For the last fifteen years I have been involved in differentcapacity with startups. In one case I was the founder; in other cases I was a co-founder,advisor or just an executive manager. I learned valuable lessons through these engagements that I want to share with you.
Let's start:
1. Roles and Responsibilities
Usually startups are created by a few partners with equal vote. Thus, when they have to make a decision, they vote on the issue. This is a quite democraticapproach and it is OK when there are big company decisions to be made, but whenthey are operational decision, then it is not quite a good approach. Everypartner, at the same time, should have a specific role and responsibility insidethe organisation in order to be able to make decisions according tothat. I have seen organizations where operational decisions were madecollectively and there was no one at the end to take responsibility. It iskind of paralysis approach.
2. Accountability
This is still related to the same topic of rolesand responsibility but also accountability and expertise. If you are the founder and CEO of the organisation, it doesn't mean that you are expert inall the domains (technology, strategy, business or creative). Yes, youare perhaps expert in one of these areas and please stick to it. Donot intend to make decisions in the area that you do not haveexpertise. Leave your ego on the side for your own good.
3. Minimum viable product
In the early stage of startup, it is important no to go with grandiose ambitions in building your product. Simply, you do not know how yourproduct is going to be accepted and which features will your potential users like to use. The best approach is to start small and then to grow step by step, and measure each step in order to find out if that is what users want.
6. Clear Vision
In order for your people to deliver best results everyone in yourorganization needs to share the same vision of the company that you as a CEOsets. There can not be confusion in your team as it will result in wasted energy.
7. 10 seconds elevator pitch (clear vision)
In order to have a clear vision for the company, you need to beable to explain your solution and value in just 10 seconds. As it is calledelevator pitch, it needs to be clear to anyone without background of yourcompany and what you are doing. If you fail in this, you definitely are failingin having clarity for your team which is a big problem.
Agree or disagree with my observations? Please shareyour thoughts with me.
