03 Oct SmartCEO Entrepreneurship Panel: Focus on Culture

As many of you know, I write a monthly column called “The Uncut Entrepreneur” for SmartCEO magazine. Check it out at www.smartceo.com! In any event, I had the pleasure today to attend a fabulous panel of entrepreneurs and investors talking about venture capital, the founder’s role and the best strategies for growth and exit. Here are some interesting take-aways, many of which are consistent with my latest book:

1. The venture capital game changed in 2008, there are now hundreds, not thousands, of vc’s active in the venture capital industry.

2. One of the three most important things a CEO does is focus on the culture and experience of working in the company. “Hire slowly and fire quickly.” Others include marketing and business development.

3. Remember to look inward and focus on your strengths. Quell enthusiasm with good and honest advisors. The founder needs to know when to let go and delegate effectively.

4. Some feel bootstrapping with your own finances or reinvesting profits is preferable to venture money if you can do it. They suggested being stingy with equity. Maybe a strategic partner can fund a business rather than an equity investor with less knowledge of your industry.

5. It’s a great time to be an entrepreneur. Big companies have cut all the costs they can and the biggest are having trouble figuring out how to grow. They need to acquire exciting growth opportunities.

6. Most common mistake: waiting too long to let someone go who is bringing down company-wide momentum.

7. On the best exit strategies: one said don’t plan on one! Another lamented on missing the action after a sale.

Go SmartCEO!!