Why Your Startup Doesn’t Need A Board Of Directors
“How many people do I need on my the board?” I asked our attorney Marcia when I was incorporating our company. “You need to have a board of directors, but it doesn’t have to be large. In fact, you can be the only member of your board when you’re starting out.” “Really,” I answered. “The…
Is It Cool For You And Your Startup Team To Take Vacations?
I once heard a CEO of a company that recently IPO’d say, “Work life balance? You’re running a startup. You can’t have work life balance. Just forget taking vacations.” I believe the thought process that you can’t take vacations and have a successful startup is wrong. You can take vacations and have a successful startup.…
How Profitable Does Your Startup Need To Be?
Of all the crazy, stupid, ridiculous things I’ve ever heard, I’d have to say this doozy from “Donald”, a very well known billionaire VC, has to be the craziest, stupidest thing ever: “I hate high margin businesses!” It just goes to show you how much things have changed when it comes to building companies. I’ll…
How Do You Determine What Your Company Is Worth?
A few years ago a CEO of a pre-revenue startup reached out to me for guidance. The company was preparing to raise money. The CEO said to me during the initial consultation, “We’ve had a 409A valuation done on the company, and the valuation indicates the company is worth $20M. “We’re trying to raise $2M,…
How You Can Staff Effectively To Supercharge Your Startup’s Growth
Years ago, I remember a startup CEO telling me, half joking, that his hiring criteria was, “Anything that breathes.” That’s not exactly a sound strategy to grow you startup, is it? I think what the CEO meant was that it’s tough to hire really good people when you’re starting out. The reality is it’s always…
Why You Shouldn’t Build Your Startup To Be Acquired
There was a time in the late 1990’s when venture capitalists made a killing investing in semiconductor companies. The companies these VCs invested in were never meant to be companies built for the long term. Instead, these companies were meant to be flipped and sold quickly. The flipping of companies in the late 1990’s was…
What Are The 5 Steps You Should Take To Have Great Meetings?
Do you waste too much time in meetings? Do too many of your meetings end up with no actions items? Or do too many of your meetings end up with everyone walking out frustrated? This video walks you through in five easy to follow steps a simple methodology that will help make your meetings much…
When Should You Replace Yourself As CEO?
Years ago, I was introduced to “William”, the CEO of newly formed startup. I think our first meeting was a lunch meeting, and William was trying to convince me to join him. I liked William on a personal level. However, I didn’t see him as a CEO, so I passed on the opportunity. That didn’t…
How Can You Use Goals To Push Your Team?
Contrary to popular opinion, your startup team is not going to work 18 hour days, 7 days a week, 365 days a year. You will burn your team out, and fast, if you push too hard. So what’s the right amount to push your team, so you’re getting an effort that your team can sustain?…
What Should You Steal From Your Competitors?
Our go to market strategy for starting our company was based on copying our competitors. Right down to the part number, the specifications, and the data sheets, that’s exactly what we intended to do. I told an interviewer when we came out of stealth mode and launched our first set of products that companies in…