The Mint Recap: Fireside Chat with Eric Glyman of Ramp
Our final founder fireside speaker at The Mint was Eric Glyman, CEO + Co-Founder of Ramp! Eric shared tons of inspiring reflections about starting + selling Paribus along with building + growing Ramp. Here are some of our favorite takeaways:
1. You can find opportunities in competitive markets.
Eric stated that competition is a really good sign in a lot of businesses. What was important for Ramp was figuring out if and where there was a non-competitive space in a competitive market.
2. Focus on managing inputs; outputs will follow suit.
The sooner you understand your business equation and figure out the key inputs to measure against it, the better. Understanding and managing the inputs results in faster cycles and better decisions.
3. Startups are like F1 cars.
F1 cars don’t do off-road / highway driving. They’re laser-focused and built to do one thing very well. The same is true for startups: they’re specialized machines. Meanwhile, larger companies tend to handle more variety but lack the same level of precision.
4. Some of the most expensive hires become the cheapest over time.
Even though it might seem counterintuitive, at the earliest stages, don’t try to hire the lowest-cost people. Hire the people who will create the most value and have the highest ROI.
5. Shift away from a scarcity mindset.
Eric emphasized the importance of shifting away from a scarcity mindset over time. Early on, it’s great to be focused on every dollar, as long as it doesn’t build fear + prevent action. But, as you go, don’t be penny-wise and pound-foolish.
