step toward a richer, fuller life, so enjoy!