The Perfect Start-Up Team

wealthymattersThe elusive perfect start-up, that is something I have been trying to discover for more than 30 years and more than 100 start-ups! I have not learned the answer, but here is what I have learned:

The perfect start-up needs a complementary team:

It needs a passionate and driven visionary who is the product person.

It needs a capable execution skill that can deliver the product or service against that vision.

It needs people skill to make sure that the best people are recruited and retained and that conflict in the company is resolved.

It needs administrative skill to make sure that as the company grows the wheels stay on (this skill can come a bit later – it’s not needed on day1)

These skills do not need to be present in 4 distinct people, but most often it takes at least 2, and usually 3 or 4 to lead these areas. Read more of this post

Ideas Are Cheap

wealthymattersFollowing is an excellent answer from Quora, to a person’s question of how he can get on board developers cheap for his start up. In a sense this answer applies to all workers you want to join your start-up. The following logic is something I find many inexperienced, would-be entrepreneurs refuse to see.

“I am sure that you are sincere, well-meaning, and smart. But this is about the eight-millionth time I’ve heard from somebody who thinks that having an idea makes you somehow so interesting to professional developers that they will swoon for you. The first million times that was perfectly fine, but at this point the question just makes me stabby.

A good software developer is one of the most in-demand skill sets on the planet right now. And note that what you need isn’t talent, which any 12-year-old can have. What you need is skill, which is what you get when you start with talent and add years of hard work.

Anybody who has put in those years of work can do basically what they want. They could:

  • Take an interesting, pleasant, high-paying job at a place like Google with great toys, great chefs, and great job security;
  • Find a cushy telecommuting gig, where they do something undemanding from the comfort of their home office;
  • Find some interesting job that takes them to any country they want to visit;
  • Take a high-pressure job in finance to make stupid sums of money;
  • Join an existing startup that has funding and a nice office and a foosball table; or
  • Found their own start-up.

Read more of this post

Be Smart,Ask This:

Be Smart

Been invited to invest or participate in a new entrepreneurial venture? Be certain to ask the questions above and get them answered in detail and recorded in a legally valid manner.

Advice For A Young First-Time Start-Up CEO

wealthymatters1.   Your team is everything.
2.   Solve a problem you are passionate about.
3.   Never outsource your core competency.
4.   Be c̶h̶e̶a̶p̶ lean but don’t be afraid to spend.
5.   Build a brand, not a product.
6.   Never eat lunch alone. Always be closing.
7.   Ideas are worth sh*t. Execution is key.
8.   Don’t take momentum for granted.
9.   Learn to monetize from the get-go.
10. Set S.M.A.R.T. goals. Link
11. Focus. It’s easy to get carried away with multiple projects.
12. Stay uncomfortable.
13. Be metrics driven. You can’t improve what you can’t measure.
14. Utilize social media to its fullest.
15. Consistently seek out constructive feedback.
16. Know your competitive advantage and stay obsessed over your competitors and the industry. Read more of this post

Oliver’s Advice

wealthymattersOliver Emberton is the founder of Silktide. Here is his advice for would-be entrepreneurs:

11 years ago I was an impoverished student about to graduate with £14 k in debt. I did what any sensible person would do in this situation, and started my own business.

I co-founded with someone who proved to be less than ideal when he punched me in the face during our second board meeting. He owned 49% of my company. Our first annual profit – £200 – was barely enough to buy one iPod touch.

A decade later I’m almost embarrassingly happy and successful, but the road there was long and winding. Here’s some of what I learned:

On you as a founder

  • Firstly, do it.
    Every single person – from my family to my closest friends – ultimately doubted that this was a good idea. (Many started being supportive, and changed their minds when times got harder). If you feel compelled to do it, don’t let anyone stop you, and don’t expect anyone to support you either. Read more of this post
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