Chris Nguyen / June, 2018
Chris Nguyen's Top 4 Advice to Founders
Chris Nguyen, CEO, and Co-Founder of LogDNA is currently building his third tech company in which one of the previous ones got acquired. In this video, he shares his top four advice to founders. Watch as he explains PIE, being humble, HOT, and pay it forward!
Chris Nguyen’s Top 4 Advice for Founders
I think there are 4 of them that resonates with me the most. I think to be a founder and entrepreneur it sounds pretty cool, but there’s a lot of moving parts behind the scenes.
The first advice is what we call the PIE. You need a lot of passion, you need an idea, but most importantly you need to execute. I tell every founder if you don’t have the three out of three, this probably won’t work out. You’re living the startup, you’re living your idea day in and day out. You have to be passionate and motivated.
You want to wake up at six in the morning, you want to go to sleep at two in the morning. At the end of the day you see a lot of great ideas but really it is executing. Companies don’t die because of competition, companies die because of poor management and poor execution of the vision.
The second aspect is to ask for help. Don’t be afraid of asking for help. I think the first time around, I was more like ‘I think I know this, I’m sure I know the answer.’ I found out that the more I was more vulnerable and be able to ask advisors, mentors and investors for help I was able to move along pretty faster by just asking that simple question ‘I need help, and here is what I need.’
The third one is, be humble. It is never a fun journey. Be humble, be true to yourself. Know your strength and know your weaknesses and find people to fill in those gaps and those weaknesses. For example, my co-founder and CTO, I can’t code for life for me and he balances me. So I know that’s my weakness where my strength is more on the business side, thus we have a good yin and yang relationship.
The fourth piece of advice would pay it forward. Anytime an entrepreneur asks for help, anytime someone is seeking for fundraising advice, I always pay it forward. Only because I remember how it was when I was lost. Some of the answers and questions that people are asking are simple to me now, but at the moment in time, it felt so heavy. It felt like the world is all pressuring on execution advice, or product advice or fundraising advice.
Definitely pay it forward along the way because you don’t know who knows who. You never know who you meet. A lot of the people whom I met along the journey open the doors to where we are today.