This post is the third in a series of ten posts about the 10 key reasons your consumer startup will succeed.
I speak with hundreds of aspiring consumer entrepreneurs and review thousands of executive summaries and pitches each year. From all this activity, certain patterns emerge that remain consistent with successful consumer startups. In this series of 10 blog posts, I will list the top 10 reasons consumer startups succeed. Note that all seem necessary, but none on their own are sufficient.
#3 CultureCompany culture and values are closely related to the founding team concept, but so underrated in Silicon Valley, we want to call attention to this critical factor by naming it #3. The reality is that even with a small founding team of 2 or 3 people, a company culture already exists. So, we work with all of our Maven startups to actually articulate and write down their company culture. It can be painful to take the few hours or half day to do this exercise, but once it’s done, it’s really a magical experience. We went through the culture experience with our small Maven team, and it’s been refreshing to make sure we’re all on the same page about what we’re doing at Maven and what our priorities are. Dave Kashen, one of our Maven mentors, is one of the best at helping startups go through a company culture and values exercise. I’m so grateful we took the time to do this at Maven. Here’s what we came up with: Vision: To meaningfully improve consumers’ lives at scale by building valuable enterprises that achieve top 10% Micro VC returns Values: Here are the values we live which drive our reputation and success:
- Collaborative: We are not political. We are willing to share praise, and be honest and transparent with each other. We put the team and company first.
- No jerks: We are happy, positive, and fun to work with.
- Accountable: We are high-performing, get stuff done, and value attention to detail.
- Curious: We are always willing to learn. We are knowledgeable and strive to be experts in our field.
- Self-starters: We take initiative, work autonomously, and are resourceful.