Top 10 tips from UNSW's leading entrepreneurs
UNSW is very proud of its thriving and growing community of entrepreneurs, whether it is the wealth of UNSW startups we’ve supported in getting off the ground through our leading Founders Program, or our impressive alumni who have set out on their ventures after graduation. It gives us great pleasure to see them all go from strength to strength with their business endeavours.
We asked some of our innovative alums (and some impressive students!) to share insights of life in the fast lane, including the biggest challenges they faced, the best advice they ever received, and what surprised them most about the startup lifestyle.
1. Learn how to make money with very little
“If you get given money, you'll learn how to spend it instead of earn it. Funding is often equated with success, which isn't necessarily the case. Instead, a startup should be run like a business before it is run like a startup” – Evan Wong, Checkbox.ai
2. If you want something, be assertive and ask for it
“We have been taught that it is almost second nature for men to ask for the things they want whereas women often have the mindset that whatever is on offer is the limit to what is available.” – Modi Song, Joe Button
3. Invent something that is valuable to others
“While I did computer science and physics at UNSW, I knew I could improve the online learning experience. I developed Smart Sparrow, an online learning courseware which is now being used by hundreds of universities, tens of thousands of academics, and hundreds of thousands of students, and has attracted major investment from Uniseed and ACT – the latter being the organisation behind the US’s largest standardised college admissions test.” – Dr Dror Ben-Naim, Smart Sparrow
4. Learn how to take better care of yourself
“I'm an all-or-nothing kind of person so if I care about something I can work non-stop without even realising I'm doing it and end up feeling burnt out. My co-founder and I have introduced mandatory three days weekends once a month and we have alarms in our phones to remind us to keep each other accountable.” – Sarah Agboola, m-Time
5. Celebrate your wins
“Unfortunately, tall poppy syndrome is prevalent within Australian culture, though it has definitely improved since we first began. In a startup company even the smallest wins have been hard earned and as a community we need to share stories of this journey, collaborate, speak up about failures and not try and tear each other down at the cost of innovation.” – Modi Song, Joe Button
6. Your peers aren’t out to get you
“The vast majority of people in the space are such kind, open-minded people! Everyone is so willing to do what they can to help; it's a very "pay it forward" mentality which I think is great.” – Sarah Agboola, m-Time
7. It's not meant to be easy
“If it was easy then everyone would do it. You will come across hard times, but at the end of the day, you've spent your life on your own idea. You're not trying to make someone else's idea work.” – Steve Hui, iFlyFlat
8. It takes a village
“Building a team of the right people is hugely important and I’ve found that that comes down not just to experience and skill but culture and office fit. In our employment contracts, we have a nice guy policy, which all staff must agree to.” – Ali Green, Pantera Press
9. Stay focus and grounded
“In the startup space, it’s easy to get caught up in vanity metrics where the people with the most investment funding become the most lauded, or the companies with the most noise and PR are deemed successful, and you’re constantly comparing yourself to others. I’m really happy that the UNSW startup community at the MCIC has been so incredibly supportive of students, they’ve assisted me countless times when I’ve felt lost or needing help.” – Lily Wu, Austern International
10. Don't listen to everyone's advice
“Most people you get advice from don't actually know the answers and so one if the best pieces of advice I have received is don't listen to everyone's advice.” – Reza Keshavarzi, Wipe Hero
For more information on the incredible UNSW alumni mentioned above, click here!
Do you have a vision for a new business you’d like to turn into a reality? Are you bursting with great ideas, but lack the skills or networks to grow them? The UNSW Founders Program is here to support and inspire entrepreneurial minds, providing entrepreneurs at all stages of their startup journey with the skills and contacts needed to succeed. We also encourage our successful entrepreneurs to share their insights through guest presentations and mentoring. If you’d like to get involved, contact us today.