The Hardest Part of No

Saying no is an incredibly important life and business skill. Once you decide whether or not to say no, the real test happens.

Can you follow through and communicate the no?!?

How do you say no without hurting someone’s feelings or burning a bridge??

Many a “no” has turned into a “yes” because someone would rather suffer through a pointless meeting than suffer through saying “no” to that meeting. The real cost is not a boring meeting but the time lost on your most important goals. Don’t let this be you!

Having the right tools is key. Specific phrases and strategies make it easier to consistently say no when you want to.

Here are 7 real life ways to say no from folks who know (and “no”). Copy, test, tweak, customize, and practice!

7 Polite Ways To Say No

1. Adam Grant shares real phrases and strategies he uses to say no.

Adam Grant is one of my favorite thinkers and a truly generous human. Lots of great nuggets.

2. Offer an alternative.

A positive way to say no is to suggest an option that’s easier for you or more scalable.

Examples:

• Phone call instead of in-person meeting
• Invite them to an event you are attending
• Ask them to do work on their end -- a forwardable intro, a one page overview, reading related articles. Your part is activated (and easier!) once their work is done. You'll learn who is serious and deserving of your time based on their follow through.
• Find a one-to-many solution. Instead of a 1:1 conversation, can it be a webinar, a group event, or open office hours?

(Adam Grant touches on this too!)

3. Two great examples of “no” in the 7 Emails You Need To Know How To Write.

A classic article from Teju Ravilochan. (I’ve also used the “friendly nudge” suggestion and it works brilliantly.)

Be funny:

Dear Mr. Adams, Thanks for your letter inviting me to join the committee of the Arts and Sciences for Eisenhower.

I must decline, for secret reasons.

Sincerely, E.B. White.

Be kind and honest:

Thanks so much for reaching out, [name]. I appreciate what you’re trying to do. One of our core values is militant transparency, so I’ll be fully honest. At the moment, I want to whole heartedly give myself to our core priorities, involving getting our new Institutes up and running, growing our team, and raising capital. That means I’m choosing to decline a lot of conversations I’d otherwise like to have; so I won’t be able to prioritize hopping on the phone with you.

If there’s something quick I can help you with or if you have a specific question, do send me an email about it and I’ll be happy to get back to you!

My best, Teju

4. How to say no to customers?

Check out the training deck with slides on common situations in the Customer Success Starter Pack.

5. A fantastic video on how to say no nicely from Mo Bunnell.

Mo is a business development genius. I’m going to try his “quantify it” strategy starting today! He has lots of great content on productivity and goal setting too.

6. From my personal no-tes.

When someone sends me a great “no” email, I jot it down for R&D (ripoff & duplicate) purposes.

A few favorites:

• “Sadly, I won’t be able to make it Thursday. I hope to go to one of these soon.”
• “Good to hear from you. I'm booked then but I'd like to introduce you to <someone else>, included here, who would enjoy connecting with you.”
• “I'll have to pass on this Wednesday, but I'd love to do <this event> another day.”

7. Warren Buffett recommends you say no to almost everything.

Here’s how he practices what he preaches:  

Thanks for the invitation, but I’ll have to decline [your request for an interview]. I’ve talked about Ben [Graham] on a number of occasions, so my appraisal of him is already out there for people to see. In addition, every interview I grant results in about 20 more requests. That’s a geometric progression that I have no inclination to foster.

BOOM. A great one to end one. It’s clear, charming, and saved Buffett hours of time now and in the future. Mastering “no” is a powerful way to stay focused and achieve your biggest goals.  

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Know How To No

Saying no is one of the most important skills of successful founders and leaders. It helps you focus, gives you time to execute, and preserves your energy and mental health.

Simple, right?

If only it was!

It’s hard to say no because:

1. You want to help.
2. You find many things interesting.
3. You don’t want to disappoint people.
4. You see the potential benefit.
5. You feel productive when you’re busy.

Most people (including me) are continually honing their “saying no” skills.

The first part of saying no is to decide if you should say no. Duh.

But this can be agonizing, time consuming, and stressful if you’re not clear and prepared.

Here are 10 simple frameworks and prompts to help you quickly arrive at a yes or no.

10 Simple Ways To Decide Yes Or No

1. Hell Yeah or No.

A classic from Derek Sivers.

