Things I’ve learned while running a startup full-time
By: Mylene Tu
Tags: Female Founders, Students, Startup Life, Entrepreneurship, Startup Lessons

As written in one of my previous Medium posts, in September I took a plunge into entrepreneurship to work full-time on my startup.

As a quick disclaimer, I have been very fortunate to be able to do this while pursuing my university degree through a unique program called Enterprise Co-op. As a quick recap, this program allows students to ‘test-drive’ what it’s like to be a full-time entrepreneur (free of school and other commitments) for a 4 month term. That being said, I’d also like to call out that the journey doesn’t end after 4 months- if anything it’s a gateway into building up resilience and navigating the ins and outs of balancing school and your own startup.

So, what did I really learn from this experience? Here are some of my key learnings each week:

Week 1

When you’re working on something you love and are excited about, time flies by- next thing you know it you’re working late into the night.

During my first week of working 100% on Lumaki Labs, I quickly noticed that hours seemed to pass by like minutes. I had been working on my startup for months prior to this experience but this was the first time I could dedicate all my time to it. I was eager to jump in and my work hours were long, yet, looking back I’m not too sure why they were so long. I realize now that in the beginning I hadn’t figured out a system that worked for me yet so much of my time was spent getting organized and doing administrative tasks.

Week 2

It’s your choice to prioritize self-care.

Going into this experience I thought to myself how this would be a great opportunity to work on my own terms and prioritize self-care. I quickly realized that as much as I wanted to do so, I simply wasn’t making time for myself. It made me realize that in the past I had blamed school, work, or other commitments for not being able to put myself first however, this time I was being my own roadblock. I started to journal a bit more and became more proactive about self-care however, I will admit I wish I did more for myself throughout the term.

Week 3

Vision big, MVP small.

This was probably one of the biggest learnings I had throughout the experience: what is and what isn’t an MVP. Let’s just say, it became very clear to me that my original product plans were not reflective of an MVP. Who knew that having 10+ features wasn’t an MVP?

Jokes aside, I’m happy to say that this realization really helped shift the trajectory of Lumaki Labs and our MVP ended up being less than half of what we originally planned and it took a fraction of the time it would’ve taken to build our previous ‘MVP’.

Week 4

Launches aren’t special.

By week 4 my team and I weren’t ready to launch our MVP yet however, this learning actually came from a YC Startup school video called “How to Plan an MVP”. In this lesson, Michael Seibel helped me realize that product launches really aren’t as special as I thought. Don’t get me wrong, I still feel that spike of adrenaline when something goes live but what I learned is that launches are just the beginning. A launch doesn’t guarantee success moving forward, a launch is the first step towards acquiring users/customers and continually growing.

Week 5

Don’t let meetings dominate your day all the time.

In the first few weeks meetings seemed to take over my calendar. I’d schedule meetings to expand my network, meetings with advisors and mentors, meetings with other organizations- it was great and all until I realized I wasn’t leaving enough time to engage in deep work. This taught me how to better manage my schedule and I dedicated set days of the week for meetings and set days for strictly heads-down work.

Week 6

Gluttony is often a cause of failure for entrepreneurs.

My team and I were part of the Batch 5 LOI Labs Incubator and during this time we were able to attend an AMA (Ask Me Anything) session with Michele Romanow. During that session she mentioned that gluttony is often a cause of failure for entrepreneurs and that you should be extremely focused on what you and your company need to do now. It was a point that really hit home as I often find myself wanting to do so many things in a day. Instead of always trying to squeeze in 10 tasks a day, I should focus on the top 3 things that will move the dial for my company.

Week 7

It’s okay to slow down sometimes.

It’s as simple as it sounds. You aren’t a machine that should be running 24/7, some weeks are slower than others and that is completely okay.

Week 8

You’re probably learning more than you think you are.

During this week, I began to realize how much I’ve learned so far since being introduced to entrepreneurship in 2018. It hit me when I had a meeting with someone whom I had never met before. This individual asked me a lot of questions about starting a company and for once I had all the answers! It was funny to me as I noticed that the questions I was being asked were very similar to the questions I had asked when I was first starting out. It was a nice reality check to say “Hey, you’ve actually come a long way since 2018”.

