There have always been entrepreneurs. But today's generation shows definite differences in perspective. To begin, they want more independence and control over their own destinies. The financial crisis of 2008 instilled the importance of taking care of yourself, because companies won’t. And they believe starting a company is one of the best ways to ensure control over their own outcome…
The worst thing founders can do is to look to each other with panicked eyes in response to a predictable question from a VC or an angel investor. Recently a pair of very bright young entrepreneurs came to us to pursue funding. We mentor founders to succeed with early stage investors. We started with what we thought was a softball question and were stunned that it stumped them. And…
As a founder, you'll experience many temptations to accept unfavorable terms from funders just to get money in the bank or from investors you may not like. Giving in to the temptation isn’t worth the problems that come with it. You’ll inevitably spend more time dealing with the problems than making your business successful. There are all sorts of interdependent relationships involved in…
If you are an entrepreneur with an idea, a couple of highly intelligent (really close) friends, and a credit card with a high limit, you may be seriously considering forming a company together. But before you jump into a business venture with friends, take a step back to define the qualities you want in the people who will become an integral part of your company. Whether personal or…
Although used frequently in business-speak, governance is not fully understood by most. The concept of governance has been around for decades but has only recently achieved mainstream status across companies from global enterprises to start-ups and early-stage companies. Governance has many definitions. Unfortunately, the degree of clarity is more opaque than obvious. Simply…
If you enjoy engaging in lively discussions with consultants, colleagues, or academics, just pose the following topic: Define capability and competency and explain the differences.Over the years, I had more lively discussions (OK, arguments…) with colleagues over these definitions than I would ever have expected or wanted. Everyone has their interpretations and few people agree on a…
At the height of the dot-com boom, Cisco Systems formed the Internet Business Solutions Group (IBSG), a consulting organization to share its experiences implementing Internet-based solutions. At that time, I had just authored Net Ready: Strategies for Success in the eConomy, a book that provides a framework for developing Internet business strategies. Cisco acquired my firm and we…
Before my partner and I started Angels Three Zero (ATZ), I was a management consultant to several Global 500 companies. These companies had almost infinite amounts of money and talent. I worked with extremely talented people and together we collectively solved challenging problems. The experience provided me with exceptional learning experiences and formed the basis for my…
If you are a Spaghetti Western fan, you will recognize The Good, the Bad and the Ugly as the title from the 1966 movie. In fact, you may be hearing the iconic whistle from the soundtrack just at the mention of the film. The title refers to the three main characters played by Clint Eastwood, Eli Wallach, and Lee Van Cleef. (Personally, I think it sounds better by its Italian name: il buono, il brutto…
Timing is everything. It’s not exactly an original thought, but it’s critical to remember in context of leading a startup. That’s why I call out timing in “Ten Lessons Learned the Hard Way,”: “Timing is everything, especially with startups. Enter too early and the market may not be ready. Enter too late and you’ll be fighting a battle with incumbents.” The same wisdom applies to exit timing: Exit…