Many of founders are with their go ego to gain traction from their customer. They turn to be arrogance in burning their expenses without carefully oversee overall the performance.
Basically, startup have 2 fuel, which is money and time. As a founder, they have to manage those two element very effectively.
As a founder, they have to take immediate action, cause every actions matter. But some time, as nature of startup, cause there are plenty things to be done, they turn to miss the most important things which is take care of the company itself. Up until they realize that their running low in fund, and the thing is raise fund is not as easy as flipping your hand.
Some key element founders should have:
Prioritization play the important role in running a startup. Due to tons of thing that yet to be done, founder have to manage their time to align their task which are most effective and give the most impact.
2. Delegate your task
The nature of startups that are fast phase, undoubtly everyhing must be deliver in the minimum period of time. As founders, you cannot do everything by yourself, if so all the thing will not be done. As a startup, we must work cooperately with all the party within the company. Your task as founder, you have delegate all the task and ensure that everything will be deliver. And all the task must meet the perfomance.
3. Pivot quickly/ realize quickly
Sometime in running a startup, maybe your product didnt achieve certain target. And you must question and figure it why it could happen? The iteation in building a product take a long journey. Tons of ups and downs. and one thing for sure, you have realize it quickly. Sometime maybe your product is good, but the way to penetrate is wrong, or it could be the product is too good or advance up until the user didnt know how to use it.
There is no rocket science of running a startup, i believe all the founders have their own ways to making things happen. I know that is not easy to make it happen, but the journey and process will definitely take you there. There would be ups and downs, sweats and tears, but everything is not going to waste if you thrive hard and have a vision of your company.