Read more at venturebeat.com
Startups have increasingly gained importance over the past couple of years. Startups are temporarily organized that are focused on designing repeatable and scalable business model. This post is directed to those entrepreneurs who aim to build great growth companies.
The post talks about the experiences of an interim CEO during his 4 month journey as a VC filling in a startup. The following are some of the key insights for entrepreneurs new to this field :
- 1. A CLEAR STRATEGY IS THE KEY TO EXECUTION:
The first thing to keep in mind is that the entire team needs to understand the brand promise and than they should work towards fulfilling that promise which will in turn drive success. Try to have a word with employees outside of the executive team in order to understand their view on the strategy.
- 2. DATA IS HALF THE BATTLE:
Every organization requires data. However, building the systems for obtaining accurate and useful is another aspect that should be taken care of. Focus on developing a data strategy and also aim for driving a culture of data-driven decision making.
- 3. PEOPLE ARE THE OTHER HALF:
When it comes to being at the position of the CEO apart from having financial knowledge you also need to focus on having empathy and compassion which tend to be far more valuable. You need to give your team members the opportunity to step up within the organization. Make sure that your team members are free enough to raise their opinions and they do not fear that their say will not be taken into account.
- 4. IT IS EASIER TO BE BOARD MEMBER THAN A CEO:
Make sure that your team members understand the importance of a well-run board meeting. When it comes to reporting, take 2 to 3 strategic topics and spend no more than an hour on that. Board meetings are designed to provide guidance for the board members.