Richard Robinson, member of the Entrepreneur’s Organization (EO), Serial Entrepreneur, President of Youlu and mentor at ChinaAccelerator shares the eight things he learned from his years of experience.

Get the Right People on the Bus

It’s critical to get a solid core team on board since most companies change their business plans, and sometimes dramatically. Hiring ‘A Players’ from the get-go ensures that when things get tough, every one of the company’s employees is strong enough to keep the ship afloat. A great book that explains this in more detail is Founders at Work.

Cash is King

While this may seem obvious, it’s important to remember that cash is the lifeblood of startups. Most startup companies die simply because they run out of gas before they can find their product and market fit and get a scalable, repeatable model in place. So, above all, conserve your cash, and if you’re ableto raise money then raise more than you think you’ll need. Also, read Four Steps to the Epiphany, which will teach you how to create and implement a scalable, repeatable model.

Speed is Crucial

Your startup is the David fighting a life-and-death battle against the larger, well-established Goliath, who has more strength and resources. Your one critical advantage is your speed. Creating a sense of urgency to more rapidly ship your product and generate some wins gives birth to a virtuous cycle of company momentum and team morale. If you need some inspiration on how to do this, check out the scene in Troy where Achilles defeats his ginormous opponent Boagrius by using his speed. It’s awesome!

You Improve What you Measure

Even if you have a startup that is non-technical, putting metrics in place, monitoring and measuring them, will likely improve those key numbers. Search “Metrics by 500 Startups Dave McClure” for some how-to action, and check out Mastering the Rockefeller Habits, which will teach you how to choose those critical numbers and use them.

Fail Quickly and be Relentlessly Resourceful

OK , when I say fail quickly I don’t mean “let’s start selling the office furniture on taobao and close ‘er down” fail. What I mean is: “Well that sure didn’t work! Back to the drawing board and let’s try something else!” Paypal started as a Palm Pilot app back in the day and was able to stay alive and iterate itself into its present model. Most startups die through lack of cash or founder conflict, but that’s just because they can’t keep it together until they find their product/market fit. Staying alive and iterating until that fit can be found makes or breaks startups, so being relentlessly resourceful is the one quality that investor Paul Graham says sets companies apart. Just check out airbnb.com/ obamaos to see what Paul’s investee company AirBNB did to stay alive, and be sure to read The Lean Startup.

Cast a Wide, Wide Net(work)

The Kaufmann Institute came out with a study on the Anatomy of An Entrepreneur with some insightful takeaways. One of which was that most founders tend to be, like myself, on the wrong side of 40, which was heartening. But one other thing I’ve learned and which was backed up in the study, is that most successful entrepreneurs have a deep and wide circle of contacts that can be tapped for support, advice, hiring, fundraising, and more. So, use the interwebs to googlinate The Entrepreneur’s Organization (EO ) and China Entrepreneurs for opportunities to expand your network. Also use LinkedIn to set up lunch or coffee with someone you’d like to meet at least once a month.

Be a Keen Student of Entrepreneurship

In the last decade there has been an explosion of information online for founders on how to setup companies, raise funds, promote grow users, etc, etc. While there’s a fine line between educating yourself and getting sucked inextricably into the blogosphere and taking your eye off your business, constant learning is necessary to generate new insights and ideas. I’ve had solid success using the methods at TheEnergyProject.com to work in 90 minute blocks and then take a short recovery break to check out sites like paulgraham.com, avc.com or feld.com. I’ve also gotten a ton of mileage off the podcasts found at mixergy.com and ecorner.stanford.edu. On the flip side of that, it is also equally important to leverage blogging and social media to become a thought leader in the space that you’re in, and to educate others.

Take Care of Yourself

The press loves to glorify the tech entrepreneurs nailed to their desk, working all hours with their complexion matching the color of the instant noodles they subsist on. That behavior certainly exists and is even necessary once in a while, but for the most part, it just leads to diminishing returns and eventual burnout. Sleep, diet, and exercise – in that order – are not luxuries, but necessities for entrepreneurial success. Most companies are sold or IPO after six, seven or more years, so it’s important to take care of yourself over that time horizon. For snooze time, getting 7.5 hours a day is the minimum and, most of our staff have a half hour siesta after lunch. Regarding diet, I really like and live by the line “eat real food, not too much, mostly plants” from the book In Defense of Food. And on exercise, follow Richard Branson’s advice. When he turned sixty he said that his secret was getting one hour of exercise per day, which added two to four more productive hours to his schedule every day. Personally, I see heading to the gym as an obstacle, and recommend P90X and TRX. For something fun, check out Heyrobics.com!  

