Mistakes You Should Never Make
Seth Bannon talks about the mistakes he made as a CEO that he shouldn’t have,
- Pay attention to financial operations from the early days. Make a budget.
- 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.
- Have conversations with co-founders and teammates when they join about what rules you’re comfortable bending and what hacks you’re comfortable implementing.
- 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.
- 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.
- Keep your investors posted on your progress, be responsive to their requests, and lean on their guidance.
- Be overwhelmingly honest with your stakeholders (team, investors, customers).
- Build a support network of fellow entrepreneurs when the times are good, because when the times are tough their support is invaluable.
