The Entrepreneur Professional Development
Startups will begin with great ideas and great people. A person with a great idea will join one or a few friends, family, or acquainted people, into a venture, money and time will join the great idea in a journey to the land of success or failure.
Professor Noam Wasserman, Founder of Dilemmas Tell us about Relationships in a startup:
You’re taking the leap and starting a company. But do you go solo, or bring in cofounders? If you plan for co-founders, what skills will they have and where will they come from? The basics for facing this first dilemma:
Know your capital. Do you have the necessary human, social, and financial capital to get the startup off the ground? If not, you may need cofounders who have the technical expertise, sales background, or social connections that you lack. The most successful solo founders are those with significant expertise in multiple business and technical functions, a hearty financial cushion, and valuable industry connections in the relevant field.
Becoming an entrepreneur is hard in many aspects. One difficulty is the need for personal and professional development. Many people do not consider this need, counting on their traits and not on professional knowledge. Big companies will provide their employees with the tool and environment to grow and develop their skills. The entrepreneur myth is that one person following his or her vision and instincts, will build a great business. The reality is that enterprise the truth is that entrepreneurs are professionals, and need the experts to help them develop themselves professionally.
With no feedback and a system that a bigger corporate facilitates to its employees, entrepreneurs can find themselves in a vacuum, with no understanding what is wrong. You can see this problem with startups that outgrow their founder’s capacities. It is common to see that the capital venture investors hire a professional CEO to take control; of the operation. Harvard Business School academic Noam Wasserman show in his study of 212. That startups that after three years more than the half of the startups that reached an Initial Public Offering (IPO) were not the founder CEO but a new professional one.
Some of the changes are because the founder/s are not administrative or organizational characters, more than likely, they are more visionary and technology type of personalities. The order and system that are needed for the startup to survive not always existing with the founders. It can be that they are not interested in scaling. One other aspect is the lake of the founder development as a leader. Leadership and genius not necessarily go together. Below we will see how founders can solve the problem when they have no managerial staff and the culture of a corporation with a development program?
Solving problems has the same basic formula for startup problems or any other problems: Once you recognized that you have an issue. You make a plan and work it out. Take a mentor who has the skill and experience for the type of problem you have. Investors will make recommendations according to their experience as a businessperson. The capital investment will have a different point of view than the startup guy that is busy with the “real problem” making the product work or get production on time.
Having a mentor will improve the way things work in the startup operation. Meetings will work better with better results and fewer conflicts. There will be more clarity in the tasks and how to execute the jobs and achieve the goals. Consumers will be happier has the product will be better, and revenue will increase. All these changes will need less work and energy. Taking the development by your own hands is like taking a part-time job. It will require you to have a clear vision of what you want to achieve, a strategy to get to the goal and assign a team to help you along.
A startup is an adventurers action. It is like jumping on a horse that was never trained by people that may be able to ride but know nothing about feeding, training, and keeping the health of the horses. While they are trying to ride the horse to a place they believe as dreamland.
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