What is the most important lesson Elli Sharef learned at Y Combinator?

Elli Sharef's key takeaway from her Y Combinator experience was that 'done is better than perfect.' This lesson emphasizes the importance of completing tasks and projects, even if they aren't flawless, to achieve progress.

What are Elli Sharef's three main pieces of advice for founders?

Elli Sharef advises founders to 'just do it' and keep going if they've started, to cultivate deep-rooted confidence in their abilities and company, and to learn how to get up from failure or near-failure.

Why is confidence particularly important for female founders?

Confidence is crucial for female founders to believe in their vision and effectively externalize it to stakeholders. Unlike some male counterparts who may exhibit bravado, women may need to consciously develop and project their belief to overcome humility and practicality.

How does Elli Sharef describe the experience of failure in startups?

She explains that startups often feel like being on the brink of failure without actually failing, likening it to trying to catch a flight at the last minute. It requires constant hustling and pushing forward despite the odds.

What is the story of Meg Whitman's resilience?

Meg Whitman, after a devastating $140 million loss in her California gubernatorial race spent watching TV, remarkably went on to become CEO of Hewlett-Packard, showcasing immense courage and a refusal to be defined by failure.

What should founders do when facing setbacks like funding rejections?

When faced with setbacks like funding rejections, founders must get back up, keep pitching, and persevere. Elli Sharef's co-founders encouraged her to continue after a Sequoia rejection, highlighting the importance of collective belief and relentless effort.

What is Elli Sharef's final piece of advice for entrepreneurs?

Elli Sharef's final advice is to 'enjoy the ride.' She encourages founders to embrace the entire entrepreneurial journey, including the ups and downs, recognizing it as a unique and valuable life experience.

Key Moments

Elli Sharef at Female Founders Conference 2014

Y Combinator

Science & Technology5 min read14 min video

Mar 12, 2014|3,369 views|36|1

Female Founders Conference Elli Sharef HireArt Y Combinator YC

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Key Moments

TL;DR

Starting a company requires embracing the inevitable near-failures and acting with deep-rooted confidence, as even immense success can be followed by further risk.

Key Insights

There is never a perfect moment to start a company; the first step is simply to 'just do it' and begin, even if that means quitting a job.

Internal and external confidence are crucial, especially for women founders who may be inclined towards humility; learn to believe in and articulate your vision strongly.

Startup life is characterized by constant near-failure, akin to racing to catch a flight, requiring persistent hustle and belief to overcome setbacks.

Meg Whitman, after spending $140 million and experiencing a devastating loss in her gubernatorial race, moved on to become CEO of Hewlett-Packard, demonstrating resilience after significant failure.

The journey of building a startup, even with its struggles (like perceived 'miserable' drives down Sand Hill Road), is an 'otherworldly experience' worth enjoying.

Embrace the imperfect beginning: 'Just do it'.

The most critical first step for aspiring founders is to simply start. It's a common misconception that there will be a 'perfect moment' with all stars aligned – the ideal idea, co-founder, financial security, and ample time. However, this moment rarely, if ever, arrives. For Elli Sharef, the founder of HireArt, the realization that 'done is better than perfect' came early on. While she had the desire to start a company since college, it took until she was 27 to actually begin. Her journey involved connecting with her co-founder through a serendipitous reintroduction, leading to a five-hour phone call that solidified their initial idea. Even then, the transition from idea to action involved her co-founder quitting his job at Goldman Sachs, prompting Sharef to do the same the next day. For those who have already started, the advice is to 'keep doing it,' acknowledging that success is rarely immediate and often involves numerous small pivots. The core message is to overcome inertia and take that initial leap, understanding that the path forward involves continuous effort and adaptation.

Cultivate deep-rooted confidence, inside and out.

Confidence is presented as a vital asset, particularly for women founders. This confidence has two key facets: internal belief and external projection. Internally, founders must genuinely believe in their vision and their ability to execute it, even if that belief needs to be cultivated over time. Externally, this confidence must be communicated to all stakeholders – investors, employees, friends, and family. Sharef observes that men often exhibit significant bravado, projecting an unshakeable belief in their disruptive potential. While women may naturally lean towards humility, realism, and practicality – questioning why they, among others, could achieve such disruption – this can hinder their ability to rally support. Cultivating a strong sense of self-belief is essential for navigating the inevitable challenges and self-doubt that arise in the startup world. This conviction is what fuels persistence on difficult days and convinces others to invest in the vision.

Startup life is a perpetual state of 'near failure'.

