Learning from someone who has been there, done that, is always huge bonus when starting something new. Having professional insight to the ins and outs of starting up can help aspiring entrepreneurs avoid lethal mistakes, and maybe even get a leg up on the competition.
In this Q&A, internationally-acclaimed mentor, Rodrigo Sepúlveda Schulz (President, Sepulveda Capital), offers insight to the tolls of entrepreneurship and why you should start your journey as soon as possible.
1. Why is it so important for experienced founders to mentor new founders?
Well, it's a twofold answer:
- First, giving back to the community; our own experience, our mistakes, tricks and tips and advice of what we've learned so far - most of us benefited in some way of the same advice so it's just a way to pass on experience.
- Second, mentoring new founders is a great way to keep in touch with fresh ideas, energy, new developments, and foster your own creativity.
2. What are the one or two pieces of advice you tell new founders that you wish you knew when you got started?
- Cash is king. Never forgot that. No more cash and your business is dead. Hence you need to learn how to plan your cash flow, and track it closely.
- MVP (minimum viable product) is all you need to get started. ie the good enough product that customers will start using and give you money for (be it ads, or a paid product).
3. What is the hardest lesson you had to learn as an entrepreneur?
Being an entrepreneur takes a huge toll on your own family life. 75% of the entrepreneurs I know have divorced or separated, so it's all about keeping a healthy work / life balance.
4. What is the best piece of entrepreneurial advice you ever received?
Start today. Don't wait for the perfect timing.
Rodrigo is the President of Sepulveda Capital and one of the Founder Institute's most internationally recognized mentors, having guided founders in over 10 locations wordwide. To hear more from Rodrigo, apply to the Founder Institute today.
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