So you want to be a founder?

Welcome to NoBa Connect: Insights - an insider into the workplace evolution for investors, sector experts, business leaders and those interested in shaping the workplace for happy workers.

Bi-weekly, we delve into the trends, challenges, and opportunities that fuel worker-first solutions.

Welcome back to the fourth and final edition of our founder-focused mini-series! 

In this final edition, we want to provide you with practical tips to help you succeed as a founder and fuel your journey to success. After exploring why people become founders, evaluating what it takes to succeed, and understanding how investors' needs evolve as your startup grows. Now, let’s dive into actionable advice to guide you on the path to becoming a successful founder. 

To summarise our first three editions to this mini-series we have identified five key focus areas on your path to success as a founder. 

Summary of Key Focus Areas from Our First Three Editions in the Founder Success Mini-Series 

1. Build a Strong Team & Support System 

Success as a founder is rarely a solo effort. Building a well-rounded team and support system with complementary skills, consisting of individuals who believe in your vision and offer guidance, honest feedback, and encouragement during difficult times is crucial for success. Surround yourself with co-founders, mentors, and investors who believe in your vision, provide guidance, and offer encouragement through tough times.  

Additionally knowing your strengths and weaknesses is essential to understand the gaps which need to be filled. As we discussed in edition two of this mini-series you need a set of traits – openness to experience, conscientiousness, extraversion, agreeableness and emotional stability – to be a successful founder. You most likely will not be strong in all these areas and that’s why one of the most effective ways to overcome gaps in a founder’s personality traits is to surround yourself with the right people. Remember to leverage your support system of mentors and investors, they can provide valuable guidance, feedback, and perspective. Don’t be afraid to ask questions and seek their guidance. They can often help you avoid mistakes and grow as a leader.  

2. Maintain a Long-term Perspective 

A startup journey is a marathon, not a sprint. Successful founders maintain a long-term focus, showing resilience and adaptability through personal sacrifices and financial challenges. Elon Musk’s commitment to his vision drove Tesla and SpaceX to success despite numerous setbacks. Prioritize tasks, manage time, and stay disciplined to build momentum, strategically guiding your startup toward a lasting impact rather than reacting only to short-term challenges. 

 3. Commit to Continuous Learning 

For founders, the journey of building a startup demands a constant commitment to personal and professional growth. Continuous learning is essential because no founder begins with every skill needed to succeed. Embracing learning helps founders adapt to changing market demands, improve decision-making, and strengthen their leadership qualities. By actively developing traits such as resilience or organization, through reading books on leadership or attending workshops can help founders not only become more effective leaders but also equip themselves to navigate the highs and lows of entrepreneurship. Learning from mentors, gathering honest feedback, and cultivating self-awareness allow founders to identify their strengths and weaknesses, building a foundation for sustained growth and adaptability in such a hectic landscape. 

 4. Bias for Action over Perfection 

In the fast-paced world of startups, waiting for the perfect moment can lead to missed opportunities. Successful founders act quickly, testing ideas with their audience and using feedback to refine products. If customer insights reveal that a product isn’t meeting their needs, don’t hesitate to adapt. This iterative approach fuels innovation keeps you ahead of the competition and helps avoid stagnation. 

 5. Navigate the Early Growth Phase with the Right Investors 

Finally in the early growth phase, choosing the right investors is critical. Secure capital from investors who add strategic value beyond funding – offering industry expertise and useful connections. Evaluate them based on whether they are aligned with your vision, and the operational support they can provide. Structure deals carefully to protect your vision and maintain control and treat investors as partners by setting clear expectations and fostering open communication throughout your journey. 

Top Tips for Founders: Essential Insights for Success

As a founder, success comes from resilience, continuous learning, and a strong support system. Focus on your long-term vision, build the right team, act iteratively, and choose investors wisely. Now let’s dive into how to get started as a founder at the start of your career!

1. Gain Foundational Experience 

Early in your career, building skills essential for founders, like problem-solving, communication and project management are essential. Here are few paths to consider: 

• Work in a Start-Up: joining a startup, in a role like a founder associate, gives you firsthand experience with the day-to-day operations and challenges of an early-stage company. You’ll learn on the job, often working directly with founders, which can provide invaluable insights into the demands of the role. 