2. If this event/activity/project in 6 months was tomorrow, would I say yes?

A great question from Mo Bunnell. It’s easy to say yes when things are far away. Force yourself to consider it’s true importance rather than mentally defer the decision.

3. Warren Buffett: Say No To Almost Everything

He’s a pretty smart dude. 😉

4. Default to “no.”

Most of us want to say yes by default. Flip the script. The “yes” has to be carefully considered and truly earned.

5. Does it feel like a “should” or a “want to”?

Avoid the “shoulds” whenever you can! It’s true for networking and beyond.

6. Schedule important non-meeting items.

Book time for priorities like reading, thinking, or long term projects. Put them on your calendar and make them non-negotiable. You’ll quickly see what you actually have time for.

7. Do I understand the true cost of this yes?

A.T. Gimbel reminds us to think about the tradeoffs. Make it concrete by identifying the time you’ll spend, the dollars you won’t earn, or the other goals you’ll be letting go of by saying yes to the wrong thing.

8. “Saying no frees you up to say yes when it matters most.” - Adam Grant

Just because you have the time doesn’t mean you should. Don’t miss out something great that comes up because you’re too busy with “eh” commitments.

9. Reframe it.

What you’re really doing is saying “yes” to something else that’s more important. Spell it out if you need to: “I’m not saying no to my friend. I’m saying yes to my family.”  

10. Audit your time.

Does your calendar match your stated priorities? You’ll likely spot items that should be dropped or delegated. Constant vigilance is required to avoid “yes” creep!

Ready…Set…No!

Once you have clarity on yes or no, it’s time to put it into action.

Yes is easy. Everyone loves to hear yes.

But how can you say no in a kind or motivating way that doesn’t burn bridges?

For more k-no-wledge, check out specific phrases to use when saying “no” and a 3 step process to say no to your boss!

What other frameworks or prompts have you found to be helpful when deciding yes or no??

Dreaming Big

Entrepreneurs have big visions and big ambitions. It’s what makes them great. It’s how they build transformational businesses, overcome hardships, and create the future.

When you have a huge vision, it can be hard to start small. You are bold and ready to take over the world! Yet when you drill down into the most successful companies, many had modest, manual beginnings.

Here are 5 fantastic resources to inspire you to start small.

By harnessing your vision into bite-sized first steps, you’ll be able to go faster and grow bigger in the long run.

5 Resources To Start Small On Big Ideas

1. Do Things That Don’t Scale by Paul Graham

• A startup classic from the founder of YCombinator. Mandatory reading!
• Get customers or test a product in a small, manual way to start.
• Read about the crazy stuff huge companies did early on.

2. Minimum Viable Testing Process via First Round Review

• Resist the “if you build it, they will come” mindset! Even an MVP is too much.
• Focus your energy toward testing one key hypothesis of the business.
• Read about how Gagan Biyani used this to build Maven, Udemy, and Sprig.

3. The Mom Test by Rob Fitzpatrick

• Our most recommended book at Atlanta Ventures!
• Don’t pitch your idea. Ask questions to uncover big problems.
• Let customer feedback help you find authentic demand.

4. How To Kickstart and Scale a Marketplace via Lenny’s Newsletter

• Real stories about how 17 of the biggest marketplaces got started
• It’s messy, it’s manual, it has ideas that translate to other businesses!

5. How To Start Without Spending Money via The Rebel School

• Ideas and stories on how to test a business idea without a loan, VC raise, or large savings account
• One of my favorite business-building resources -- their courses are always free! 

What other resources have you used to start small but achieve big goals? Any success stories to share?

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A True Story

At Pardot, we had an amazing implementation team. We offered a complimentary 90 day onboarding and implementation process with a dedicated resource. The team was super responsive, knowledgable, and positive — everything you want to get your customers off to a great start.

A year or two in, the workload started to accumulate. An implementation team member would have 15-20 active implementations and 10-15 more clients who were “on pause”, “not ready to start,” “one or two more open items,” or “hesitant to transition out of onboarding.”

As a new B2B Saas technology, these were high-touch, fairly technical implementations. It was stressful to a high performing team who wanted to move customers to action and value. It also started to create an internal bottleneck — the team needed to close the loop on older accounts to take on new customers.

🪄 ✨Then, something happened that changed everything. 🪄 ✨

We charged for implementations!

It wasn’t exorbitant – $2500 with a monthly software subscription of $1000 – a one-time charge of 2.5x a customer’s monthly cost. (Lots of fancy math on the O’Daily.)

