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Beware of AI Cons Targeting Entrepreneurs
AI is creating a tsunami in our inboxes. As founders, entrepreneurs, and startup CEOs, we are particularly vulnerable to certain types of scams — and I have noticed a major uptick in volume over the past year or so. Let’s talk about what these new cons look like.
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Exits Are What Matters
For founders and funders alike, exits are where value gets realized.
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Succession Planning Even in Startups
The team is the foundation and core of a startup’s success. Yet early-stage startup teams are small and vulnerable to turnover, so proactive risk assessment and succession planning is essential for business resiliency.
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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 Risk-Based Lens
As a startup CEO, a robust risk-based lens is one of our most potent decision-making tools.
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Discerning Signals in the Noise
Startup leaders must discern critical signals from noise to navigate and innovate effectively in a chaotic environment, utilizing data and customer insights.
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Consider Your BATNA
Deep into a critical negotiation, how far do you go? What risks do you take? How should you think about your possible positions? These are essential questions that a startup leader must navigate in myriad scenarios – and BATNA is one of the most potent tools for deciding what to do.
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Making Bets
As a startup leader forging new paths into the future, there is always uncertainty about the consequences of significant decisions. We cannot see what will happen perfectly, so we have to gather the best information available, test assumptions when possible, and ultimately pull the trigger and make a bet.
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Beyond Your Comfort Zone
The first time you venture forth to lead in the unknown world of high-potential startups, you will definitely be moving outside your comfort zone. Fear and self-doubt are normal, despite enormous pressure to pretend you are not experiencing them.
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What is that Light?
There are moments when you are not sure if what you see is a light at the end of a tunnel or an oncoming train.
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Fear of the Uncontrollable
As the day approached for my neurosurgery, the community of people who knew about this looming event expanded. Practically universally, when someone found out, their first response was, "that must be so scary!"
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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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The Deep End of the Pool
You are often confronted with problems you haven’t solved before in a startup. Problems that no one on the team or perhaps anywhere has solved before. Being comfortable jumping into the deep end of the problem-solving pool is essential for startup success.
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Are You Ready to Make the Decision?
Leading a startup means making important decisions with incomplete information. Achieving startup success demands relentless forward motion, so when do you have enough to make a bet?
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The Risk of Idea Stealing
Inexperienced entrepreneurs often worry about sharing what they are working on with others, fearing someone will steal their idea. While there are a few circumstances one should be cautious about, generally, it is far riskier not to share.
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Investing in Force Multipliers
Trading off between investing in a more systemic, force-multiplying solution versus just trying to keep up with the immediately overwhelming work at hand is difficult. Sometimes this mental image helps me recognize when I should consider stepping back and making a different choice.
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Waiting Can Be So Difficult
As leaders, sometimes we are face situations where we must wait on third parties to act. That waiting can be hard, painful, and exhausting.
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Focus Means Saying No
Everyone knows that maintaining focus is essential to startup success, yet distractions are both tempting and endless. A vital tool for the startup leader’s toolbox is the ability to say no.
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And A Tree Fell Across the Path: Responding to Startup Adversity
Unforeseen problems. Disrupted plans. Surprising changes. Startups are all about ups and downs and responding to adversity. When the unexpected occurs, it is time to swing into action.
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Watch Out for Fresh, Hot Data
As company leaders, we want to be well informed about what is happening in our startup. Yet fresh, hot data is fraught with challenges. Treat it with care.
