In the previous chapter, we presented a three-step framework on how to go viral: fall in love with the process, build things, and share them with the world. Once one of your projects ends up going viral, it's time to consider turning it into a company. But before committing to one of your successful side projects, you need to make some considerations.

First, don't rush to commit to the first project that gains traction. Understand that growth can be slow and unpredictable, and your estimations may be skewed. It's not in human nature to grasp exponential growth.

Then, make sure you are willing to dedicate a decade of your life to this project. If you're on this path, you probably have big dreams. However, if you're not willing to sacrifice for them over an extended period of time, you don’t want it that bad.

Last, to decide if an idea is worth pursuing, answer the following three-question stress test.

Assuming you say yes to these three, establish the company tomorrow morning. Move fast.

You might think that establishing the company changes everything, but it doesn't. A common phrase is "what got you here won't get you there," suggesting a need for significant changes to scale the business. However, I disagree. In general, you should continue doing what you've been doing: enjoy the process, keep building things (such as new features), and share them with your users. This approach has been successful thus far, so there's no need to fix what isn't broken.

However, it's undeniable that for the company to evolve from a small side-project to a Fortune500, you'll require assistance, whether financially or in terms of skills from others. Yet, avoid becoming desperate for investors; instead, allow independent leverage to accumulate. Be patient; the more you grow without external capital, the more appealing you become to investors. Waiting longer tilts the odds in your favor, so maintain a clear long-term vision.

Avoid getting caught up in status games where success is measured by funding rounds. Focus on financial health: if you're covering expenses and making a profit, keep on that path. Stay independent for as long as you can before considering external funding. Always remember, there's no free lunch.

Just like any first-time experience, raising money from venture capitalists can feel intimidating. Here is a step-by-step list you can follow to raise funds:

Closing the deal signifies an important yet sometimes subtle transition in your role. From that point forward, you must do whatever is necessary to maximize shareholder value, whether it involves being the public face, recruiting, coding, or other tasks. You become a Jack of all trades. While my focus has been on providing advice for securing a VC deal, you are free to choose whatever financing method you prefer. Take the time to educate yourself on these topics, especially if you don’t enjoy them.

You may have been required to multitask at the beginning, but now, after raising the money, the project requires you to build a solid team of engineers, marketers, salespeople, designers, lawyers, accountants, and more. That’s where your first expense should be allocated—hiring your first employees.

Spend a considerable amount of time selecting the individuals you will work with, since the team you assemble will define the company you build. Make them owners too, so they feel a genuine sense of responsibility. Choose to work with people you admire.

Ensure that each person you hire is responsible for solving one problem within a specific area of the company. It’s your job to communicate the bigger picture to them, while they focus on the details. Team members should complement each other’s skills and strengths. For instance, if Claudia excels as a builder, pair her with Tania, who has a natural talent for sales. Always choose the best people for each role.

As the CEO, you are now required to set the vision of the company, ensure accountability from everyone starting with yourself, and become a living embodiment of the company’s values. It is crucial that you dedicate time to learning how to collaborate effectively with others, as this will greatly define your leadership style. A recommended read for this purpose is ‘The Good CEO Within’ by Matt Mochary. You can access it for free here.

Define the culture. The company you build reflects the values you hold. When I was younger, I used to think such ideas were absurd. However, I cannot overstate the importance of intangibles in the outcomes you produce. If everyone in your company upholds ‘attention to detail’ as a core value, then your products will embody this value, benefiting your brand.

Establish a mission. Ensure there is a clear purpose behind every action taken by you and your team—answer the following: What problem are we solving? Why is it crucial that we solve it? Who are we solving it for? Regardless of the consultants you hire to implement ‘innovative solutions,’ if your team does not believe in the mission, you are setting the company to mediocrity right from the start.

This is an iterative and never-ending process that you must embrace, as it will constitute your role for as long as the company exists. Every day, strive to be the best leader you can be.