A founder's guide to crisis management

Ask yourself, knowing what I know today, would I do something different? Now, if the answer is yes, then do something different today. Don't wait until next life or next company or next relationship or next something.

The longer that you wait, you actually lose options. The only ability to choose is today. You actually need to make a decision rapidly, like today.

Two types of crisis. One is I would call that a cash crisis. All of a sudden, your cash program or plan is being jeopardized, losing a customer, disappearing investor. And the other one is lose of product market fit.

When product market fit disappear, you actually need to go back to square one. Then you basically say everything that I know so far is irrelevant anymore.

When you focus on the problem, then the problem is going to serve as the north star of your journey. And when you have a north star, you're going to make less deviation from the course and increase the likelihood of being successful.

I will define luck as opportunity meets readiness. Readiness is up to you; opportunity, not always.

Never give up is the most important behavior of successful CEOs of startup. The second one, by the way, is making decisions with conviction. If you don't make them with conviction, then the team is not going to follow.

It's way easier to deal with a crisis if you have plenty of cash in the bank. So if you can raise capital and maintain higher level of cash in the bank, it will help you to go through the next crisis, but it's not going to avoid it.

Product market fit in general have only one metric, only one metric, retention. Look, it's really simple, if you create value, they will come back, that's it. If they are not coming back, that means that you are not creating value.

Building a startup is a journey from one crisis to the next.

During crisis, people will appreciate more than anything else transparency. And if you hide information from them, then they would leave, they don't trust you anymore.