Adam Segal is the co-founder and CEO of cove, a D.C.-based startup building a network of neighborhood workspaces. Founded in 2013, cove currently has five locations in the D.C. metro area and one location in Boston. This is the first installment of Segal and cove’s new, monthly column about startup life in the D.C. metro area.
January is officially upon us. New year. New beginnings. New books to (not) read. So, in the spirit of new, here are a few lessons learned along the way to launching one’s first startup, consolidated into the equivalent of a lengthy tweet storm.
As a little background, my startup path began five years ago. At the time, I was in graduate school pondering the ever elusive answer to: So what now?
As part of this life journey, I took an entrepreneurship class, read startup case studies and books, and fell hard for the idea of creating a business from scratch. For the final class assignment, I wrote a business plan, soon thereafter met my co-founder, graduated and committed myself to deferring student loans and the idea of a paycheck for 10 months. Ultimately, we pitched our concept to an incredible group of experienced angel investors who took a flier on us, and not long after we formally launched cove.
We are now collectively on a mission to make work local and friendly. I feel fortunate to (largely) enjoy every aspect of my day-to-day, including being part of an incredible team and having the opportunity to build and see our workspaces support the way people get things done in the neighborhoods we live.
So listen up, naive me of five years ago, to slightly less naive me of today:
- Determine your personality. Some people are a one-person act and just operate better that way. Others like the support and the checks-and-balances of other people. Where do you fit? If you are entering a voyage, do you like to steer with a co-pilot, sit below deck, or just jump out and swim it alone? For me, I could not have embarked without an incredible co-founder; we have supported and pushed each other from day one. Knowing where you fit on this spectrum is a great start.
- Set a routine. If you are fully employed or in school, it’s all about setting aside clearly defined time when you can work on your startup or idea. For most people, that's at night or on weekends or sporadic breaks in the day. And just as important is finding a regular time and place where you can separate work and life.
- Talk to people. Most people have an idea that they hold so near and dear that it loses any chance to actually develop (myself included). The moment we started talking to anyone and everyone that would listen, things began to change. People are great resources; they offer perspective and expertise beyond your own. And the chances of anyone ever stealing your idea are extremely low (as most everyone is so focused on their own day).
- Buy a ping-pong table. What startup doesn’t have a ping-pong table?
- Return that ping-pong table. I conducted an entirely non-scientific, informal poll of fellow startup people; Nine out of 10 don't play ping pong or are not willing to admit it.
- Get excited. Make sure you actually enjoy the process, as well as the idea. Especially in the beginning, this is for you. Each day, I appreciate more and more the journey than any potential destination.
- Be forgiving of yourself. We are all human, as far as I know. A wonderful reality that comes with certain requirements like eating, sleeping, friends, family, Netflix, day jobs, commitments and fun. You may drop the ball on a few things, both life and startup things included. Be OK with that and just remind yourself that it’s an imprecise balancing act.
More than anything, the beginning is never the ending. Whether you’re writing a business plan, starting a new job, or switching to almond milk, it’s the second, third, and tenth time that we start to figure things out. You’ll be tested. And (mostly) better for it.
