He has decades of experience in the startup world, and we were lucky to have him share some wisdom with us on Fuse.
Read on for a snippet of what we discussed…
1.Finding the Balance
“It’s now more the conversations around understaning fatigue, and if people really have created the boundaries within their homes to separate work and their personal lives.”Spencer Parikh
Work-life balance is a tricky one, especially in a virtual world!
Spencer notes that now companies are not worried about teaching tech tools to teams, as people already understand how to use them. Mostly thanks to the Covid-19 pandemic, which has accelerated the adoption of tools like Zoom, which are needed for the daily functioning of remote ventures.
Spencer believes that the primary concern for startups today is understanding fatigue and exhaustion among teams.
People want to keep going until they can’t anymore…that can be COSTLY! for a business. As a founder, don’t get too excited to see everyone burning the midnight oil!
Discourage people from stretching themselves too thin because it leads to burnout and in turn, the degradation of output.
As the founder or startup leader, make sure people get the breaks they need by intervening when you think someone is going too fast.
Working virtually is a terrific advantage for startups, but it is not easy to separate personal from business in the home environment. Running a remote business means putting more effort into finding the work-life balance needed to keep your teams running well.
2.Leaders must become nurturers
“No matter how many interviews you go through…it still may result in not the best hiring decision.”Spencer Parikh
Founders are constantly grappling with choosing between a good culture fit vs. getting the best talent. Sadly, many people come in with incredible talent but turn out to be cultural misfits.
Spencer is a fan of giving people second chances. He says that it is ok if people don’t know everything. It’s not a crime to move people around until they’re in a position where they can give their best. Do this, and there’ll be a considerable reciprocation; you end up building more loyalty in people that you’d have otherwise let go of.
Nurturing people is difficult for startups, but according to Spencer, it’s worth it as it creates trust and reinforces the commitment among individuals.
You might think it is too time-consuming to nurture team members instead of people who are ‘just like that’ but investing some time in making someone better never hurt. It boosts loyalty which all startups need to succeed.
3.It comes down to the people…
“looking at the composition of people, understanding what they know, what they don’t know and then building a system or process to connect all these people and make sure we’re hitting our objectives”Spencer Parikh
Choosing the right fit is an integral part of hiring for Spencer, who feels all founders should also develop this attitude to succeed with their startup.
You must take the time to know who the people you choose to work with really are. Ask about their families, life outside work, and so on. It helps to build a rapport with team members and make them feel you care.
Choose your teams wisely, knowing that they’ll sail your ship, so if you have the wrong captain, it’ll sink. To avoid this, make every effort to ensure that your choice aligns with the culture. Your chosen ones don’t have to get things right the first time, Spencer says. If you find someone with excellent leadership skills, don’t leave them out because they cannot type fast enough.
4.Lessons from the past
“Don’t stop and wait for everything to be perfect because it never will be… go ahead and get your idea out there, get the feedback, and iterate the process.”Spencer Parikh
Spencer has years of experience as an entrepreneur, and luckily, his career has spanned the remote and in-office spaces. I say lucky because this hybrid experience has taught him more about business than if he didn’t have a taste of both worlds.
He revealed on the show that the most extensive observation from his many past roles is that adaptation to technology is the most critical aspect of running a business. He adds that change management will always be on the table no matter what industry you run.
Priorities keep changing for business leaders! It is upon us to adapt to the constant change and leave no team member behind.
Founders wear many hats, including playing a mentorship role for the company. They should be strong individuals with a passion for improving lives. Nurturing people is a mandatory part of the leadership role, and as a founder, you should never stop mentoring team members. We talked more about Startups and leadership with Spencer, if you missed it, here is the full episode with numerous tips for founders.