• Work at an Incubator or Accelerator: these organizations support startups with resources, mentorship, and funding. By working in this environment, you can gain exposure to multiple startups, observe how founders navigate challenges, and start building connections in the entrepreneurial community. 

• Advisory work: participating through fractional work platforms for example can allow you to contribute advisory work to different start-ups. This work enables you to advise or assist on key projects, exposing you to diverse startup environments. The hands-on experience can help you identify common startup challenges and deepen your understanding of different industries. 

This experience can accelerate your learning curve, build your confidence, and provide a valuable skill set to draw from when you eventually start your own venture. 

2. Establish Your Network 

When you are starting out as a founder building a strong network is essential to grow your business. Seek out potential co-founders, advisors and mentors that can provide diverse perspectives and expertise. You can engage with industry events, startup meetups and online communities to connect with individuals who share your vision and can offer support, whether through introductions, strategic advice, or encouragement during challenges. Look out for events hosted by NoBa and send us your application! 

 3. Tell Your Story  

Make sure you share your journey to becoming a founder and creating your business as this can create a connection between you, your vision, and potential investors. Investors and early supporters are often drawn to founders who have a strong, authentic narrative because it shows passion, resilience, and clarity of purpose. Storytelling humanizes your business, helping investors understand the real impact of your solution, and ultimately, it can foster trust and commitment, making your vision resonate on a deeper level. A well-crafted story communicates not only what your business aims to accomplish but also why it matters and how your unique journey, values, or insights inspired you to tackle this problem. Make sure you include the following elements when telling your story: 

• The Origin Story: share your personal experiences and pivotal moments that inspired you to start this journey. Share values or personal qualities that define you as a leader – your resilience, commitment, creativity or many others – to build credibility and trust to help investors see you as the right person to bring the vision to life. 

• The Problem & Solution: clearly show the problem you are addressing, why this is significant, and who it affects. Highlight the main pain points you are targeting and describe how your product or service uniquely addresses this problem. Make sure you show how to stands out from alternatives whether it’s through technology, a new approach, or unique insights you bring to the table. 

• Vision & Impact: share your long-term vision and impact you aim to achieve. How does your business create meaningful change in the future. Investors are often drawn to founders with purpose.  

• Milestones & Traction: outline key achievements such as early traction, user growth, partnerships or awards that validate your solution. This shows your ability to execute, and signals promise for the future.  

• A Call to Action: close with a call to action that aligns with your audience, whether that’s investing in your business, joining your team or supporting your mission. Clearly outline why now is the time for them to get involved and how they can play a role in your story.  

Conclusion: Driving Your Path to Founder Success

This framework helps you convey what you are developing, why it matters and why you’re uniquely positioned to succeed. Throughout this whole process make sure that you have a well-crafted slide deck that communicates your vision, market opportunity, and strategy, making a strong first impression and effectively capturing investor interest. And ... always remember to tell your story!

💼 Portfolio News

• Blend have been showcasing what they have been up to at the London Business School, Enterprise 100 Ltd & Rare Founders! 

• The Portfolio Collective are hosting their first ever Portfolio Career Festival at The Ministry of Sound book your tickets here! 

• Pikrx CEO Stella Smith joined the BBC Radio 5’s on the ‘Wake Up to Money’ program. Check out the full episode here! 

• Voco are nominated for a #learningtechnologies award for best use of social and collaborative learning for the work with Molson Coors Beverage Company! Click here to read more!  

🗞️ NoBa News:

• 🚀 Another amazing NoBa Connect event, where we brought real founder stories to life - their journeys, challenges, lows, and, above all, their resilience.
• NoBa attended London Demo Day, supporting our portfolio company and hearing from innovative new founders shaping the Future of Work.
• NoBa is expanding! We’re hiring an Investor Relations/Community Manager to join the team. If you're interested please get in touch.

Until next time, Many thanks!

from the NoBa Team 🧡