Get the Right People on the Bus

It’s critical to get a solid core team on board since most companies change their business plans, and sometimes dramatically. Hiring ‘A Players’ from the get-go ensures that when things get tough, every one of the company’s employees is strong enough to keep the ship afloat. A great book that explains this in more detail is Founders at Work.

Cash is King

While this may seem obvious, it’s important to remember that cash is the lifeblood of startups. Most startup companies die simply because they run out of gas before they can find their product and market fit and get a scalable, repeatable model in place. So, above all, conserve your cash, and if you’re ableto raise money then raise more than you think you’ll need. Also, read Four Steps to the Epiphany, which will teach you how to create and implement a scalable, repeatable model.

Speed is Crucial

Your startup is the David fighting a life-and-death battle against the larger, well-established Goliath, who has more strength and resources. Your one critical advantage is your speed. Creating a sense of urgency to more rapidly ship your product and generate some wins gives birth to a virtuous cycle of company momentum and team morale. If you need some inspiration on how to do this, check out the scene in Troy where Achilles defeats his ginormous opponent Boagrius by using his speed. It’s awesome! You Improve What you Measure

Even if you have a startup that is non-technical, putting metrics in place, monitoring and measuring them, will likely improve those key numbers. Search “Metrics by 500 Startups Dave McClure” for some how-to action, and check out Mastering the Rockefeller Habits, which will teach you how to choose those critical numbers and use them.

Fail Quickly and be Relentlessly Resourceful

OK , when I say fail quickly I don’t mean “let’s start selling the office furniture on taobao and close ‘er down” fail. What I mean is: “Well that sure didn’t work! Back to the drawing board and let’s try something else!” Paypal started as a Palm Pilot app back in the day and was able to stay alive and iterate itself into its present model. Most startups die through lack of cash or founder conflict, but that’s just because they can’t keep it together until they find their product/market fit. Staying alive and iterating until that fit can be found makes or breaks startups, so being relentlessly resourceful is the one quality that investor Paul Graham says sets companies apart. Just check out airbnb.com/ obamaos to see what Paul’s investee company AirBNB did to stay alive, and be sure to read The Lean Startup.

Cast a Wide, Wide Net(work)

The Kaufmann Institute came out with a study on the Anatomy of An Entrepreneur with some insightful takeaways. One of which was that most founders tend to be, like myself, on the wrong side of 40, which was heartening. But one other thing I’ve learned and which was backed up in the study, is that most successful entrepreneurs have a deep and wide circle of contacts that can be tapped for support, advice, hiring, fundraising, and more. So, use the interwebs to googlinate The Entrepreneur’s Organization (EO ) and China Entrepreneurs for opportunities to expand your network. Also use LinkedIn to set up lunch or coffee with someone you’d like to meet at least once a month.

Be a Keen Student of Entrepreneurship

In the last decade there has been an explosion of information online for founders on how to setup companies, raise funds, promote grow users, etc, etc. While there’s a fine line between educating yourself and getting sucked inextricably into the blogosphere and taking your eye off your business, constant learning is necessary to generate new insights and ideas. I’ve had solid success using the methods at TheEnergyProject.com to work in 90 minute blocks and then take a short recovery break to check out sites like paulgraham.com, avc.com or feld.com. I’ve also gotten a ton of mileage off the podcasts found at mixergy.com and ecorner.stanford.edu. On the flip side of that, it is also equally important to leverage blogging and social media to become a thought leader in the space that you’re in, and to educate others.

Take Care of Yourself

The press loves to glorify the tech entrepreneurs nailed to their desk, working all hours with their complexion matching the color of the instant noodles they subsist on. That behavior certainly exists and is even necessary once in a while, but for the most part, it just leads to diminishing returns and eventual burnout. Sleep, diet, and exercise – in that order – are not luxuries, but necessities for entrepreneurial success. Most companies are sold or IPO after six, seven or more years, so it’s important to take care of yourself over that time horizon. For snooze time, getting 7.5 hours a day is the minimum and, most of our staff have a half hour siesta after lunch. Regarding diet, I really like and live by the line “eat real food, not too much, mostly plants” from the book In Defense of Food. And on exercise, follow Richard Branson’s advice. When he turned sixty he said that his secret was getting one hour of exercise per day, which added two to four more productive hours to his schedule every day. Personally, I see heading to the gym as an obstacle, and recommend P90X and TRX. For something fun, check out Heyrobics.com!