Mistakes You Should Never Make

Seth Bannon talks about the mistakes he made as a CEO that he shouldn’t have,

1. Pay attention to financial operations from the early days. Make a budget.
2. Be explicit with your co-founders at the get-go about decision-making, distribution of information, and level of commitment. Formalize this in a written agreement.
3. Have conversations with co-founders and teammates when they join about what rules you’re comfortable bending and what hacks you’re comfortable implementing.
4. Don’t be a lone wolf. Lean on the experience and smarts of your teammates, investors, and mentors to help solve the tough problems and take advantage of the opportunities.
5. If you’re a first time entrepreneur, invite an outside director to sit on your board when you raise money. The upsides greatly outweigh the downsides.
6. Keep your investors posted on your progress, be responsive to their requests, and lean on their guidance.
7. Be overwhelmingly honest with your stakeholders (team, investors, customers).
8. Build a support network of fellow entrepreneurs when the times are good, because when the times are tough their support is invaluable.