Gen Z is predicted to be the most entrepreneurial generation in history. Research by GoDaddy last year found that one in eight Gen Z Australians already have their own business or side hustle. This reflects the drive, ambition, and creativity of our generation.
Starting a company is exciting, but it’s also important to understand that setbacks and challenges will always arise. There is no single formula for success, and entrepreneurs need to be flexible and adapt to challenges while remaining true to themselves. It can be difficult to stay true to your mission when people offer advice or pull you in different directions. This is where staying authentic is essential for making tough decisions.
As the CEO of a new investor communications startup, Diolog, I quickly realized that being a CEO often means being the “chief-everything-officer.” Like many startup founders, I find myself involved in all aspects of the business—from product design to customer acquisition, marketing, and raising capital.
I believe it’s crucial to stay focused on the problem you’re solving, always seek feedback, and remember these three tips to keep your momentum going:
1. Start Small
We all know the saying, “Rome wasn’t built in a day.” In *Atomic Habits*, James Clear highlights the importance of consistent effort, saying, “but they were laying bricks every hour.” This resonates with me as a Gen Z founder because it reminds me that even if progress feels slow, I’m still moving towards a larger vision, and that’s what matters.
It’s crucial to identify the problem you’re trying to solve. As a retail investor, I was frustrated by the lack of communication from the companies I invested in. It was time-consuming to navigate multiple investor portals for information, and there was no easy way to get my questions answered.
With Diolog, I set out to solve this problem by creating technology that improves communication between investors and the companies they invest in.
I often remind myself to reflect, not just on the road ahead, but on the journey so far. Every ‘brick’ you lay brings you closer to solving the problem.
2. Play the Long Game
Don’t get too caught up in appearances. Focus on developing a solution to the problem you’re addressing; refining the look and feel can come later. You don’t need a fully developed product or service to start pitching, but you must be able to clearly communicate the problem and your solution.
It’s important to explain your product and the problem it solves in a way that everyone can understand, not just industry insiders. As a founder, you’re deeply familiar with your business and how your product or service works, including the jargon. Pitching your idea to family and friends can help you spot areas where your explanation is unclear or too technical.
If your friends or family need to ask what something means, change your language! This is crucial when pitching—no matter who is listening, you want them to understand. Ultimately, if you show a clear understanding of the problem, others—especially investors—will believe you can solve it.
3. Embrace All Feedback
Networking is important for all professionals, but for Gen Z founders, it’s vital. There’s no better place to learn or validate ideas than with industry peers, so take up offers for support or coffee catch-ups.
As a Gen Z woman entrepreneur trying to disrupt the traditional market communications space, having a solid network and mentors in the industry has been instrumental in helping my business grow. Reach out proactively on LinkedIn to those you admire in your industry and attend industry events. Honest, constructive feedback can save you time and money in the long run.
Beyond industry peers, it’s also essential to gather feedback from current and potential customers. Find out what is working and what isn’t. If a new customer chooses an alternative product or service, ask why! Understanding why potential customers opt for other options, whether it’s aligning with their business objectives or feedback on your pitch, is invaluable.
This feedback is extremely helpful in identifying new areas for product development and adapting your business strategy. It allows you to make necessary adjustments before investing too much time or money in the wrong areas.
When you’re passionate about building something great, it can easily become all-consuming. There will always be setbacks, so take pride in the small steps you take each day, stay focused on solving the problem you set out to address, and actively seek feedback from your peers. Before you know it, you’ll be reaping the rewards of the startup world.