Sharef likens the startup experience to constantly being on the verge of disaster, yet not quite failing. She uses the analogy of racing to catch a flight with only 20 minutes to spare. Faced with a security line, the choice is between giving up or attempting to hustle through, acknowledging the low probability of success but trying anyway. This constant push against overwhelming odds is a defining characteristic of building a company. It involves navigating difficult situations, like facing investor rejections, where the feeling of potential failure is acute. When HireArt hadn't raised any funds weeks after Y Combinator, and Sharef received a rejection from Sequoia Capital, she broke down, feeling she had let her team down. However, her co-founders' encouragement to 'keep pitching' until they found the right investors highlights the imperative to keep pushing forward despite setbacks.

Resilience personified: The Meg Whitman example.

The story of Meg Whitman, former CEO of eBay and Hewlett-Packard, serves as a powerful illustration of resilience in the face of significant failure. Whitman, who invested $140 million of her own money in her run for California governor, described the experience as 'humiliating and devastating.' She spent the month following her loss watching daytime television. However, her husband encouraged her to 'go do something,' leading her to become the CEO of Hewlett-Packard. This transition is remarkable not just because she recovered from a major public defeat, but because she took on another high-stakes leadership role at a company in turnaround mode, a position inherently carrying a high risk of further failure. Whitman's ability to re-enter a challenging environment after such a profound setback underscores the importance of persistence and a willingness to put oneself back out there.

Finding an investor's belief amidst rejection.

The process of fundraising for HireArt was a stark reminder of the difficulty and emotional toll involved. While many of their Y Combinator batchmates secured funding quickly, HireArt struggled, facing rejections from prominent venture capital firms like Sequoia. Sharef recounts receiving an email from Sequoia indicating they would not invest, which led to tears and a feeling of imminent failure. This experience highlights the critical importance of the support system within the founding team. Her co-founders' unwavering belief and insistence on continuing to pitch demonstrated collective determination. Ultimately, their perseverance paid off when they found investors who believed in their mission. This segment emphasizes that even after numerous 'no's', continued effort and belief can lead to securing the necessary capital.

The profound reward of enjoying the startup journey.

Beyond the strategic advice, Sharef emphasizes the value of enjoying the process of entrepreneurship, whether one is already building or about to begin. She describes the experience as 'otherworldly,' a sentiment reinforced by personal anecdotes. Driving down Sand Hill Road, the heart of Silicon Valley venture capital, felt like a moment from a movie, despite the road itself being 'miserable.' Another profound moment was when Cisco, a major customer, requested HireArt to expand its recruiting services to Colombia, Sharef's home country. Seeing peers from her home country potentially interviewed through a platform she and her co-founders built was deeply moving. This perspective suggests that the unique experiences, the feeling of agency, and the impact one can create are intrinsically valuable, making the demanding journey of building a company more than just a career choice, but a life-defining adventure.

Mentioned in This Episode

●Companies

●Organizations

●People Referenced

Common Questions

Higher Art is a company founded by Elli Sharef designed to simplify the process of finding jobs and recruiting employees. It aims to reduce the pain points associated with both job searching and hiring.

Topics

Mindset & Self-Improvement Business & Entrepreneurship Founder Mindset Startup Advice Female Founders Overcoming Failure Entrepreneurship Journey Building Confidence

Mentioned in this video

Companies

Hewlett Packard

The company Meg Whitman became CEO of after her gubernatorial race failure. This move is presented as an example of courage and resilience in the face of potential re-failure.

eBay

Meg Whitman's former company, where she led its significant growth from 30 to 15,000 employees, highlighting her success as a tech CEO.

Cisco

A large customer of Higher Art which expanded their recruiting services to Colombia, a moment of pride and validation for Elli Sharef.

Y Combinator

An organization that Elli Sharef was part of during the winter 2012 batch. She describes her first day presenting to investors after their stint as terrifying.

Higher Art

A company founded by Elli Sharef that aims to make finding a job and recruiting employees less painful.

Media

Carmen Sandiego

A childhood game Elli Sharef compares their company's iterative process to, emphasizing the need to constantly seek the next clue and adapt.

Locations

Colombia

Elli Sharef's home country, which was added as a recruiting region for Cisco on the Higher Art platform, signifying a meaningful success for the company.

People

Meg Whitman

Former CEO of eBay and Hewlett-Packard, she is cited as an example of resilience after a significant public failure. She ran for governor of California, spending $140 million, which she described as humiliating.