“Success is not final, failure is not fatal: it is the courage to continue that counts.”
-Winston Churchill
With the beginning of the Summer of Acceleration, startup founders from all over the world were introduced to one of the favorite Start Co. traditions, Founder’s Dinner. What could be better as a new startup founder than great advice from someone who was in your shoes? The first founder’s dinner did not disappoint as Wayne Culbreth, Co-Founder and CEO of OPS-FUEL shared his 3 keys to success for entrepreneurs:
1. Don’t stop
2. Lose your shame
3. The “in extremis” leader
Don’t Stop- Seems simple, but it’s quite possibly the most important advice of this summer. There is a reason at Start Co. we say “Never Stop” and this could not be more true for an entrepreneur. Similar to the quote above from Churchill, founders have to keep going regardless of how many times they get knocked down. Starting is arguably the hardest part but once you have made it this far, you can never stop.
Lose your shame- You can’t be afraid to be vulnerable about your business. You don’t know everything. Your company is not perfect (nor will it ever be). Wayne argued “it’s better in an investor’s eyes to be truthful about what is going on with your company than to lie and risk losing the trust of the investor”.
The ‘in-extremis’ leader- An “in extremis” leader is someone who leads while under extreme stress such as military personnel, fire departments, and emergency personnel. Wayne talked about his experience as a Commander for the US Army in Iraq during the elections in 2005, and the chaos that ensued. At any given time, there were dozens of challenges being thrown at Wayne from all angles. He related this experience in the army directly to the life of an entrepreneur. As an entrepreneur, you have to be ready for all things thrown your way and learn how to manage all of it in a controlled manner. He stressed the importance that our founders need to learn how to adapt to any situation.
Start Co. is proud to have Wayne serve as a mentor and example of a strong entrepreneur to our founders this summer. After a long, action-packed day of grinding on their businesses, it was refreshing to kick back, eat some Huey’s World Famous Cheeseburgers, and listen to Wayne’s wealth of dynamic military and business experiences. For startup founders, nothing is more valuable than hearing words of advice from an entrepreneur like Wayne who has seen it all, whether it’s on the battlefield or in the negotiation room. Here at Start Co., we are looking forward to continuing a summer filled with speakers, panels, and workshops that will challenge the way our founders think about the world and their businesses.
Wayne was a founding partner of both Advon Healthcare, a global healthcare services consulting firm, and the Marshall Fund, a post conflict private equity fund with portfolio investments in Iraq. He has served in a range of executive and entrepreneurial leadership positions as Executive Director of the Technology Resources Foundation, Associate Director of the Tennessee Technology Development Corporation, and as Entrepreneur in Residence at the FedEx Institute of Technology. He also deployed with the US Army to Iraq as Commander, Magnum Company, 278th Armored Cavalry Regiment and later as Economic Development Officer for eastern Diyala Province. He is a graduate of the United States Military Academy at West Point with a BS in Electrical Engineering and recently completed the Global Executive MBA with TRIUM, a joint degree between London School of Economics, NYU Stern and HEC Paris.