New York Entrepreneur Week April 2010 brought together a panelist of seasoned entrepreneurs to conquer some of these questions, and give advice from their first hand experience.
Nancy Johnson, President of Optimyze
Marc Cenedella, Founder of TheLadders
Kevin Scott, Director of Global Outreach of Global L.E.A.D. Program
Kate Atwood, Founder of Kate's Club
Ben Lerer, Co-Founder of Thrillist
One of the most valuable things you can do as an entrepreneur is to keep your vision at the forefront of your company. Figuring out what you're good at early on in the game so you can be more efficient is important. Yet, how do you find people who share your same vision?
Ben Lerer explained how finding the right passion to leverage and vision will attract motivating people. When you're collaborating with people from early on, look to build potential successful partnerships. "It's a tough personal situation to be in when you're starting a company. The development over the years, if you find the right person, can allow you to find someone to share the success along with the set-backs", said Marc Cenedella.
Contrary to your personal beliefs, Marc strongly stated, "You just can't do it alone. You need co-founders, support, insight, and feedback from others". It can definitely be a challenge to have a person being your partner, but the benefits are key.
Along with co-founders, Nancy Johnson suggests have a board to keep you emotionally stable. "Having a sound board that mirrors your values and priorities, but that can also come at it from a little bit different perspective, is key to success", said Nancy.
Once you find your partners, develop a board to channel your ideas, and you will see your business prosper. Yet, your hiring process will be crucial to the success of the functioning of your company. "If your team doesn't work, it can bring down the business and tear down all the relationships", said Kevin Scott. Hiring well and learning relatively quickly with what works and what doesn't can potentially save your company down the road.
Your start-up team has to be okay with change because your team constantly changes. In the beginning, you don't have enough experience to know what is working for your company. Develop a trust within your team and with the people closest to you. Make sure your team is aware of the expectations set and that they know what they're signing up for.
Lastly, know when to say "no". The panelist stressed the importance to saying "no" to partnerships that may sound good, but don't strategically add up. "Trust your gut, and take a step back", said Ben Lerer. Fix the situations you're in efficiently and move on if you're wrong. When generally making changes, the panelists said, if you have the feeling that something is off, it probably is.
Ending the event, Nancy Johnson stated, "You have to be completely honest in the fact that starting a business, growing, and functioning is not a 9 to 5 job. You set the expectation to them (your partners) to what this going to be like, but if you don't go into the business with a partner with that same drive, they shouldn't really be a partner".
- Katie Evans
0 Response to "Success is the Company You Keep"
Post a Comment