I spend a lot of time with CEOs of startup and early-stage businesses and I’m clear just what a tough gig it is. He or she has the challenge of continuing to define the business model and develop all aspects of the business (and people), whilst at the same time honing their own leadership skills (and managing their personal life). Leading a rapidly scaling operation is one of the toughest roles in business.
Some may take to the role more naturally than others but no one is born a CEO. New skills must be learned and existing ones improved, all at great pace. The transition from founder to well rounded CEO is incredibly tough. As an early-stage CEO explained to me in a coaching session, there are top down pressures coming from investors to build the business fast and hit targets, and at the same time there are bottom up pressures from the team to develop the culture and find and integrate new hires effiently. It’s easy to very quickly feel squeezed. Continue reading
It was great to have the opportunity to give a short talk at the second Forward Partners meet up for the FP50 mentor network. Mentors were keen to know more about how to kick off a mentoring relationship with the founders of startup and early-stage businesses. I talked about the importance of listening and understanding, with some suggested questions that can be asked to open up the conversation.
I started with a quote from Sal Virani’s recently released book Mentor Impact. Based on over 200 mentor interviews and extensive personal experience of working with accelerator programmes across Europe, he launches the book with a quote from one of the best mentors he interviewed (also a founder who had been through an accelerator). That person’s advice to other mentors: Continue reading
CB Insights ran an amusing Tweetstorm that poked fun at their favorite startup advice cliches. The discipline of advice-giving is a contentious one in the startup ecosystem. Providing effective advice is quite a skill and there’s always scope for improvement. For mentors, coaches and board members who deliver advice, and as Founders and CEOs on the receiving end, I’ve collated some of the best resources that I’ve come across to help us go a little deeper in thinking about this challenge. Continue reading
Nassim Taleb is the author of three highly influential books and quite a character. I’ve heard him be variously described as a former options trader, a psychologist, philosopher and flaneur, whatever the hell one of those is (I’m even writing this post in his style now). His thinking on antifragility has two important connotations for entrepreneurs and startups, at the macro and micro level.
Drawing strong similarities with nature throughout the book, Taleb explains antifragility thus:
“Some things benefit from shocks, they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile. Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better”.
The startup world loves a buzzword and now we have a new one. Whilst I understand the sentiment behind it, I’m not sure it’s particularly helpful. At first, recent posts by Caterina Fake and Adam Draper about the Cockroach caught my positive attention, but on reflection I’m perplexed. A Cockroach is supposedly the name given to startup that makes it through current economic challenges. I believe the origin of the term lies within a Paul Graham post written in October 2008. about why to start a startup in a bad economy. Since then we’ve moved on to the Unicorn phenomenon. Mark Suster has written about why he Fucking Hates Unicorns and now I’m going to follow in his giant shadow and say that I’m not a huge fan of the Cockroach. Continue reading
I often spend short bursts of time with startups who are still in the process of refining and validating their business model. In the last few months I’ve been doing just that with a wide range of hybrid fashion and technology businesses. I’ve been helping 9 great fashion technology startups that the Centre for Fashion Enterprise are supporting as part of their Front Row Fashion Technology programme. I’ve also spent time with the London College of Fashion’s MA Fashion Entrepreneurship & Innovation students, helping them develop their business ideas.
In can be hard sometimes to add deep insight during shorter sessions, so I often find myself directing students and founders to excellent articles and resources that I’ve stumbled across instead. Here are my favourite short-read resources for fashion technology startups that I found myself directing them to. Continue reading
If you picked up the June edition of Wired magazine you’ll have found an excellent article entitled “41 lessons from Uber’s success”. Commentators include Clayton Christensen and Richard Branson, but it’s the point made by Josh Elman from Greylock Partners that really hits home. Reflecting on Uber, his advice is to: “Do one thing really well – then figure out what the second leap is”.
Josh notes that, historically, the most successful companies do this. He cites Facebook’s beginnings as a private social network at colleges, before the company realised that the news feed could help propel the site into a massive multi-billion-user, multi-billion-dollar company. Uber, he says, was the same thing: Continue reading
An inspiring idea and early validation of your business model are just the start of the entrepreneurial journey. When it comes to scaling, there are a thousand and one things that you could do, but you must focus on the one hundred and one things that you can actually do with limited available cash, resources and time. In Tren Griffin’s blog A Dozen Things I’ve Learned from Steve Jobs about Business, he references one of my favourite quotes from the great man, and a second that I’ve not heard before.
I picked up my copy of The 7 Habits of Highly Effective People by Stephen Covey the other day. I remembered that one of Covey’s principles was to begin with the end in mind and I’ve been doing some detailed thinking recently about what my own end is, so to speak. It struck me that there’s some useful lessons in the book about how to grow a business in 2015.
Covey says that beginning with the end in mind is based on the principle that all things are created twice. First a mental creation, then a physical creation. He uses the example of building a house: “you create it in every detail before you ever hammer the first nail in place” he says. Continue reading
Any startup that has successfully raised follow on funding (angel and beyond) is going to find itself with external investors to keep happy and to do this effectively requires some form of governance structure to be put in place. Achieving this is not actually that complicated but if you’ve never set up a startup Board before, or put any kind of governance structure in place, then it probably feels like a daunting task. Continue reading
This post also appears on Medium.
The Lean Startup, by Eric Ries, was first published in 2011 and has since become the bible for startup entrepreneurs around the world. But recently I’ve read a good number of articles that question The Lean Startup. Criticising the lean startup approach is misled though. Why? Because that is all it is, an approach, albeit a very good one. The Lean Startup is not a prescribed formula that guarantees business success. Sadly, “management is complicated”, something that Eric Ries makes very clear in this video where he discusses how the principles and processes explained in The Lean Startup can be used to gain competitive advantage. Continue reading
Did you manage to make it to the acclaimed ‘David Bowie is’ exhibition at the Victoria & Albert Museum in London? Bowie is an incredible talent, combining undeniable song writing ability with outstanding creative flair. He is a true innovator, whose fame has real momentum through constant reinvention. Whilst the days of the Thin White Duke, Ziggy Stardust or Aladdin Sane may be over, Bowie is arguably as well known now as he has ever been.
Whilst exploring the exhibition my mind turned to thinking about what business might be able to learn from him. In a world where pop stars increasingly come and go, David Bowie’s (talent based) fame has endured. This post takes a look at why, and what lessons business can learn. Continue reading