It was enough that customers understood the value of the implementation. It created a sense of urgency and importance around those first 90 days. Customers wanted to get their money’s worth!

A priced implementation also provided a discounting vehicle for sales that didn’t impact recurring revenue. A sales rep could discount the implementation up to 50% without approval and up to 100% to get a deal over the finish line. Customers felt good about getting a high value item at a lower price. Pardot maintained the integrity of the monthly subscription fee – the most important long term revenue source.

Even when an implementation cost less because of a discount, the customer valued it more because of the price tag.

The Lesson

Put a price on the time and value delivered during implementation! Even if every implementation is complimentary or heavily discounted, include a dollar amount.

New customers will understand the value of what you’re offering and be highly motivated to make the most of their onboarding experience.

Build an Implementation One Pager to Share With Customers:

• How your customer’s North Star metric will improve and other high-value outcomes to expect (e.g. send an email in <5 min)
• What’s included with implementation (training hours, weekly calls, setting up integrations, creating materials, adding users, importing data)
• Time estimates and dollar values for each of those line items

Note: Beware of customers asking for a la carte options to save money — it’s rarely in their (or your) best interest long term. Better to discount the full package than cut out important items.

The first few months are critical to long term retention and growth. If you don’t get traction early on, it’s hard to recover. Paid implementations create momentum and urgency out of the gate.

Not sure your market or users are ready?

Paid implementations don’t have to be all or nothing.

2 Ways To Get Started:

1. Include paid implementations with your next few sales proposals especially if the customer has custom or complex needs.
2. Add paid implementations into contracts and discount them fully.

Note: Be consistent with how you do this. Assume your customers are comparing quotes at the next industry happy hour. Because they are. 😉

See what the response is in the sales process. Track the customers through the onboarding process to measure the impact.

Iterate on the price, offering, and messaging as you learn what motivates and matters to your customers!

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How To Scale Customer Implementations

I’ve seen the evolution of customer implementations and onboarding at several B2B Saas companies and talked to many other Customer Success leaders in the industry.

Here are 3 common stages to understand and be prepared for.

3 Customer Onboarding Stages To Prep For

1. Implementation included with a month-to-month contract.

You’re a new kid on the scene.

Your goals:

• Get customers
• Make them wildly successful
• Learn a ton
• Build brand credibility and trust

This is the “Earn Their Business Every Month” playbook. It requires an emphasis on customer support, soliciting customer feedback, and quick product and customer experience iteration.  

It’s not going to be your long term business model but it’s a great place to start.

2. Paid implementations and annual contracts.

You have happy reference customers, some great success stories, and you’re known for your outstanding customer service. (Yay for investing in customer experience early on!)

Your industry has matured and annual contracts with paid implementations are the norm. High touch implementations delivered by your team are not cheap. You start charging. Other vendors have started this also and customers are used to the contract line item. You’re starting to get requests for custom integrations, additional training or strategy help, and other work outside of your implementation scope.

Your goals:

• Maintain an excellent customer experience
• Focus on financial predictability and stability - get cash up front, minimize cost centers
• Build a repeatable product planning and roll out process (it’s likely still messy)
• Continue to “templatize” your implementation process so it’s consistent and repeatable
• Test growth strategies like moving upmarket or into new geographies
• Turn your ad-hoc partners and consultants into an official partner program

3. Partner resellers and ecosystem.

Welcome to customer onboarding at scale! Partners handle most of the implementations and custom work. Many are also resellers. Their business is centered around providing strategy and consulting services for your industry and product. This works when demand is high, the market is big, and partners see the significant opportunity.  

Your goals:

• Equip partners to deliver excellent service through training, certifications, tools, and technical help
• Standardize partner contracts, financial incentives, and rules of engagement
• Build an internal department dedicated to partner support and development
• Consider product and technical strategy - do you enable an app ecosystem?

Salesforce is known for their partner programs. This or this could be you one day!

It’s Never One Size Fits All

Every business is different. If you serve enterprise customers, you’ll likely do annual contracts and (large!) paid implementations from Day 1. If you’re a product-led or freemium model, your goal may be to enable a fully automated onboarding.

These stages are a starting place for discussion and planning.

The goal is to deliver the best service, with a healthy business model, in the way that’s right for you and your customers!

