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Dear Founder
Letters of Advice for Anyone Who Leads, Manages, or Wants to Start a Business
Dear Founder (2018) is a comprehensive introduction to the basics of setting yourself up in business and founding a kick-ass startup. Packed full of handy tips and actionable advice from seasoned industry pros, these blinks will prepare you to both preempt and overcome everyday obstacles on your way to the top.
- Entrepreneurs
- Leaders
- Mentors and coaches
Maynard Webb is an investor, the former COO of eBay and Chairman of the Board of Directors at Yahoo. He specializes in supporting promising startups, and also has his own startup, Everwise, which mentors entrepreneurs.
Carlye Adler is a prize-winning journalist who has co-authored numerous books, including the New York Times bestsellers Meditation For Fidgety Skeptics (2017) and Startup Land (2014). She is also a regular contributor to magazines such as Business Week and Forbes.
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Dear Founder
Letters of Advice for Anyone Who Leads, Manages, or Wants to Start a Business
- Read in 15 minutes
- Audio & text available
- Contains 9 key ideas
Synopsis
Dear Founder (2018) is a comprehensive introduction to the basics of setting yourself up in business and founding a kick-ass startup. Packed full of handy tips and actionable advice from seasoned industry pros, these blinks will prepare you to both preempt and overcome everyday obstacles on your way to the top.
Key idea 1 of 9
Ponder some key questions and make sure you’re fully committed before launching a startup.
If you’re reading these blinks, chances are you’re thinking of going it alone and starting your own business – but have you asked yourself, why? Is it because it’s the thing to do these days, or are you just in it for a quick buck? If you’re not sure, it’s time to ponder some key questions and a couple of sobering facts!
First things first: a lot of startups fail. That’s statistically proven, but it also makes intuitive sense. After all, there’s only so much money, attention and support to go around. A couple of startups enjoy meteoric success – just think of Google or Facebook – while the rest fight for crumbs.
That’s not supposed to deter you, but it is important that you keep it in mind. If you’re going to make it, you’ll need to be extremely hardworking and make smart decisions. Still game? Great, now’s the time to answer that all-important question and clarify your aims. Whether you want to make a ton of cash or change the world, having a clear idea of your goal will see you through tough times.
You’ll also want to make sure you’re firmly committed to your project before jumping in. Remember, adversity is virtually guaranteed. Success is all about sticking to your guns, even when the situation looks all but hopeless. That said, you should put a couple of numbers to that commitment so that you know when to hit the eject button.
You might, for example, say that you’re willing to put $200,000 of your own cash into your startup and that you’re going to stick it out for a year. If you realize there’s little to no chance of your making it after 12 months, it’s probably a good idea to quit before you end up throwing good money after the bad.
And here’s the final thing you’ll need to keep in mind: although you’ll be dependant on your own resources, you’re much more likely to come out on top if you have the support of others. That’s why it’s so important to make sure your friends and family are on board with your project and understand the risks. Your life is going to be hectic, unpredictable and full of long shifts – you don’t want that to cause grief in your relationships!
Key ideas in this title
- Ponder some key questions and make sure you’re fully committed before launching a startup.
- Successful fundraising depends on contacts, as well as good planning and listening skills.
- Micromanagement is stressful and – ultimately – counterproductive.
- Delegating tasks effectively isn’t easy, but the RACI model can be a great help.
- Effective startups take their time when hiring employees and move swiftly when firing bad apples.
- Reminding yourself that nothing lasts forever is the best way to overcome stressful situations.
- New kids on the block make fundraising tougher, but competition can also keep you on your toes.
- The best reaction to a crisis is to make sure it’s real and then act swiftly to defuse it.
- Final summary
