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:

Advice for First Time Founders, By Y Combinator

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