Zak Westphal: The 5 Ps That Every Startup Needs to Succeed

Starting a business is no walk in the park. It takes grit, courage, and more than a few sleepless nights. From cash flow woes to killer competition, fledgling startups face obstacles at every turn. It’s a dog eat dog world.

Zak Westphal, co-founder and CEO of StocksToTrade, knows this harsh truth better than most. After battling against some of the biggest names in the finance world for more than 10 years, Zak has proved to be one of the bonafide success stories out of the fintech boom. 

After long days dealing with coding catastrophes and customer queries to build StocksToTrade into a leading trading platform with 30,000+ subscribers, Zak has plenty of battle scars and breakthrough moments under his belt. Today, he is going to share his five Ps for finding startup success – let’s jump in. 

1. Passion  

“There are no two ways about it – passion is that secret sauce that keeps you going when you’re running on fumes,” says Zak. “My co-founder, Timothy Sykes, and I were obsessed with the idea of leveling the playing field for retail stock traders to access tools only the pros had. That vision filled our brains 24/7 – it still does!”

As Zak puts it, “If you don’t jump out of bed every morning with your heart racing about your startup, you’ll eventually fizzle out or flame out. Passion is rocket fuel – without it, your launch will be a dud.”

2. Purpose

Zak is also adamant that startups need purpose behind the profit motive. 

“Sure, every founder dreams about popping champagne on their yacht one day,” he says “But if money is your only goal, the daily grind will eat you alive.”

StocksToTrade aims to make stock market education accessible to self-directed traders lacking access to advanced screening and analysis tools. 

“We’re demystifying trading for the little guy,” says Zak. “That purpose of inclusion, access and transparency grounded us during dark days when we worked all night coding away.”

When purpose intertwines with passion, it creates a powerful combination to withstand the startup rollercoaster. 

“Profit chases purpose,” notes Zak. “Focus first on solving real problems for real people. The money will follow.”

3. Perseverance 

“I always joke that entrepreneurship is what separates the lions from the sheep,” Zak grins.  “You will face failure. You will deal with disasters. Grit and perseverance are non-negotiable.”

In StocksToTrade’s early days, the team set extremely ambitious goals for platform performance and new feature development.

“We massively underestimated timelines,” admits Zak. “But when we encountered inevitable delays, rather than get discouraged, we doubled down.” The team motivated each other through each all-nighter to improve their trading tools and technology.

“Our users motivated us too,” says Zak. “Seeing their passion and engagement made us even more determined to deliver for them.” Zak recalls the euphoria when they finally achieved key milestones through sheer perseverance.

“Obstacles usually just melt away when you refuse to quit. Perseverance pays dividends – often unexpectedly and exponentially. Just keep swimming, and the rest will take care of itself – eventually.”

4. People

“No one builds a business alone – or at least not when it gets to a certain size. You need an all-star team around you if you really want to make major plays” says Zak.

He attributes much of StocksToTrade’s rapid user growth to surrounding himself with brilliant, passionate people who complement his skills.

“I’m not technical or detail-oriented at all. My team handles most of the dev and engineering that makes sure goes on seamlessly behind the scenes. I had no experience managing people early on,” Zak admits. “I learned quickly that being a founder means putting your ego aside. Hire those smarter than you for key roles!”

Now, Zak spends his time focused on his zone of genius – product innovation and vision.

“Building a stellar team amplifies results massively,” he says. “With the right people at the table, the impossible becomes possible.”

5. Pivoting Power

Finally, given today’s continually shifting business landscape, especially with the rise of AI, Zak believes a startup’s superpower is the ability to pivot on a dime.

“The world moves so fast – you have to continually adapt,” he says.

StocksToTrade expanded far beyond its initial stock scanner tool by listening to customers, understanding industry changes and refusing to remain static.

“Don’t fall in love with your first product or idea – fall in love with solving evolving problems,” Zak advises. “Be flexible and keep improving to meet demand. Pivoting requires humility and fierce commitment to your customers. Checking your ego opens the door to growth – and that’s all that really matters when you’re at the helm of a startup.”

In Closing

There you have it – Zak Westphal’s tried-and-true ingredients for startup success. Passion, purpose, perseverance, people and pivoting power are the fuel to propel your early-stage venture from scrappy upstart to industry leader. Stir these entrepreneurial secrets into your mission, team and strategy as you scale towards your vision. With the resilience, hunger and agility to evolve, your startup can turn obstacles into opportunities on the journey to victory.