Starling Bank: Building a $1.5 Billion Business Against The Odds: Anne Boden

1. Cultivate Gratitude and Optimism

Adopt a default perspective of counting your blessings and viewing challenges positively, as this acts as a powerful mental defense mechanism against unmet expectations and unhappiness. This approach, learned from her father, helps manage stress and maintain excitement.

2. Leverage Existing Expertise

When starting a new venture, build upon your deep knowledge in a specific field rather than pursuing an unrelated passion where you lack expertise. Anne realized her banking knowledge was far more valuable than her limited understanding of fashion.

3. Don’t Let Others Limit Aspirations

Ignore those who tell you to temper your ambitions, as their limitations do not define your potential. Anne’s determination to ‘get on’ was fueled by a boss who tried to lower her aspirations.

4. Prioritize Securing Funding

Focus on obtaining necessary investment rather than getting hung up on ideal investor profiles or initial valuations, especially when funding is scarce. Many businesses fail due to lack of funding, not poor ideas, so take the money when it’s offered.

5. Embrace Diverse Personalities

Recognize that different personalities working together can create great businesses, rather than assuming they will lead to clashes. Anne believes her differences with her co-founder could have been a strength.

6. Over-Deliver, Under-Promise

Consistently exceed expectations without making excessive promises, as this builds trust and surprises people positively. Anne notes that Starling has consistently over-delivered, a trait she attributes to her tendency to underplay success.

7. Act Quickly on New Ventures

Once you’ve decided to pursue a new business idea, move swiftly to establish the proposition and foundations. Anne left her corporate job and began working on Starling’s proposition within weeks.

8. Seek Help and Learn Continuously

When faced with questions or challenges you can’t answer, actively ask for help from industry contacts and past colleagues. Anne also emphasizes reading hundreds of books, including self-help and strategy, to continuously learn.

9. Reframe Setbacks as Opportunities

View significant blows or team departures not as crushing defeats, but as chances to rebuild, rethink, and reduce immediate responsibilities. After losing her team and funding, Anne saw it as an opportunity to take her time and find a new investor and team.

10. Focus on Your Own Story

When public narratives or disputes arise, concentrate on telling your accurate account rather than engaging in a back-and-forth to correct every detail. Anne chose to write her book to share her side of the story, acknowledging others have different perspectives.

11. Be Selective with Mentors

Exercise caution when seeking advice, as many people, including those in the venture capital world, may offer bad or irrelevant guidance without having run a business themselves. Question the expertise of those offering advice.

12. Unlearn Old Assumptions

Be prepared to discard previously held beliefs and knowledge, as the world constantly evolves and what was once true may no longer be relevant. Anne learned that many of her ‘100% certain’ assumptions were wrong.

13. Physically Clear the Old

Symbolically and practically remove remnants of past failures or departures to create a fresh start for a new team and vision. After her team left, a friend cleared out the office, symbolizing a new beginning.

14. Accept Full Personal Responsibility

Understand that as an entrepreneur, every decision and outcome, from hiring to mistakes, ultimately falls under your personal responsibility. This burden grows as more people depend on the business.