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16 - Utilize the Strength of Others to Achieve Success: with Nick Lamb
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Today Nick Lamb shares with us lessons he’s learned as co-founder of a startup.
In this episode, we hit a few highlights:- Beware of pitfalls
- Incentives
- Solve a need
Our guest today is Nicholas Lamb, automations engineer at Merck and co-founder of Wavio, a sound recognition device for the deaf and hard of hearing.
As always you can listen to this episode on iTunes or wherever you get your podcasts.
Continue reading for a summary of our talk with Nick on utilizing the strength of others to achieve success.
Beware of pitfalls
If you don’t know something or don’t have the experience you need to produce your product, get help.
Don’t get caught up in the lie that just because you thought of an idea means you have to be the one to build the whole thing.
The best use of your company's money is finding people who have the knowledge and skill set to execute your idea and plan in the most timely manner.
IncentivesOne of the best ways to get people interested in bringing your project to completion is with incentives.
Find different ways that you can encourage people to join your team.
Whether you are pledging them money or giving them shares in the company, you will be rewarded with people who share your vision and are excited to work towards your goal.
Solve a need
Don’t create something just to create it. Solve a need.
If you are a doing hardware startup you have that much more risk and overhead involved than a software startup. Because of this you need to be making wise choices about your money, your target audience, and the people you want involved in your project.
Conclusion
Spend your money wisely.
Make a plan on where your money needs to go even before you start talking to investors. Having a solid plan shows that you are responsible and makes you that much more appealing to people who may want to fund you.
Don’t be quick to cut yourself a pay. If you are in this for the long haul then the best place for your money is in the company. The more money you leave in the company the better it will grow.
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Credits:
Intro music by Josh Simmons
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