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Here is my favorite customer success question to ask founders or leaders at a fast growing startup:

What do your users get measured on?

In other words, what is the one metric that is most important to their job success?

Examples of metrics that users care about:

• Revenue generated
• New leads
• Assets under management
• Website conversions
• Customer renewals
• Event attendees
• Customer satisfaction score
• Employee retention

Examples of typical customer success metrics:

• # of users
• # of logins
• Upgrade $
• Renewal $
• CSAT or NPS scores

Yes, those are helpful data points for the health of your business but your customers don’t care.

They care about doing their job better, hitting their metrics, and meeting their boss’s expectations.

How can you help your customer look like a rockstar?

If your team is optimizing for user activations or upgrade dollars, see if you can flip the internal conversation.

Steps to up-level customer success:

1. Identify the most important metric to your user.
2. Track that metric in your product (ideal) or gather manually (scrappy).
3. Make that your Customer Success North Star.
4. Talk about this North Start constantly within your company.
5. Create raving fans.
6. Grow an amazing business that changes the world! 🌎

HUGE SHOUT OUT to Francis Cordon, the ultimate Customer Success Sensei. He introduced me to this simple, brilliant, underutilized concept and I’ve been sharing it ever since. Thank you, Paco! 🙏🙏🙏

#always-be-testing Do you like this week’s O’Daily shortie? Or do you prefer longer form? I’d love to hear your thoughts!

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5 Interview Strategies To Implement Today

1. Ask about specific examples.

Judge people on what they did, not their self-assessed strengths. Gather insights by asking about the steps they took, their thought process, how they did the work, their learnings, and how they talk about the people or customers they worked with.

✅ THIS: Tell me about the most complex project that you managed.

❌ NOT: Can you do project management? Are you detail oriented?

By asking about real past experience, you reward doers over talkers.

Example follow up questions to dig in:

• Who did you work with? Tell me about their strengths and weaknesses.
• How did you keep people on track? What strategies and tools did you use?
• What were the goals and final results of the project?
• Did you hit any stumbling blocks? How did you overcome them?
• What lessons did you learn? Have you been able to apply them to any other projects?

2. Use skills-based questions or assessments.

Everyone wants to fairly and accurately evaluate someone’s skills but unless you know how to, you default to measuring someone’s confidence about said skills.

By getting these questions right, you’ll reward folks who are highly skilled but humble or self-deprecating and filter out folks who overestimate their abilities or talk eloquently but lack execution.

✅ THIS: Create and save a draft email in this demo account.

✅ THIS: Walk me through the basic steps you’d take to send an email.

❌ NOT: Do you know how to send emails? Have you sent emails before?

Predefine your assessment criteria and then rate the candidate’s competency. And, of course, focus on a skill that’s key to the role.

Example key actions to score:

• Pull a list of contacts
• Implement email design best practices
• Test email formatting in various email clients
• Strategize on a call-to-action
• Measure results

Examples of other skill-based activities:

• Whiteboard or code exercises for developers
• Create a financial model, pivot table, or other spreadsheet
• Write an email to an upset customer
• Make website recommendations to improve SEO or sales conversions
• Design a strategic plan for a real company issue

3. Go for superlative.

Asking about the most, least, greatest, proudest, hardest will get the best from a candidate. As the interviewer, you can be assured that you’re comparing one candidate’s best to another candidate’s best.

🙂 GOOD: Tell me about a project that you worked on.

😁 BETTER: Tell me about a complex project that you worked on.

🥳 BEST: Tell me about the most complex project you worked on.

If you ask a generic question about “a project” instead of “the most important project,” you won’t know if their underwhelming answer is because of their lackluster experience or your lackluster question.

What’s a question the most meaningful question you could ask? (See what I did there? 😉)

4. Keep questions consistent.

Ask the same interview questions at the same stages across all candidates for the most fair and insightful interview process.

When I first started interviewing and hiring, I thought asking a variety of interview questions was a strength. Foolish Young Kathryn could flip through her mental interview question database and ask according to her daily whim.

Unfortunately, this was a terrible idea!!

Asking different questions, while interesting to the interviewer, means that you’re comparing different data across candidates. You could unintentionally ask one candidate easier or harder questions. Keep it apples to apples to make it fair and unbiased.

Bonus: you only have to remember a handful of questions instead of hundreds like Foolish Young Kathryn!

