Jay Shetty & Suneera Madhani ON 7 Must-Dos for Successful Founders

Have you ever wondered how one can transform a simple idea into a billion-dollar enterprise while juggling family life, health, and personal growth?

In this episode of On Purpose, Jay Shetty interviews Suneera Madhani, an entrepreneur recognized for her innovative contributions to the fintech industry. She shared her journey to success, addressing the challenges and milestones that come with scaling a business in a competitive environment, but also how she found the balance between her busy life as an entrepreneur and motherhood.

Early Beginnings and Bold Ideas

Suneera Madhani shared with Jay Shetty how it all began before she became a big name in the fintech industry. She is the daughter of Pakistani immigrants and a first-generation college graduate. The entrepreneur recalls the support she received from her parents growing up - they had moved several times in pursuit of the American dream, hoping to provide a safe and better future for their family.

Madhani's parents often encouraged and instilled in her a fearless attitude. After graduating from the University of Florida, the entrepreneur entered the corporate world to work in financial services, only to realize that her innovative pitches often fell on deaf ears. She told Jay Shetty that her proposal to offer subscription-based payment solutions was repeatedly dismissed. So, Madhani saw an opportunity to establish her own venture. The entrepreneur could hear her father's words in her mind, "Why not do it yourself?" and ventured into entrepreneurship at the age of twenty-five.

From Dismissed Concepts to a Fintech Disruptor

Madhani admitted to Jay Shetty that her primary goal as an entrepreneur was to solve a concrete problem: closing the gap between online and offline payment systems in industries that lacked unified solutions. She recognized that large firms (such as Stripe or Square) focused heavily on one distinct segment, leaving many hybrid businesses without a unified platform.

In the beginning stages, Sunnera Madhani aimed to serve one customer a day, driving around local shopping centers and presenting small business owners with a more transparent, subscription-based processing service that also had predictable fees.

Her company, initially called Fattmerchant, rebranded to Stax as it rapidly grew and refined its business model. With business taking off and new customers pouring in, the once-dismissed idea of subscription-based payments for small and medium enterprises transformed into a legitimate fintech powerhouse. Madhani told Jay Shetty that her company culture evolved over time to meet new market demands, and that adaptation is key in rapidly growing sectors.

Suneera Madhani also shared with Jay Shetty how her family business model is still standing. Usually, mixing the two may lead to problems, but the entrepreneur and her brother (Sal Rehmetullah) split their areas of responsibility according to their skills. Rehmetullah is in charge of operations and sales, while Madhani focuses on marketing and brand-building. To the siblings, their divide-and-conquer approach and open communication are crucial to maintaining a stable relationship.

Overcoming Stereotypes

When she first started in the fintech industry, Madhani was shocked at the lack of diversity, particularly gender diversity. Yet, growing up, her gender was never an obstacle. She explained to Jay Shetty that, entering the workforce, she had a realization that the higher the position, the fewer women were present. Additionally, less than 3% of all VC investments are allocated to female founders, with even smaller percentages directed toward minority women.¹‍

Instead of feeling discouraged, the entrepreneur built a supportive network. She emphasized the importance of networking, seeking male allies, establishing women-led communities, and reaching out to seasoned entrepreneurs for assistance. She sought to create a success template to share with others beyond her personal ascension. So, Madhani founded the CEO School podcast and launched educational platforms for women entrepreneurs, hoping to diminish the existing gap. Her advice for women is to persevere, regardless of the obstacles and rejection they may encounter, because society needs time to change as a whole. Yet, every successful woman who breaks through the barriers paves the way for others to follow.

The Power of Solving "Unsexy" Problems

Madhani told Jay Shetty that her approach to entrepreneurship was to solve "unsexy" problems. While many aspiring entrepreneurs think they need to create consumer-facing brands with a viral appeal to achieve recognition. In reality, you are more likely to experience steady growth from backend products and services, especially in the B2B and enterprise sectors.

Global consultancies and major corporations achieve remarkable success and revenue without a significant social media footprint, Madhani notes. The entrepreneur shared with Jay Shetty how she focused mainly on the problem her product solved, rather than worrying about flashy branding. She explained that the best businesses aim for exceptional solutions - once you fill a market gap, you're more likely to organically grow and attract investments.

The Personal Cost of Rapid Scale

Suneera Madhani shared with Jay Shetty how Stax achieving a billion-dollar valuation impacted her. Despite her success as Orlando's first unicorn, the entrepreneur found herself in an emotional void, feeling unfulfilled.

