Deliveroo Founder - From £0 to £5 Billion: Will Shu

Jul 12, 2021 1h 25m 21 insights
This episode features Will, the founder of Deliveroo, discussing his unconventional journey from an idea to a multi-billion dollar company. He shares the immense challenges, personal sacrifices, and the importance of solving a real problem for consumers, rather than just seeking entrepreneurship status.
Actionable Insights

1. Solve a Problem, Not a Business

Focus on identifying and solving a genuine problem or inefficiency within an industry you know well, rather than just aspiring to be an entrepreneur for its own sake.

2. Go All-In on Your Idea

When starting a business, commit fully without hedging or side projects, especially if you deeply believe in the core problem you’re solving.

3. Love the Problem to Endure

Entrepreneurs must genuinely love and understand the problem they are solving to withstand the inevitable ‘absolute bullshit chaos’ that would make a sane person quit.

4. Experience Your Frontline Role

Founders should personally experience the frontline roles of their business to deeply understand the challenges and perspectives of their employees or service providers, fostering empathy and better decision-making.

5. Regularly Engage with Operations

Continue to personally engage with the core operations of your business (e.g., making deliveries) to test products, gain insights into customer and partner experiences, and find moments of relaxation.

6. Limited Funds Drive Efficiency

Operating with limited funds in the early stages forces founders to prioritize the most important tasks and be highly efficient, which can lead to better decision-making than having excessive budgets.

7. Innovate Marketing with No Budget

When faced with no marketing budget, challenge conventional methods and think creatively to find innovative, low-cost ways to reach a large audience, like leveraging emerging platforms.

8. Inform Locally, Directly

To gain initial traction, directly inform potential customers in a specific neighborhood about your service and the local options available, even with simple, low-cost methods like door hangers.

9. Cultivate Indifference to External Opinion

Developing a genuine indifference to what others think can be a ‘superpower’ for founders, helping overcome embarrassment and public scrutiny to pursue goals and maintain personal happiness.

10. Obsess Over the Business

Focus your obsession on the specific business you are building and the problem it solves, rather than the abstract idea or status of being an entrepreneur.

11. Maintain Emotional Evenness

Strive for emotional stability, avoiding extreme highs or lows, as this can help navigate the intense challenges and pressures of building a business.

12. Practice Stress-Reducing Activities

To manage stress, engage in activities like breathing exercises, long walks, or reading, which help clear your mind and provide a mental break from constant business thoughts.

13. Prioritize Business Growth Over Stock

After going public, maintain focus on the fundamental growth and strategic direction of the business, rather than being overly concerned with short-term stock price fluctuations or media scrutiny.

14. Embrace Continuous Innovation

Maintain a constant focus on continuous innovation and improvement, driven by a ‘paranoid’ mindset that competitors are always seeking to do better.

15. Address Service Issues Directly

When encountering poor service or operational inefficiencies, address them directly with partners, focusing on improving processes and encouraging respectful interactions, rather than just complaining.

16. Prioritize Emotional Connection in Service

To excel in service industries, move beyond transactional interactions by focusing on creating an emotional connection with customers, leveraging content and feedback to enhance the overall experience.

17. Expand Beyond Core Utility

Evolve your product or service to offer value beyond its primary function, aiming to become a resource for learning and engagement, not just a tool for immediate needs.

18. Understand Regulatory Precedent Setting

Be aware that government institutions or regulatory bodies may use your company as an example to set precedents, leading to unpredictable and prolonged challenges outside of your direct control.

19. Acknowledge Obsession’s Trade-offs

Recognize that an obsessive focus on business can fill your mental capacity, potentially leaving less room for other aspects of life like relationships, and understand the trade-offs involved.

20. Create Space for Self-Reflection

Actively create dedicated space and time for self-reflection and discussion about the personal impact of entrepreneurship, as founders often get consumed by urgent crises and lack opportunities for such introspection.

21. Take Regular Breaks and Holidays

It’s crucial to take regular, extended breaks (longer than four days) to step away from work and engage in completely different activities, allowing for mental rejuvenation and a fresh perspective.