Thursday, December 20, 2012

Leadership of Startup Ventures: Avoiding 8 Common Pitfalls by Philip N Morgan

Sat thru the talk by Philip N Morgan this evening...juz wanna share some notes that i took...he's so diff from some stuck-up yaya folks...

-Acting like boss n becoming isolated
-Pursuing investments rather than revenues
-Failing to do most basic research
-Assuming we all know y we r here
-Engaging inferior talents n vendors
-Letting ur leadership become ur lifestyle

1) Behaving as the leader is better than acting like one
B humble. Avoid delusions of grandeur
Ur startup crusade may not b shared by all
Build the right culture. Always set a good example
Demonstrate tt u can roll ur sleeves up

2) find customers. Not investors
Customers validate ur model n offering
Customers don't dilute ur biz stake
Customers offer recurring revenues
Better to have Investors queuing behind customers

3) balance ur optimism with a good doze of realism
Avoid delusions tt it's ur destiny to succeed
Refine n monitor ur dashboard n metrics
Don't over promise. In fact don't promise at all
Misplaced optimism can kill a young venture

4) mentoring is better than meddling
Avoid temptation to micromanage every aspect
Encourage n reward knowledge sharing
Let ur team teach u. Always b learning
Foster a culture where risks/failures r not hidden

5) do ur homework before u embark on anythg new
Due diligence googling can save alot of grief
Try to identify ur key opportunities n risks
Background knowledge underpins any negotiation
Carefully research new initiatives n deals

6) assuming we all know y we r here
Team communication r vital as a venture grows
Highlight factors for success n ur expectations
Develop clear roadmap for the products/services
B seen to eat ur own dog food!

7) focus on working with the best talents b vendors
Recruit talents who r smarter than u
Surround urself with experts
Only hire when u must. No warm bodies
Consider if u can tap key skills without hiring

8) ur startup shld b ur passion. Not ur lifestyle
B humble n ask lots of qns. Avoid vanity
Live a balanced lifestyle. Work is only one aspect
B respected as an ethical custodian of ur role
If ur startup fails what will u have gained?

Leadership is lonely. Build support network
Ppl often tell u what they think u wanna hear
Don't b seduced by flattery ur Role attracts
Stay grounded n avoid being excitable in a drama
Work out how the magic trick is actually performed"

This is me!

Som ppl aint worthy of my efforts...

From the bottom of my leechie heart!

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