Self-Made: Advice and Insight From a Tech Startup Founder

Advice is everywhere in the online entrepreneur community. From message boards and social media sites to private mastermind groups and one-on-one coaching calls – everyone has something to say on every topic and subtopic in the space.

However, you don’t often hear real insights from people who have stepped up and achieved real results in their lives. Dennis Hegstad, Co-Founder of ecommerce tech startup LiveRecover, is one of those people worth listening to, hands down.

Some of the curious about the mindset and methods of a self-made startup guru, went straight to the source and asked Hegstad about the advice he has for the next generation of entrepreneurs getting their start in the current business climate. Here’s what he had to say.

First Steps

It’s the subject that everyone wants to know about, and the one that most entrepreneurs are probably tired of talking about – what’s the first thing that must be done to start a business?

As someone who has dabbled in various startup projects from a young age, Mr. Hegstad never had to think twice about this question, let alone ask it. However, he did provide an interesting piece of advice for newcomers and first-timers.

“Don’t be above doing the small things,” said Hegstad. “When LiveRecover was 2 employees my co-founder and I did every single task for 6 months. It helped us learn the business inside and out so we could build a great team.”

In other words, ambitious startups should aim to maximize output with the resources they have before even considering scaling or expanding in any direction. Only you’re completely pushed to the limit of the basics should you look to build your business beyond the basics.

Now, with incredibly powerful tools available within an arms reach at every moment of every day, small teams can accomplish massive feats of development without bloating the roster.

Partnerships and Collaborations

Speaking of building effective teams, this is another subject that evoked a strong reaction from Hegstad.

Hiring, firing, drama – it’s all par for the course in the game of entrepreneurship, and Hegstad recommends that first-time business founders proceed with extreme caution when entering partnerships of any kind.

“I had a co-founder break up and… don’t rush into a partnership before you really know someone,” recalled Hegstad. “It will be expensive and messy.”

Thankfully, there are ways to get a small business off the ground without spinning complex contracts and agreements. Outsourcing and freelancing are commonplace these days, and when done right, can serve to quickly take a company to the next level.

The advantage of this approach is the direct control you have over orders and commands, rather than bringing competing viewpoints and opinions into the mix at an early stage. These small conflicts can often dismantle a business in its infancy, causing founders to start over from scratch.

Scaling Up and Away

Eventually, a business will outgrow its scaffolding and start to scale to the next level. This means more personnel, more clients, more oversight – more of everything.

Having already scaled LiveRecover to well beyond its original footprint, Hegstad knows about growing pains and what it takes to expand an operation without getting ahead of oneself.

We asked Hegstad what’s stopping his business from being 3x the size it is now, and this was his response.

“Scaling up 3x the size requires a larger team and we’ve recently hired 8 people with plans to hire 10 more in the next few months,” said Hegstad. “Let’s check back in the future and see if we’ve grown 3x.”

Rather than pushing himself and his team toward unreasonable goals, Dennis Hegstad has a practical approach to business growth that has served him well so far. He is focused on the tasks at hand and doesn’t stretch his resources too thin – slow and steady is always preferred.

Finally, Hegstad offered some parting advice for those just starting out, reflecting on his own experience of starting multiple ventures and eventually finding success with LiveRecover.

“Stop spending time researching and start building/testing/learning from early potential customers,” he said. “Ignore advice from people who haven’t done what you’re looking to do. Overnight success takes years to happen. Be patient” says Hegstad.

Patience may be hard to come by in the startup space, with everyone seeking instant feedback and quick fixes. But as Hegstad points out, there’s no point in rushing things – success will come with consistency and focus over time, even if it takes longer than you might have expected.

Conclusion

The honest insights shared and real talk from this genuinely successful entrepreneur is refreshing, even if the answers aren’t the standard Hollywood version of events we hear so often.

Hopefully, Dennis Hegstad’s advice will inspire and guide you on your path, whatever it may be. 

The post Self-Made: Advice and Insight From a Tech Startup Founder first appeared on Feedster.

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