I have been an investor, wealth manager, and advisor for 30 years. Over those decades, I have worked alongside dozens of truly gifted innovators and founders across many sectors. I have served on the boards of 15 startups. And I have served on the boards of educational organizations at the collegiate and elementary school levels. This mix of experiences has generated many benefits, and one of the greatest is perspective.
In August, I delivered my daughter to Notre Dame University to begin her college career. The transition got me thinking about how there are pieces of wisdom that are useful (necessary) for anyone at a starting line. That might be a first-time founder taking the risk to launch a business around an invention – perhaps with a market, or perhaps to create one. It might be a young person embarking on the long path toward a dream career. For both, the gateway into something new is an opportunity to consider their core values, commitments, and operating guidelines.
I've pulled together some of the best pieces of wisdom I’ve gathered over my own decades of observing, starting, trying, competing, failing, and winning. I hope you find points here that inspire you and that you can share with others.
Wisdom for Founders, Starters, and Builders
On Leadership Quality
High standards that seem difficult to achieve become a habit for excellent leaders and teams.
Make your mind large, your heart big, and those who advise you exemplary so you can deal with paradoxes, conflicting truths, and complexity.
Never allow ideology to supplant reason.
My favorite type of founder is the one that combines high intellect, competitiveness, toughness, exceptional work ethic, and an uncanny ability to listen and reason. Any of these traits can yield startup success, but combining all of them almost guarantees success.
On the Power of Problem Solving
Failure is only a teaching tool if you allow it to be.
It’s okay to have a past venture failure but be prepared to answer questions about why you failed and what you learned from that experience.
Mediocre employees identify problems after the damage is done. Good employees identify problems before the damage is done. And great ones identify problems in advance AND recommend thoughtful solutions without being prompted to do so.
On Sustaining Discipline
The saying “50% of success is showing up” only applies to INITIAL success. Earning the right to stay there requires much more acumen. (If you don’t believe this, then just ask any founder who has ever managed a rapidly growing company with a large churn problem.)
Startup discipline is built by consistently performing calculated acts of courage.
If the money lasts, the fortune will follow.
On Genuinely Listening
Throughout history, the vast majority of wealth creation has come as a natural result of addressing the needs or problems of others.
Having a deep understanding of a market, and the human needs that create that market, gives you a significant advantage in improving or disrupting that market.
As always, I’d love to hear from you – what are some of the pieces of wisdom that have guided you through building and growth?
Mark Buffington is the founder and CEO of BIP Capital and the Managing Partner of BIP Ventures. Since founding BIP Capital in 2006, Mark has led the venture capital firm to its position as one of the most active and recognized brands outside of Silicon Valley.
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