Gen Z is expected to be the most entrepreneurial generation in history. GoDaddy research last year found one in eight Gen Z Australians already have their own business or side hustle. This is testament to the drive, ambition, and creativity of our generation.
Starting a company is exciting, but it’s also important to expect that setbacks and challenges will always pop up. There is definitely no one-size-fits-all model, and entrepreneurs have to be agile and adapt to bumps in the road while staying authentic. It can be difficult to stay true to who you are and stick to your mission when people are pulling you in many directions or giving advice on many different things. This is where authenticity is important for making the tough calls.
As the CEO of new investor communications startup, Diolog, I have quickly come to realise CEO really means ‘chief-everything-officer’. As I am sure many startup founders would agree, you find yourself spread across all the different business functions – from product design to customer acquisition to marketing to raising capital.
I think it’s most important to stay focused on the problem you are solving, always look for feedback and remember these three tips to keep up momentum.
Everyone is familiar with the saying “Rome wasn’t built in a day”. In Atomic Habits, James Clear talks about the other side of this, saying “but they were laying bricks every hour”. Gold.
As a Gen Z founder, this resonates because it reminds me that even if progress feels slow, I’m still working towards a bigger vision and that is what matters.
It is essential to pin down the problem you’re trying to solve. As a retail investor, I found myself feeling frustrated with the lack of communication I had with the companies I invested in. It was difficult and time-consuming to navigate multiple investor portals looking for information from the source, and there was no consistent or easy way to get my questions answered.
With Diolog, I set out to solve this problem by building a technology to shorten the distance between investors and the companies they invest in to improve communication.
I frequently remind myself to reflect, to not only look at the road ahead but also the road taken to get here. Each ‘brick’ you lay gets you closer to solving the problem.
It’s important not to get hung up on aesthetics. Focus on developing a solution for the problem you are trying to solve, fine-tuning the look and feel can come later. You don’t need to have a fully developed product or service before you start pitching, but you need to be able to clearly communicate the problem and solution that you believe in.
It is important to be able to talk about your product and the problem it solves in a way that everyone (not only people in the industry) can understand. As a founder, you are extremely close to the business and are overly familiar with the ins and outs of how your product or service works. This also includes the jargon and terms used to communicate your solution. Pitching your idea to your family and friends can really help identify where your ideas are unclear or if you’re using too much jargon.
If your friends or family have to ask you what something means, change your language! This is critical when it comes to pitching – you want to ensure no matter who is listening, they get it. Ultimately, if you demonstrate a clear understanding of the problem, other people – especially investors – will believe you can solve it.
Networking is important for all professionals but for Gen Z founders it is vital. There’s no better place to learn or sense-check ideas than with your industry peers, so take up offers of support or coffee catch-ups with other people.
As a Gen Z woman entrepreneur trying to disrupt the archaic market communications space, having a solid network and mentors in the industry I could tap into for advice has ultimately helped the business grow. Proactively reach out on LinkedIn to those in your industry you admire and attend industry events. Getting honest, constructive feedback could save you time and money in the long run.
Beyond industry peers, it is also important to gather feedback from existing and potential customers. For existing customers, find out what is working and what isn’t. If you are pitching to a new customer and they decide to go with an alternative product or service, ask why! It is invaluable to have insights on why potential customers decide to opt for market alternatives, from aligning with their business objectives to product capabilities to feedback on your pitch.
This feedback is extremely helpful in identifying new areas of product development and adapting your business strategy. Feedback will allow you to make necessary adjustments before you invest too much time or money in the wrong areas.
When you are passionate about building something great, it can easily become all-consuming. There will always be setbacks, so be proud of taking small steps every day, stay laser-focused on solving the problem you set out to and actively seek out feedback from your peers and you’ll be reaping the rewards of the startup scene before you know it.
Back in March, Amy Benson became the second winner of the Pitch, SmartCompany‘s early-stage startup competition, taking home up to $100,000 in prize value thanks to her “explosive” pitch. Want to follow in her footsteps? We’re offering another startup the chance to win big – hurry! Entries close soon.
