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Management. Management. Management.
In startups, the fundamental principle, “management, management, management,” emphasizes that building value depends most on the skills and experience of the startup founders/leaders, with the leadership team often being more instrumental in success than other factors like the idea, the funding, and the industry.
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Hire When It Hurts
Capital efficiency is critical when relying on investor capital rather than operating income to build your company. In the early stages, hire carefully. In fact, in general, put off expanding your team prematurely by only hiring when it hurts.
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In-sourcing and Outsourcing
It often seems like it would be possible to grow a startup faster by outsourcing some of the key functions to an expert service provider. Sometimes, this is true, but often, there is less leverage than you might think – and there is undoubtedly a great deal of risk.
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A Startup’s Chart of Accounts
Building a business requires accounting for the funds flowing in and out of it. Honestly, it is one of those necessary evils that few entrepreneurs want to spend time on even though it is essential.
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Keep the Red Pen Under Control
Building an empowered team is essential for growing a high-potential startup – and achieving empowerment requires a leader to be disciplined in delegating and giving feedback – or else!
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The Value of Being Decisive
Being able to decide without all of the information you might wish for is a critical startup leadership skill. Often, a clear direction to move drives more value creation than taking time and resources to achieve an incrementally better decision.
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Beware of Glittering Generalities
While "glittering generalities" can serve to cast a vision or set a direction, because they lack a sufficient definition of how you will accomplish the goal, they are not actionable plans for building and operating a business in and of themselves.
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Discovering the Meaning of Gradual
The neurosurgeon said, “No restrictions anymore. Just add things gradually.” Easier said than done, apparently!
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Striving for Highest Best Use
Resources are always limited in a startup. Applying the principle of the highest best use is a way of making more optimal choices to accomplish goals.
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Preparing to be Unavailable for a Time
What do you do when something comes up, and you must step away for a time? How do you and your team prepare for such a thing?
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Managing the Wounded
When you have someone join your team, one of the key things to keep an eye out for is where they are wounded. Note that I did not say “if” they are wounded, only “where.”
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Building a Fireproof Team
Building a robust and resilient team requires constant intention every step of the way so that when the going gets tough, or a crisis erupts, the fireproof team can respond. Investing to build a strong startup team that can field a startup’s inevitable curveballs is essential.
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Provide Your Capacity to Your Team
As a startup leader and manager, supporting and enabling your team is one of your most important jobs. Yet sometimes, being available feels like you are not doing "enough."
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Pick Your Spending Rate Wisely
When you have funding, remember that your investors did not invest for you to hold back and be too conservative. They expect you to build value by making bets, taking risks, and owning the consequences. Pick your spending rate wisely.
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Going Virtual
COVID-19 hit like a freight train in the spring of 2020. We went 100% virtual in a day. And began learning and evolving our approaches to work to adapt to a new reality. Here are some initial reflections on our particular case study for the impact of the pandemic on our team.
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The Cost of Context Switching
Leading a startup that depends on inventing new technology requires mastering the balance of context switching. Too much kills innovation. Too little means losing touch with what is essential
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Play Strengths, Not Weaknesses
Our impulse is that we should improve upon our weaknesses, whether they are yours or your teammates. Sometimes our impulses are wrong.
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Permission to Innovate
Realizing the potential for process improvement requires making sure that those who are part of designing the change are empowered to find the best path.
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What You Measure Will Improve
A concrete measure provides the focus and sense of accomplishment needed to improve continuously.
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Permission to Innovate
A Startup’s Chart of Accounts
In-sourcing and Outsourcing
