10 Insights From the Co-Founder of Transportation Startup Rally OurBus
Last Updated: By TRUiC Team
No matter what stage of business you are at, there are always valuable insights that you can learn from other entrepreneurs and founders. During our interview with Siheun Song of Rally OurBus, she provided not only valuable information for aspiring entrepreneurs but also insight into the future of the transportation industry. Here are our top 10 entrepreneur insights from Rally OurBus.
1. Understand What Venture Capital Means
"That first summer [of launching Rally], I learned so many great lessons. The first: as soon as you take venture money, you're actually part of their business plan now. They're not joining your business plan, you're joining their business plan, and they expect out of 10 [startups], for nine of you to not make it. So it's like a roulette game for them."
2. Ask For Help When and Where You Need It
“If you don't have the skillset, if it really feels awful to you, then get somebody else to do it because somebody else likes doing it.”
3. Your Competitors Can Be Your Asset
“[W]e go to conferences, we talk to people, I've met so many great bus company owners that I have great relationships with. And they're the ones telling us about what they did. They're opening their books to us actually. That's how intimate we are with some of our partners.”
4. Everything Is a Learning Curve
“Everything is a learning curve. Life is a learning curve. I don't think there's anything particular [about transportation]. You’ll learn by being curious and trying to understand and to connect with people.”
5. Know Your Purpose and Create Something You’re Proud Of
“You have to know who you are and what kind of values you have. You have to be proud of your work.”
6. Set Time Aside to Connect With Your Team
“What is culture? Culture is only possible when the team feels seen and understood... that way, the team can be their best selves. We try really hard to hear the voices of everyone that [is] in the company. And we try to keep those values of transparency very much alive. So video calls! It took a while for us to enforce this and make it part of our culture: ‘this is not a debatable choice; you have to be on video’. ”
7. Learn to Communicate Clearly and Effectively
“Anytime you're communicating, you need to make sure your grandmother can understand what you’re saying about your tech and your business model.”
8. If It’s Not Fun, Don’t Do It
“[W]e're all aligned in the vision, so that's the fun part of it, and in terms of culture, I try to keep it really fun because work is supposed to be fun, believe it or not. So we're always just having fun with it, and if it's not fun, then don't do it.”
9. Automation Is Going to Impact Every Industry
“Every industry — which is so exciting about living where we are now and how easily available tech is — every industry [or] type of business is going to go through, or is currently undergoing, existential change because of the amount of automation that's coming to the market.”
10. When Forming Your Business, Look for the Place That Benefits Your Startup Most
“There's so many resources now available for incorporating, and there is some level of cookie-cutter. You're doing a C corp in Delaware. Why Delaware? Because everyone does Delaware. Therefore, all of the laws have been produced to cater to this arrangement that you have with investors and your founders and whatever it is. So you want to incorporate in the state that has the most robust laws to help you.”
Editorial Disclaimer: This page was updated on 7/1/2021.
Next Steps:
- Check out Rally OurBus’ origin story and ways to support them!
- Keep up with more startup companies by following Startup Savant on Google News!
- Start your own startup by reading our guide on how to start a startup.
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