Jed started by saying that he wanted to share a list of things he wished he’d known when they were starting up. A short list he believes would have made them move more quickly and work smarter had they known its details.
1. Consistently with Martha Lane-Fox, he started with vision. Vision is the most effective way to motivate, empower and drive for results.
2. Your first hires truly define your company. They build your company culture.
So if you have a part of the team that is not working, you need to be brave and make the change. It also helps if you like them… Start-ups are hard, so when you’re ordering dinner in late at night in the bunker, it helps if you like the person next to you.
3. On funding… take less money and keep a tighter board
Jed notes that even though they didn’t do this, they would if they were doing it again: Get a small amount of investment at the start; prove the model; then go back for more money. This means you can keep a tighter board and make quicker, more dynamic decisions.
4. Have real focus of purpose
Have a shared belief across the founders and the board, and make sure that the whole team knows and buys into it. Then make sure you’ve picked the metrics to measure this success against. It delivers clarity, purpose and makes sure everyone knows which way they are pulling.
Next time… the final instalment from Paul Lindley of Ella’s Kitchen
Written by Christina at The Nurture Network: The on-demand marketing department for start-ups and entrepreneurs – making expertise and resource available just when it is needed