I’ve learned that the best approach is to balance ambition – which is the fuel of any founder – with pragmatism. And there are a few key principles which I can hang my hat on. They have kept me in good stead regardless of the macro (or the micro) distractions that come with working in this space.

Validate early, build little

One of my key pieces of advice is: build as little as possible early, and validate as much as you can. A mistake I’ve made a time or two. Ideally, depending on if you're building B2B or B2C, try and get some signed-up customers that are interested in proof of value before you've really even built anything.

Then, especially if you are early-stage, do what is unscalable until you need to scale. For example, as the founder, maybe you're handing out flyers on a street corner. As ridiculous as it sounds, that type of hard graft in sales may be what's required to get your first few customers and the initial revenue in the door.

Define, and focus, on your North Star

During all the key things in business, you need to be focused on your North Star, and you need to be able to pivot quickly. For us at SteadyPay, it's been the customer retention rate. In the fintech world, where acquiring customers can be costly, keeping them is crucial. Then you need to drill into the KPIs underneath. What makes it happen?

Metrics do matter. As a founder they should really matter. That's why a lot of VCs or investors will often say "Oh, you should know your numbers." You need to know what makes the business tick and what's actually going to drive the business outcome you're looking for.

Keep your operations lean

Run lean. Especially in today's market. Have people wearing multiple hats until you need to scale things out. As part of running lean, you need to be able to be ruthless - but I mean ruthless with empathy. At SteadyPay in 2022, some things didn’t work out and we needed to downscale to get back on track. If you need to downscale a particular function within the business, do it in a nice and empathetic way. As the founder, you need to be holding the longevity or keeping the business alive first and foremost in your mind, especially when you're starting the thing off.

Understand the ecosystem

Figure out where you fit in the fintech ecosystem. It is a very interconnected industry. As an ecosystem player, a lot of the time, rising tides can float all boats. Relationships could really help you out in terms of where you're going and solving the problem of cross-selling and distribution of services. You also need to balance any co-operation with competition; know who you are up against and what your own unique selling points are.

Running a fintech company isn't easy. You need to be smart, aware, lean, and quick on your feet. Validate early, know your numbers inside out, and always keep an eye on that North Star. But don't forget the ecosystem you're in – relationships matter. Be ambitious, but practical. Resilient, but adaptable. For those looking to partner or invest, watch for founders who understand this. They're the ones who'll weather the storms and come out on top. Fintech's challenging but, when you get it right, that's what makes it all worth it.

For more startup news, check out the other articles on the website, and subscribe to the magazine for free. Listen to The Cereal Entrepreneur podcast for more interviews with entrepreneurs and big-hitters in the startup ecosystem.