They easy way out is to look to the greener grass and aspire to run on it. New hires, new money and new partners can be very enticing. Sometimes, in fact dare I say most times, they may even be the best option. However, all too often (myself included), this option is taken too soon or too easily. What if your current employees, your current partners, your current investors and your current co-founders can become the best option you could ever hope for? You’ll never know unless you spend the time and energy “watering the grass” as it where.
’As Long As You Love Me’ says Big Sean and The Biebs (who has a great entrepreneurial story in his own right). They are right. Business is a what-have-you-done-for-me-lately kind of affair. Since the results of the day are often the focus, entrepreneurs can fall in love with a key hire, a new set of investors or a talented marketing executive. They aren’t the answer. There are no silver bullets. Having the right team is everything, but stop to think for a minute — in fact much longer — about what you’ve been thru with who you have. When the going gets tough, the easy way out is to come up with justifiable reasons to move ahead without them. I’m challenging you to think about this long and hard though. The team you have may eventually be the one that provides optimal results for the company.
Don’t be too quick to change them out in the name of greener grass.
Advice from Big Sean and Bieber, sort of.
Reputation is the magnet that brings opportunities to you time and time again. I have found that being nice builds your reputation.
My advice to entrepreneurs beyond the obvious (be in the right macro, hire great people, operate with purpose) is to -
1) Optimize for building institutional knowledge - get as many iterations as you can to give you insight into how to win long term
2) Pivot ahead of when you need to - pivoting early is leadership, pivoting late is desperation
3) Fully commit - you won’t / can’t win if you’re hedging. You only have finite emotional energy, deploying it in too many places will reduce the likelihood of success
A Hong Kong VC fund has just appointed an algorithm to its board.
Deep Knowledge Ventures, a firm that focuses on age-related disease drugs and regenerative medicine projects, says the program, called VITAL, can make investment recommendations about life sciences firms by poring over large amounts of data.
Just like other members of the board, the algorithm gets to vote on whether the firm makes an investment in a specific company or not. The program will be the sixth member of DKV’s board.