Founder of Fintech Startup Teampay Shares Their Top Insights

Teampay founder, Andrew Hoag.

Any entrepreneur can tell you, launching a startup is a learning process. Therefore, one of the best things you can do prior to launching a startup of your own is to learn from those who have blazed the trail. Andrew Hoag, founder of fintech startup Teampay, shared valuable insights during our interview that will inspire and motivate aspiring entrepreneurs.

What advice do you have for aspiring entrepreneurs?

“I take this from the great Kung Fu Panda (ha) — but people go through life looking for a silver bullet or special sauce, only to realize there is none. Your superpower is something that just always exists inside of you: ‘There is no secret ingredient.’”

What is the best method you've found to avoid burnout as an entrepreneur?

“Managing your mental state is super important. I find my commute is helpful in structuring that. The actual physical transition between the office and home allows me to regroup and integrate before that.”

What is your advice for coming up with a unique startup idea?

“I think too many people focus on unique versus solving a real problem. Verifying the problem is real and full of unmet needs, the market is large, there is value that can be captured, and you can efficiently access that market — getting all that right simultaneously, that is unique.”

What is the best advice you've ever received?

“My father was a Ph.D. candidate in physics, and so, probably as a byproduct, physics came very naturally to me. Subsequently, one of the ways I approach problems is looking at things from first principles. Elon Musk has made a lot of noise about first principles thinking–breaking problems down into basic elements and reassembling them from the ground up. I continue to think that that's actually a really valuable skill and superpower. I attribute some of that to my dad.”

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