5. Listen.

Give lots of time for a candidate to answer. Don’t jump in with the next question. Pause an extra moment to see if they have more to share.

What people share in the quiet moments can be really important.

Another strategy is to keep track of how much each person speaks. The candidate should be speaking the most (unless you’re answering their questions).

Listen deeply to what they say, how they say it, and what isn’t said.

Great Questions Lead To Great Talent

When you ask the right questions and listen well, you will easily identify top talent and win them over. The experience feels fair, their expertise and abilities shine, and you can move forward quickly and confidently.

The right interview questions are a great start to a long relationship with your company!

Hiring great people is essential to growing and scaling your startup. Interns are a key part of this strategy, especially in the early days. Most founders I speak to are looking for one (or many 😉) interns at any given time.

I love interns and keep in touch with many that I worked with. Lots of them have gone onto great things. Why? Students applying to business jobs in college are incredible!!

Interns are one of the best values in business. Get top talent at a fraction of the price in exchange for offering them coaching and experience.

(Note: I’m a huge believer in always paying your interns fairly. It’s the right thing to do, you’ll get a wider talent pool, and they’re more likely to stay on or refer other interns. It’s still a great value compared to what you’ll pay for a recent grad of the same caliber.)

To get started on finding your own powerhouse interns, here’s an overview of the process I’ve used to attract, vet, and retain the very best candidates.

7 Steps To Find (& Win) Outstanding Startup Interns

1. Job Description

First things first. Align internally on the projects and tasks for the role and turn it into a job description.

A Great Job Description Will:

• Showcase your company’s brand and personality - make a great first impression!
• Be positive but accurate about the work. Misaligned expectations = big headaches later.
• Highlight startup competitive advantages like interfacing with customers, doing meaningful work, exposure to a variety of projects, and working directly with the CEO
• Appeal to a wide range of candidates. Follow these tips to remove gender bias.

How To Promote:

• Post to college career sites, co-working sites, your social profiles, local channels.
• Share with your network especially previous interns, other employees, folks with college connections.
• Avoid the big name, mainstream career sites to start. Very noisy. Start with the targeted options first.

2. Resume Review

Once your job posting is out in the world, it’s resume time. I try to review daily in batches and follow up quickly with top candidates.

What To Assess:

• Leadership experience (clubs, sports, side hustles)
• Work experience
• Resume organization, clarity, and writing
• GPA
• GPA and job performance are correlated when you're in or just out of school. The more work experience you have, the less it matters.
• Take into account the average GPA for the school.

Look at all of these items holistically. If someone has a lower GPA but put themself through school and started a company, that’s pretty awesome. If they have a high GPA but no other activities or work experience, they may not have the practical work skills for a startup.

When on the fence, I usually give the candidate the benefit of the doubt and set up a video chat.

3. 15 Min Video Chat

It’s a quick intro on both sides. You can learn a lot in a short time.

What To Assess:

• Professionalism - on time, dressed appropriately
• Preparation - researched the company or team
• Social Skills - general politeness, will they be good in front of customers?
• Role Alignment - will they be happy in this role based on their goals?
• Positivity - any subtle complaining or blaming?
• Startup Compatibility - are they self-starting? can they handle change and ambiguity?

Example Questions:

• “How did you pick UniversityXYZ?”
• “What are you looking for in an internship?”
• “How did you prepare for our call?”
• “How did you hear about the role?”
• “Do you have any questions?”

4. Real Work Exercise

Great resume. Excellent video chat skills. Now it’s time to see — can they do the work?

This can be a coding exercise, a work sample, or — my favorite — a take-home activity that involves writing, thinking, and light research.

This step also gives the candidate a chance to understand what the day-to-day work is like.

Example Questions:

• Event XYZ is coming up. Write an announcement for LinkedIn and Twitter.
• Customer is upset because of XYZ. Draft an email reply.
• Research 3 locations for a team event with criteria ABC.
• Our ideal customer is ABC. Find 3 leads with contact information.

What To Assess:

• Writing Quality - clarity, grammar, consciseness
• Thought Process - thorough, logical, smart
• Conscientiousness - done correctly, on-time
• Can they do the work at hand?

(Note: Answers don’t need to be perfect! Especially for interns. Problem-solving skills, effort, and coachability are key. )

5. In-Person Interview

If they’ve made it to this stage, you’re getting close. Here’s where you drill in on specifics or concerns, meet others on the team, and continue to win them over!

