In 2000, Diego Pantoja-Navajas arrived at Georgia Tech from South America. In 2016, this founder and CEO sold his startup Logfire to Oracle. In this video from Oracle Academy, Diego reflects on his experiences as an entrepreneur and offers 7 pieces of advice to help build your startup.
- Start with a good idea and be prepared to move quickly. Successful startups begin with a strong idea and a goal in mind. Build your startup’s mission statement around the end goal, and let your passion for the original idea get you there. Remember things will move quickly - a year in the life of a startup is equivalent to 7 years in the enterprise world.
- Build a diverse team. At Logfire, Diego built a team of experts from all around the world. With different experiences, ideas and perspectives, the team became strong, believing there were no issues they could not solve. Brainstorm sessions get stronger when a diversity of ideas is present.
- Have money on your mind. Having a profitable business is important. Focus on how you can show your traction in the market, demonstrate your business model and how your strategy makes a difference in your target market. You need to get the company to a level where it is self-sustaining and profitable.
- Know where to sell. Think carefully about the best markets for your startup – sometimes the biggest market isn’t always the best.
- Check your progress. If we are not on track, why? Don’t shy away from bad news: it won’t get better with time. The sooner you can find out where you need to adjust, the better.
- Have fun! Startups spend a lot of time in the office. Work hard, but find the balance. (Diego is a big proponent of a ping-pong table in the office.)
- Stay the course with good tech. Look for business solutions with the right technology for your business and team to set yourself up . Entrepreneurship is a marathon, every mile you achieve is great, but you know you have many more to run. There should always be new challenges on the horizon.
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Watch the video here: