Misfit Entrepreneur February 2023 - 342: Raising the Bar and Peak Performance, How Lubo Smid Bootstrapped STRV to $20 Million

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Dave Lukas Chats with Lubo Smid

342: Raising the Bar and Peak Performance, How Lubo Smid Bootstrapped STRV to $20 Million

This week’s Misfit Entrepreneur is Lubo Smid. Where to start with Lubo? He is a tech entrepreneur with a passion for cutting-edge technology and an adventurous lifestyle. He is the co-Founder & CEO of STRV, software design & engineering team with over 200 people based in Prague and Los Angeles. The company’s worked with everyone from prominent startups like the Ahtletic to Microsoft.

Lubo’s been recognized as Forbes 30 Under 30, a Deloitte Tech Fast 50, and the Financial Times 1000. He’s built STRV to $20 million in revenue and spends his free time incubating new products und erthe STRV labs brand as well doing adventure sports.

I asked him on not only to discuss what he’s learned on his entrepreneur journey, but to discuss where technology is taking us, especially with AI.

www.LuboSmid.com

www.STRV.com

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Show Notes

Lubo’s passion for technology started when he was a kid, and both his parents were entrepreneurs. He would take apart and figure out how every toy he got worked. This led him to building computers. He later started exploring the software side of things. During high school, he grew his knowledge and was going deeper into programming and expanding his capabilities. All of this prepared him for what he’s help do at STRV.

How has pushing yourself in extreme sports helped you to be a better entrepreneur?

There is a type of person who when they are good at something, they want to be good at other things.
Lubo wants to bring a high bar to all aspects of his life and maintain his competitive spirit to push himself.
It also pushes you in physically and your fitness.
Working out and staying shape is a great stress buster and an important part of a daily routine.
Staying in shape also gives you energy and motivation.

Have you seen a benefit in your mental game and stamina from playing at higher levels?

Yes and as an entrepreneur you need a lot of mental toughness.
Whether you are jumping off a cliff or having to make a major decision as a CEO, you must build up your mental toughness to handle the pressure and think clearly.
It is stress resilience and also learning to release the release the stress in life.

Any other lessons you’ve learned to consistently perform at peak levels?

It is the internal dedication you must develop in all areas of life.
It is also taking the time to recover both physically and mentally.
Writing down your daily goals.
Also taking the time at the end of the day to review your actions.
Reflect what you have done at the end of the day and rate it. What could you do better? Learn from it and apply it to the next day so you can get incrementally better.
Fid accountability partners to help you and you them.

You bootstrapped STRV to $20 million, what are some of the principles and critical actions you used to make that happen?

Building a company is not an easy journey and requires a lot of persistence.
To build something great, you have to go through a roller-coaster ride.
As a CEO, it seems like you’re are constantly somewhere between bankruptcy and having a billion dollar company.
At the 20 min mark, Lubo talks about losing half his clients overnight and being close to the edge, but working through it to power through.
You will need to seek out and surround yourself with the right people. You will go through different people to find the right ones and build a great leadership team.

Best advice on how to lead as an entrepreneur?

Be present.
Lead by example.
Give freedom but set high expectation.
Stay hands off when thinks are working well.
When things go bad, be prepared to get in the trenches.
When you are in the tough times, great things can happen. They force you to get creative and consider decisions that carry more risk. These can lead to great opportunities and meaningful changes.
You can’t aim for perfection…it slows things down. Nothing will be perfect, but you should pick the battles of where you focus your time in your business.

Where do you think we end up in the next 2-5 years with AI?

ChatGPT is the fasting growing product of all time.
AI can help with a lot of things, and we are at the very beginning of that journey.
The whole approach to work will change as many things we do today can be replaced by AI. It doesn’t mean there will be no work, but the type of work will change.
Lubo is obsessed with using Superhuman with email and what it can do to help automate and make things efficient. Imagine that combined with the power of Chat GPT.

Other trends we should be following?

Augmented and virtual reality will become even bigger in our lives.
Virtual displays will become more of everyday life as well.
WEB3 and blockchain are also important to keep watch on.
Blockchain is a powerful technology and bigger and better use cases will be found.
The whole area of tracking your body and health and using the data to improve is also a passion.

At the 46 min mark, Lubo shares his advice in building technology and products.

Best Quote

As a CEO, it seems like you’re are constantly somewhere between bankruptcy and having a billion dollar company

If you have big goals – make sure you are passionate about your journey and prepared to play the long game.

Set up your daily routine to better help you succeed with planning, reflection, and spending your time on the right things.

Have fun along the way. You need to have fun to stay in it for the long haul.

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