What To Assess:

• Experience & Project Details
• Cross-Functional Fit - can they work well across the company?
• Core Values Alignment - do they embody your Core Values?

Example Questions:

• “What project are you most proud of? Why?”
• “What was the most challenging customer situation you faced?”
• “What was the most complex event you led? How did you stay organized and handle problems when they came up?”
• “Tell me about a time that you <did action that aligned with company Core Value>.”
• “What’s the hardest group project that you worked on? Why? How did you work through it personally and as a group?”

Address their questions throughout but especially at this stage. Understand their priorities or objections and speak to those. Always be closing!

6. The Offer

Speed is your friend. Big firms (or indecisive startups) move slowly. College students want to be done and get back to their other day job. Make it easy for them to choose you.

This can be as simple as a Google Doc with a company logo that you tweak for each new hire. (Convert to a PDF before sending.)

Information To Include:

• Job title
• Compensation (e.g. hourly rate)
• Hours per week limits or expectations
• Job responsibilities
• Start and end dates
• Other benefits and perks
• Why your company and this opportunity are awesome
• Why you want them
• A friendly welcome

Remember - this isn’t just a transactional document or contract. The tone and content of your offer letter will help close the deal!

7. An Internship They Love

Now that you’ve got them onboard, here’s how to keep them happy and make the most of the experience for you and them.

Top Strategies For Happy Interns:

• Pay them!
• Paid internships level the playing field so students of all economic situations can join you
• Great for recruiting 💪
• Some common ranges for startups in the Southeast
• $10-15 non-engineering
• $18-20 engineering
• Ask them to do work that matters.
• Share business tips, advice, and company insights.
• Provide opportunities to do or learn about their areas of interest.
• Be appreciative — say thanks and acknowledge their work within the company.
• See if they have referrals for future interns!

BONUS - Future Full-Time Hires!

Interns are a fantastic pipeline for full-time hires. Do you have an amazing intern and want to snag them after graduation? Make an offer as soon as you can. Lock it in before they start getting recruited or think about applying elsewhere.

Two Final Thoughts

1. Give yourself time to calibrate your talent compass.

It may take 10-20 candidates before you get a feel for what “good” looks like. Over time, the “A” players will stand out quickly.

2. Be kind and win people over at every stage.

At Pardot, we got referrals from candidates who didn’t get hired but they had such a positive experience in the interview process, they told their friends to apply. It was one of the best compliments.

The interview process is nerve-racking and time consuming for candidates. Being organized, thoughtful, and making candidates feel good, regardless of the outcome, is a powerful (and free!) flywheel for your company’s recruiting and growth engine!

What other strategies have you used to hire great interns? Do you have other steps or recommendations for the process?

Going From Early Stage To Unicorn

Last week, I shared Part 1: 4 Strategies Unicorn Founders Embrace. This week – surprise — we’re sharing Part 2 with more unicorn founder strategies.

These posts were inspired by an early stage founder with big goals who asked great questions:

Now that I’ve raised money and have passionate customers – what’s next? How do I build a unicorn, think like a unicorn, execute like a unicorn?

Here are 4 (more) common themes and strategies from unicorn founders to guide you and inspire you along your journey! 🦄

4 More Strategies That Unicorn Founders Embrace

1. Define your mission, pitch, and values.

Spend time crafting clear, concise:

• Mission statement
• One-line pitch
• Core values

Then talk about those things ALL. THE. TIME.

Why? These cornerstone elements will help:

• Attract candidates
• Hire faster
• Bring in new deals
• Close deals
• Drive performance
• Build a unique and powerful culture that people want to be a part of

Infinite Giving does an amazing job:

• Mission statement: leverage modern financial technology to grow the world’s giving
• One-line pitch: automated investment platform for non-profits
• Core values: Be kind and do excellent work.

Because they are simple, easy to remember, and communicated weekly by their awesome CEO, Karen Houghton, I can repeat them to anyone (aka future customers or hires) and I understand exactly what they do. This clarity helps throughout the sales funnel, hiring funnel, and company growth!  

David Cummings has long been a proponent of culture and core values with some great, specific blog posts if you want more.

2. Move fast.

One trend I’ve seen from unicorn founders – they have a bias for action and make decisions quickly. Speed is a key advantage especially against incumbents or other up-and-comers in the market.