Week 9

Working from home is tough and not everyone will understand you.

It’s no secret that working from home has its own set of unique challenges but for me, one of the biggest challenges was justifying my work to my parents. It made sense for me to live at home this term 1) due to the pandemic and 2) to save money however, it was tough feeling like I was always isolated in my room and glued to a screen. There were moments of guilt, feeling like I should spend more time with family, and there were moments of misunderstanding, where my parents didn’t fully understand why I’d be at my desk all the time.

Week 10

Always talk to your potential users and just make sure your users are happy.

As a company you should always strive to make sure your users are happy- especially the early adopters. Even if you do not have users on the platform, you should continue to seek out and speak with potential users to grasp a better understanding of whether or not your product actually solves their problems. Don’t just build, solve real pain points.

Week 11

Trust your intuition and don’t let advice become a disadvantage to you.

This was another one of my biggest learnings throughout this experience. Regarding intuition, if you feel something needs to change or something could occur, bring it up. Always ensure your team is on the same page as it will help mitigate risks. This helped my team and I figure out how to stay competitive and leverage our strengths.

To the point about advice, I was able to attend the YC Future Founders Conference and one of the sessions with Adora Cheung was extremely impactful for me. She had mentioned that there is good advice and there is bad advice, good advice is non-obvious and shouldn’t slow down decision making.

Week 12

Leading a company entails a lot of relationship management.

In becoming a CEO no one ever told me how much relationship management it would actually entail. Many people go into entrepreneurship with the notion that they will work on their own terms and although this holds some truth, the reality is that you will have to do a lot of relationship management to ensure those around you are also happy. Whether that be with you team, advisors, or any new connections, be prepared to face new challenges. With this in mind, always lead with empathy.

Week 13

Nailing down sales & SaaS pricing isn’t easy.

I had been participating in the Founder Institute Toronto Tech Corridor program and the topic of the week was revenue. As a team of engineering students, we don’t have much sales experience but one of the biggest things I learned was that nothing has to be perfect to begin with. Your pricing and sales strategy evolve over time so don’t get so caught up in the details that it slows down progress in other areas.

Week 14

Software is just a tool, go beyond it.

A lot of companies create software but it all boils down to how you position yourself and how you differentiate. The software you create is simply a tool, the company you build around it helps you go beyond just the software to deliver something unique.

Week 15

Always question ‘why?’

One of the best questions you can ask is “why?”. Always ask yourself why you are doing something and why you and your team are the best people to execute on the idea. When you know your “why” this will help you get through any challenges as you start your company. At the same time, ask others “why?”. Why they started their own business, why they’re doing what they’re doing- the answers will likely inspire you. This is something I realized through a conversation with Victor Saad, CEO of the Experience Institute.

Week 16

Time flies and the next thing you know it it’s the end of the year.

Funny how things go full circle. In Week 1 time flew by like minutes and in Week 16 the same holds true. Although this may be my final week of working full-time on my company through E Co-op, this is just the beginning. I’m proud that I got to lay down a foundation for Lumaki Labs this term and that I checked off most of my goals for this quarter. Being a student entrepreneur isn’t an easy feat- balancing school and a startup will be difficult however, I know what I need to do now and I know that I never back down from a challenge.

Summary

Working full-time on Lumaki Labs gave me a new perspective on what goes into being an entrepreneur. There were many highs and many lows, but the experience was unlike any other.

Despite everything being remote, my team and I found ways to really make the most of the situation. I was able to connect with more people than I could’ve imagined over Zoom and I learned a lot about myself, my team, and the industry we operate in. Above all, I learned about the importance of resilience and grit.

There is a long rollercoaster ahead for my team and I but it’s all part of the journey and I couldn’t be more thankful for the progress we’ve accomplished so far. I am grateful for taking this leap out of my comfort zone and I hope you also find ways to push outside of yours. For those reading this who were a part of my experience these past few months, thank you for being a part of it and I am excited for what is to come.