What if three or five years down the road we think you’re not the right person to continue running this company – how will you address that? Often times - particularly with high growth startups – the founding CEO does not remain the CEO who scales the company beyond the startup phase and investors ask this question to make sure you don’t have “founderitis.” Founderitis is when a founder’s ego gets in the way of the company’s growth and the founder refuses to (or makes it hard to) step down/step out of the position they hold. It’s really good to know what type of entrepreneur you are – as this will make it that much easier to know what you don’t know (another thing investors want to know you know). Knowing these categories gives you a vocabulary to discuss your strengths and your limitations. It’s important to have people on your team with a combination of the following strengths and abilities. It’s also equally important for you to know where you fit into the mix, know what you don’t know, and be prepared to exit gracefully when the times come – because it inevitably will. The Idea Generator (You are the visionary, you come up with the great next big idea, your thoughts are not limited by what you hear from your peers, the media, the market, etc.) The Innovator (You can write code, build things, sew things, invent things, and create something for others to sell. Innovators are typically not the same people who sell what they create.) The Starter (You are great at creating a team from nothing and launching a new product or service. You know what it takes to write a solid business plan, implement and track that plan, research and respond to market trends, and surround yourself with people who are smarter than you.) The Changer (You are not only great at being a change agent, but you thrive from doing it. These people make the best “turn-around CEOs” – those who enter an existing company, access the situation, recruit change ambassadors, create a new bold plan, make tough decisions [close a business, fire people, hire people, discontinue a product, etc.], and re-position a company for optimal growth – and even sometimes dissolution.) The Grower (You are what I like to refer to as someone who loves “a diamond in the rough.” You see the potential in people, products and markets, and know whether they are worth investing time, money, and energy into improving. You typically don’t like starting new things; you prefer to take something good that someone else has started and turn it into something great. A talent desperately needed in most companies. This person can take a company from surviving to thriving.) The Exiter (You are someone who knows what it takes to position a company or person for exit. That exit is usually merging with another company, acquiring other companies, or taking a company public. This is a rare skill-set and these people are typically not the starters.)
Posted on: Fri, 04 Oct 2013 10:26:09 +0000
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