3 Keys To Moving Fast:

1. Be responsive when asked for a decision.
2. Empower others to make decisions. (I mention my favorite delegation framework here.)
3. Have clear goals and core values (see Strategy #1) that serve as a decision-making guide.

In other words, avoid a CEO bottleneck.

A bonus of this approach is more time and energy for you to spend on hard-to-undo, strategic decisions.

3. Accelerate your rate of learning.

Kyle Porter, CEO of Salesloft, shared this advice at Salesloft in the Studio (43:00) and David Cummings’ also recounted it.

The concept is simple. Learn aggressively so you can grow faster than your startup is growing. Set up systems like peer groups, executive coaching, and daily business reading to turbo charge your personal growth. More suggestions here.

4.  Be confident.

Here’s the thing…

Every founder, no matter how successful, has something they’re insecure about. Unicorn founders are not exempt from imposter syndrome.

I’ve talked to wildly successful founders, who exude public confidence, and privately tell me things like:

• I got lucky.
• I don’t know what I’m doing.
• I have good people around me.
• When we hit <next milestone>, the wheels will fall off.
• I’m terrified of <normal CEO thing like public speaking>.
• This <other unicorn founder> is so much better than me at _____.

Why am I sharing this?

If you are feeling worried or insecure, that doesn’t mean you can’t do it.

It means you’re a perfectly normal unicorn founder!

Go to your place of resilience and strength:

• Rephrase “I don’t know” into “I can’t wait to learn.”
• Do it anyway.
• Pray.
• Fake it ‘til you make it.
• Reflect on your past successes.
• Think about your vision and your why.
• Call your #1 superfan for a pep talk.

And then keep going.

Amazing things are ahead! 🚀🦄

What other strategies do unicorn founders embrace? What have you seen or experienced with unicorn founders that helps them build?

“How do I go from early stage to unicorn?”

I recently met with a fantastic founder who raised her hand when I shared the goal of 10 female unicorns in 10 years.

She’s picked a big market and she’s secured funding. What’s next, she asked? What have you seen in unicorn companies and founders?

[Kathryn’s note: What a great question. Clearly thinking like a unicorn founder already!]

What are the strategies or characteristics of companies that cross over that $1 billion valuation mark?

Specifically – what’s within a founder’s control that they can start doing today?

Here’s the first 4 strategies that unicorn founders use to take them from $1 to $1 billion. Check in next week for Part 2!

4 Strategies That Unicorn Founders Embrace

1. Pick a big market.

I’m a broken record on this one. The first step to being a unicorn is being in a big market! No matter how amazing your leadership or product, you can’t build a billion dollar company in a small market. It’s way easier (and more probable) to grab 1% of a $100B market than grab 100% of a billion dollar market.

Think your market isn’t big enough? Adjust your strategy or pick a new idea.

You can also build a great small to mid-size business. Be clear on your personal goals to decide what’s right for you.

2. Embrace 10x thinking.

In the early days, the question is: how do we get 1 more customer?

When you’ve found product market fit (in your HUGE market), it’s easy to continue that pattern: how do we get a few more customers?

In a unicorn mindset, you ask, how do we get 10x more customers?!?

It’s straight out of the Google playbook. They’ve built a pretty nice business 😉

Try it at your next strategy or planning session. Take a problem or goal and brainstorm what 10x looks like. How do you get there? What big ideas does it trigger?

3. Stay focused.

Once you find product market fit, optimize for your ideal customer.

Design your marketing programs, sales process, and product roadmap for this ideal customer. Do not get distracted by shiny objects!!

Examples of shiny objects:

• enterprise deals that aren’t a good fit
• one-off product features
• marketing to fringe user segments
• a new product line or platform before you’re ready

Pardot was fantastic at this focus. We knew our sweet spot was SMBs. We didn’t chase enterprise deals or crazy technical requirements (even though our competitors did). We followed the 80/20 rule with product development and only added a feature if 80% of our customers could use it.

As a result, we had strong retention, a repeatable sales process, and scaled faster in the long run.

4. Settle in.

Building a unicorn is the fastest marathon of your life. On average, it takes 10 years for a startup to reach unicorn status. It will feel fast and slow all at once!

Be prepared for the long haul. Everything is urgent and crazy – and it will be for 10 years! Figure out ways to take care of your physical and mental health along the way.

But wait…

…there’s more! Tune in next week for 4 more strategies for building unicorns. 🦄