Sulaiman Sanni, co-founder of nonprofit crowdfunding platform WeDidIt, says finding a mentor early is the best way startups can focus on the things that really matter.

"You’d spend less time, not waste weeks, when you have someone who has already been there and done that to say, ‘Hey, this isn’t actually that important. You might as well make a decision now and move on,’" Sanni told Business Insider.

Moving on is exactly what Sanni and co-founder Ben Lamson have done for the past two years, as they've expanded their startup from a fledgling business idea into a competition-winning service. 

"As an entrepreneur, in the early months, you’re doing things based off of your assumptions. You have no idea if real customers will like your product," Sanni said. "If you can get involved with a business competition where people are assessing your business plan to let you know that you’re on the right track, and on top of that give you some startup capital to put your idea into action, that’s golden."

Though Sanni and Lamson said that they're in the midst of seeking out additional venture capital of their own, they're happy to share what they've learned in the last year with the competition's participants. 

"Work quickly and learn from your mistakes," Lamson said. "Focus on things that are moving your business forward. If they’re not moving your business forward, they’re not worth it."