11 Tips For First Time Founders

Y Combinator recently published a collection of advice from some of their portfolio companies — it was great, but very long.

Here is a summary of the top 11 tips, sorted by frequency:

1. 
   

   learn how to properly hire, manage and fire (and, fire fast) — it’s your core job(9 mentions)

2. 
   

   ensure you have a great relationship with co-founders and significant others; deeply think about — and document — how you will handle future scenarios (6 mentions)

3. 
   

   define your customer very precisely & really listen to them(6 mentions)

4. 
   

   avoid hiring too many people (e.g. interns) or overpriced consultants (5 mentions)

5. 
   

   hire and delegate to experienced people; people who are better than you (4 mentions)

6. 
   

   avoid distractions; e.g. building a personal brand, meeting with the wrong investors, conferences (4 mentions)

7. 
   

   find the best process for making the“right” decisions at your company(4 mentions)

8. 
   

   be less adversarial / learn how to take feedback well(4 mentions)

9. 
   

   take care of yourself physically and mentally (3 mentions)

10. 
    

    address the elephant in the room; don’t be afraid to change course if what you’re doing isn’t working (3 mentions)

11. 
    

    worry about money — and learn how to keep track of it (2 mentions)

The full article can be found here.