Moreover, her health deteriorated due to neglecting self-care and ignoring doctor visits. Madhani dedicated every minute to growing her business, but it took a toll on her physical health. As she dealt with alarming cholesterol and cortisol levels, she realized there's more to life than pure ambition. So, she chose to step back and look after her health, deliberately establishing a balance between work and personal life.

Designing Time Freedom

Madhani told Jay Shetty that time management is the backbone of her success. She insists that productivity alone is not enough, as it's also closely tied to self-awareness, values, and understanding, which tasks to dedicate your personal attention to. She created a system that helps her understand where to invest her energy to avoid burnout in the long run:

1. Focus on your $1,000 tasks, not your $10 tasks. 

Madhani encourages all entrepreneurs or aspiring entrepreneurs to identify which activities generate the greatest returns, professionally or personally. To her, cooking dinner with family is 1000$ because it strengthens their relationship, while answering emails is something she can delegate or streamline.

2. Do, Delegate, or Delete. 

The entrepreneur performs time audits to understand the necessary effort involved for her daily commitments. If a task doesn't align with her top three priorities for the day, she can either decide to eliminate or delegate it.  

3. Rule of Three.

In the face of long to-do lists, Madhani chooses the top three priorities for that day and dedicates her efforts to completing them. If the three priorities have been addressed, she considers it a good day.

The entrepreneur highlighted to Jay Shetty the importance of setting daily priorities, so you can efficiently juggle personal and professional responsibilities without heading toward burnout.

A Supportive Home-Based

The fintech entrepreneur explains to Jay Shetty how she keeps a good balance between her professional and personal life. Her household is based on strong values of teamwork, transparency, and kindness. On Sundays, they have "zoom-out" sessions, mapping out the week ahead and ensuring everyone's enthusiastic about each other's activities. Madhani believes that her children gain a deeper appreciation of their parents' work if they are involved in this process.

While the entrepreneur admits she and her husband, Faizal Madhani, have different personalities, their relationship was built on trust and respect. She told Jay Shetty that they have an adaptable partnership, accommodating each other's schedules and travel. To Madhani, date nights or even short walks are important because they bring them closer together, and their unity energizes the entire family.

The Motivation to Keep Building

After stepping back from her daily responsibilities at Stax, Suneera Madhani had to redirect her focus on other ways to utilize her time, expertise, and resources; she told Jay Shetty that she had even contemplated retirement or dedicating all efforts to her podcast and mentoring female founders.

However, Madhani's entrepreneurial spirit prevailed, and she went back to work, this time with a renewed sense of purpose. Her new focus is on freedom of impact. The entrepreneur believes that freedom of dollars and freedom of time set the foundation for choosing how to make a difference. Her aim is to hold both institutions and herself accountable for bridging the financial gaps for minorities and women.

Define Success on Your Terms

Suneera Madhani told Jay Shetty that success comes in many shapes, and it never looks the same for everyone. She admitted that, early in her career, she strongly felt the need for validation of her concepts, impressing key investors. However, the entrepreneur soon realized that focusing only on the financial aspect would leave her empty in other aspects such as spirituality, personal growth, or health.

So, Madhani advises new and aspiring entrepreneurs to prioritize adding value and service over making fast money. She explained that you increase your likelihood of attracting the right people and generating momentum if you hone your skills with humility and readiness to change outdated paradigms. The entrepreneur owes a significant portion of her success to her strong relationship-building with mentors, family, partners, and supporters. Having a community is crucial, especially in a world where isolation is increasingly more common.

So, Madhani summarizes to Jay Shetty that success means having a clear purpose, setting intentional goals, nurturing a strong personal connection, and creating an environment built on trust and empathy. Focus on solving a real-life problem first, and the financial rewards should follow.

More From Jay Shetty

Listen to the entire On Purpose with Jay Shetty podcast episode “Suneera Madhani: Why Most Founders Fail—7 Things You Must Do to Succeed” now in the iTunes store or on Spotify. For more inspirational stories and messages like this, check out Jay’s website at jayshetty.me.

¹Solal, Isabelle, and Kaisa Snellman. “  Subscribe Sign In  Latest Magazine Topics Podcasts Store The Big Idea Data & Visuals Case Selections Gender For Female Founders, Fundraising Only from Female VCs Comes at a Cost.” Web log. Harvard Business Review (blog), February 1, 2023. https://hbr.org/2023/02/for-female-founders-only-fundraising-from-female-vcs-comes-at-a-cost.