đ„ Lessons from My Journey with OnlyPass
Our journey was marked by productive failures that taught us invaluable lessons
Dear Founder đ
As someone whoâs experienced both the thrill and the setbacks of building a startup, I want to share some hard-learned lessons from my journey with Onlypass. This was a venture my cofounder and I poured our energy into, with the vision of addressing a crucial needâmaking payment collection seamless for businesses, enabling developers to integrate effortlessly, and empowering finance teams to reconcile payments without hassle (Check out MoneyHash). Despite the clarity of our mission, our journey was marked by productive failures that taught us invaluable lessons about assumptions, team dynamics, cash flow, and leadership.
Building on Assumptions
We were passionate about solving a real problem, but we were also guilty of building too much on our own assumptions. Instead of consistently testing our ideas and validating them with the market, we moved forward based on what we thought businesses needed in the market we were building for. It seemed right at the time, but hindsight showed us how critical it is to seek continuous feedback - I let my entrepreneurship skills crowd my product development skills - continuous discovery. Customers know what they need better than we think we do, and I encourage you to lean into that knowledge early and often - itâs cheaper.
Team Dynamics and Commitment
One of the early challenges we faced was team dynamics. Initially, we were aligned and energized, moving in sync toward our goal. However, as time went on, commitment waned, and team dynamics shifted, especially when we began to face cash flow issues. When youâre a small team, each personâs energy matters greatly, and as we began to struggle financially, commitment from strategic team members decreased. Looking back, I realize that setting clear expectations and maintaining open communication can make all the difference in preserving team alignment during hard times.
Cash Flow Woes
We hit what felt like our stride at one point. We had a product we believed in, a clear problem we were solving, and a vision to scale. But then we hit a wallâcash. Running out of cash is something many startups fear, and unfortunately, it became a reality for us. Cash flow is the lifeblood of any startup, and while we did our best to manage it, we could have done more to secure strategic funding early on or explore different revenue models. If thereâs one takeaway here, itâs to keep an eye on the runway constantly and explore financial safeguards early - charge from day one philosophy which I have tested and it worked even without a product with other ventures after Onlypass.
Leadership Challenges
Leading a team through ups and downs is a challenge I donât think anyone can fully appreciate until theyâre in it. With Onlypass, there were moments when leadership was tested, and Iâll admit there were times we could have managed situations better. Leadership is as much about guiding people through challenges as it is about inspiring them with the vision. Founders, donât shy away from learning about leadership early on, and donât hesitate to seek feedback from your teamâitâs an underrated way to grow.
Lessons Moving Forward
The journey with Onlypass was full of tough lessons, but it was also immensely rewarding in what it taught me. I may have âfailedâ with this venture, but the insights I gained were worth their weight in gold. Each setback pushed me to refine my approach, test ideas rigorously, and prioritize transparency in leadership.
To all founders, remember that failure is part of the process, and often, our most valuable growth comes from it. Surround yourself with people who challenge you, manage your cash with vigilance, and embrace every lessonâbecause these are the experiences that build resilience and prepare us for the next venture.
With shared ambition and respect,
Yours Sincerely,
Adeniyi Babajide
A fellow founder
About Author
Name: Adeniyi Babajide
Startup: PropPal
LinkedIn: https://www.linkedin.com/in/adeniyibabajideyal/
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This is very insightful. I a currently facing some of these challenges. Thanks.