Dear Timo,
Trust me when I say this: all you need right now, aged 26, is a crazy idea that you believe in and that others may one day believe in, too. Oh, and the guts to quit your job, borrow some money and tell your future wife the next few years are going to be hectic.
Spend time thinking long and hard about what motivates you. It won’t take you long to find the answers: solving problems, doing good in the world and having fun along the way. Seeing friends and family around you unable to pursue their dreams will encourage you to follow yours.
Eventually, you’ll have an exciting business idea, which you’ll take a gamble on. You’ll launch Gousto in 2012, a recipe box company making home cooking easier by delivering recipes plus fresh, wholesome ingredients directly to people’s doors. It will take a while, but people will eventually catch on to your idea.
Here’s the first lesson you’ll learn: being a founder is not glamorous, it’s hard graft. You’ll begin by floggingyour new food concept off a stand in Brick Lane market. In years to come you’ll look back on these days fondly, because it’s the first time you’ll get direct customer feedback – something you’ll obsess about in the future. There will be sleepless nights and when your recipe boxes become popular, you worry about becoming a victim of your own success. There’ll be days when you’ll have to pack boxes with your team until 5am, to fulfil customer orders. It will feel frantic.
Before you know it, you’ll need to find money. It’s a hugely stressful time and you’ll be full of nervous excitement. My advice: accept support from those who share your passion for putting good food on the table. You need to trust your gut on this one. You’ll find the right angel investors to help you take Gousto to the next level.
This will also be the time you need to build a team. It won’t be the first growing pain, but it will be an important milestone. Naturally as you bring others in, the dynamic and culture of the business changes, particularly at the pace you’ll be growing at. But you can still shape it into what you imagined – culture will always be hugely important to you.
Hire sensibly, be honest about what you’re trying to create and don’t be afraid to reassess your existing team to see where the gaps are. The number one ingredient for success is people, so it’s important to get it right. You’ll also spent a lot of time making sure there are no hidden biases in the recruitment process, anonymising certain stages to ensure you’re building the strongest team.
As the business grows, you’ll realise you need to adapt and grow too, so you’ll sign up for an MBA. It will require 5am starts, which feel like you’re waking from the dead, and long commutes to Cambridge, but it’s a good move. Forget what your past teachers said about you not being academic.
It’s been a journey of incredibly trajectory, that at times has made your head spin. Five years ago, you were a founder with a business plan, which wasn’t worth much at that point. All you needed was passion, positivity and a can-do attitude. Today, your role is a very different one. It’s about finding the best people with more experience to drive the business forward, delegating responsibility and entrusting others with your pride and joy. You’ll be apprehensive to do this initially, but take comfort in the fact that it means the business is doing well. After many difficult decisions, you’ll make the transition from founder to CEO and will have to take your hands off the wheel.
What have I learned? Always say yes to mentorship – I’ve collected a group of 10 advisers so far, whose experience has proved invaluable. Be willing to change and adapt – a fast-growing business requires you to reinvent yourself all the time. You’re 26 when you start Gousto and you won’t have all the answers. Five years on, I still don’t now. But so long as you’re always willing to learn from others and educate yourself to be the best you can be, you’ll be fine.
Timo
Timo Boldt is the founder of Gousto.
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