Most people think money makes startups successful. Money is necessary but does not make a company more successful. What is needed is to hire great people that can go from ideation to execution. The best way to hire the right people is to pay them well and to help them work on something that's meaningful. Then set them loose.

It's about the people you hire

An entrepreneur is someone who is willing to tolerate a lot of pain to see their vision become a reality. It is rewarding when it works, but can also be very difficult in unfamiliar and uncertain times. It is then that you have to do your best work and hope it works out. That is what makes the greatest founders stand out - their willingness to keep on going through anything.

Entrepreneurs are willing to endure

Money isn’t everything: Why a meaningful mission is key for startup success, with Austen Allred Subscribe to Big Think on YouTube ►► https://www.youtube.com/c/bigthink Up next ►► The entrepreneur's guide to success https://www.youtube.com/watch?v=iMM3zxVoGZc Money is important for startups and in venture capital, but having a lot of it doesn't make a company successful. What is actually in short supply is great people, those who can execute on ideas. To find and retain the best people requires not only paying them well, but ensuring that they are working on something that is impactful or meaningful to them. Read the video transcript: https://bigthink.com/videos/entrepreneur-success ---------------------------------------------------------------------------------- About Austen Allred: Austen Allred is the Co-Founder and CEO of Lambda School. A native of Springville, Utah, Austen’s start-up journey began in 2017 with him living in his two-door Civic while participating in Y Combinator, a San Francisco-based seed accelerator. This experience became the foundation of Lambda School’s rapid growth.Before founding Lambda School, Austen was the co-founder of media platform GrassWire. He co-authored the growth hacking textbook Secret Sauce, which became a best-seller and provided him the personal seed money to build Lambda. Austen’s disruptive ideas on the future of education, the labor market disconnect, and the opportunity of providing opportunity at-scale have been featured in: The Harvard Business Review, The Economist, WIRED, Fast Company, TechCrunch, The New York Times, among others. Austen is fluent in Russian and currently lives in the San Francisco Bay Area with his wife and two kids. ---------------------------------------------------------------------------------- Read more of our stories on entrepreneur success: Unfiltered lessons of a female entrepreneur ►► https://bigthink.com/smart-skills/digital-goddess-female-entrepreneur/ ​’Zuckerbergism’: Why the young founder myth is a trap for entrepreneurs ►► https://bigthink.com/the-present/young-entrepreneurs/ Anthony Scaramucci: How entrepreneurs can manage fear in times of crisis ►► https://bigthink.com/leadership/entrepreneurs-in-crisis/ ---------------------------------------------------------------------------------- About Big Think | Smarter Faster™ ► Big Think The leading source of expert-driven, educational content. With thousands of videos, featuring experts ranging from Bill Clinton to Bill Nye, Big Think helps you get smarter, faster by exploring the big ideas and core skills that define knowledge in the 21st century. ► Big Think+ Make your business smarter, faster: https://bigthink.com/plus/ ---------------------------------------------------------------------------------- Want more Big Think? ► Daily editorial features: https://bigthink.com/popular/ ► Get the best of Big Think right to your inbox: https://bigthink.com/st/newsletter ► Facebook: https://bigth.ink/facebook ► Instagram: https://bigth.ink/Instagram ► Twitter: https://bigth.ink/twitter

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Money isn’t everything: Why a  meaningful mission is key for startup success, with Austen Allred
Subscribe to Big Think on YouTube ►► https://www.youtube.com/c/bigthink
Up next ►► The entrepreneur's guide to success https://www.youtube.com/watch?v=iMM3zxVoGZc 

Money is important for startups and in venture capital, but having a lot of it doesn't make a company successful.

What is actually in short supply is great people, those who can execute on ideas.

To find and retain the best people requires not only paying them well, but ensuring that they are working on something that is impactful or meaningful to them.

Read the video transcript: https://bigthink.com/videos/entrepreneur-success  

---------------------------------------------------------------------------------- 

About Austen Allred: 
Austen Allred is the Co-Founder and CEO of Lambda School. A native of Springville, Utah, Austen’s start-up journey began in 2017 with him living in his two-door Civic while participating in Y Combinator, a San Francisco-based seed accelerator. This experience became the foundation of Lambda School’s rapid growth.Before founding Lambda School, Austen was the co-founder of media platform GrassWire. He co-authored the growth hacking textbook Secret Sauce, which became a best-seller and provided him the personal seed money to build Lambda. Austen’s disruptive ideas on the future of education, the labor market disconnect, and the opportunity of providing opportunity at-scale have been featured in: The Harvard Business Review, The Economist, WIRED, Fast Company, TechCrunch, The New York Times, among others. Austen is fluent in Russian and currently lives in the San Francisco Bay Area with his wife and two kids.

---------------------------------------------------------------------------------- 

Read more of our stories on entrepreneur success:
Unfiltered lessons of a female entrepreneur
►► https://bigthink.com/smart-skills/digital-goddess-female-entrepreneur/ 
​’Zuckerbergism’: Why the young founder myth is a trap for entrepreneurs
 ►► https://bigthink.com/the-present/young-entrepreneurs/ 
Anthony Scaramucci: How entrepreneurs can manage fear in times of crisis
 ►► https://bigthink.com/leadership/entrepreneurs-in-crisis/ 

---------------------------------------------------------------------------------- 

About Big Think | Smarter Faster™
► Big Think 
The leading source of expert-driven, educational content. With thousands of videos, featuring experts ranging from Bill Clinton to Bill Nye, Big Think helps you get smarter, faster by exploring the big ideas and core skills that define knowledge in the 21st century. 
► Big Think+
Make your business smarter, faster: https://bigthink.com/plus/

---------------------------------------------------------------------------------- 

Want more Big Think?
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► Get the best of Big Think right to your inbox: https://bigthink.com/st/newsletter 
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Why a meaningful mission is key for a successful startup | Austen Allred

It's about the people you hire

Entrepreneurs are willing to endure

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