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Matt Blumberg’s new book, Startup CEO: A Field Guide to Scaling Up Your Business, is about to come out. If you are a CEO and haven’t preordered it, I recommend you go get it right now.
I had a chat with a CEO I work with who has had a challenging year scaling up his company. He – and the company – have made a lot of progress after hitting a low point this spring. After the call, he sent me the following note he has pasted on his desk.
1. Lead by example by holding myself and all accountable, no matter how hard.
2. Set the overall vision and strategy of the company and communicate it to all stakeholders.
3. Recruit, hire, and retain the very best talent and inspire them.
4. Makes sure there is always enough cash in the bank.
5. Be the advocate for the customer over the company’s short-term needs.
6. Drive the execution and evolve the operating system.
7. Champion the company and our mission to the world.
You might recognize #2, 3, and 4 from Fred Wilson’s magnificent post What A CEO Does. I give a talk for many of the Techstars CEOs called “How to be a Great CEO” and I focus the conversation around Fred’s points. Matt’s book also uses Fred’s three points as a framework. And when I think about how a CEO is doing, I always start with 2, 3, and 4.
I’ve come to believe that you can’t be a great CEO if you don’t do these three things. But, great CEOs do many more than just these three things. So – I view them as “price of admission” – if you can’t / aren’t doing these three things, you won’t be a great CEO.
I always encourage the CEOs I talk with to create a clear framework for what they are doing. What you are doing, and spending time on, will change over time based on the stage of your company. When you are 10 people, you’ll have a different set of priorities then when you are 100, or a 1,000 people. But having a clear framework for what you, and how you do it, is powerful.
I love what this CEO has done to make Fred’s framework his own. Notice that each sentence starts out with the imperative form of an action verb (Amy told me that – doesn’t it sound smart!) – basically a statement of action. Lead, set, recruit, make, be, drive, champion. Great words.
If you break it down, it also defines a value set for the CEO, and for the company.
Finally, you are going to hear a lot more from me about the Company Operation System (what you see in #6). That’s the essence of what Matt Blumberg has figured out in scaling up Return Path, and uses to define his approach to scaling a business in Startup CEO: A Field Guide to Scaling Up Your Business.
My experience with all of this is that it’s incredibly hard, breaks regularly at different points in the life of a company, and requires a great CEO to continually grow and learn from mistakes, adjust course based on new information, and work diligently at being honest with himself, his team, and his board about what is going on. But, if you get it right, it’s magical.
On Friday July 19th, I’ll be hosting Bill Aulet in Boulder to discuss his new book, Disciplined Entrepreneurship: 24 Lessons To A Successful Startup.
Bill, the managing director for the Martin Trust Center for MIT Entrepreneurship, is a close friend and amazing thinker on entrepreneurship. The book is a result of many years of his work and thinking on creating and scaling startups.
The event will take place at Rally Software in Boulder, CO from 9am – 12pm. Seating will be limited to 150 people which means you better get your tickets NOW!
Bill’s book Disciplined Entrepreneurship is currently available for pre-order, but will officially go on sale August 13th.
I hope you will join us!
When the Second Edition of Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist came out, I was baffled that the books were listed as two separate Amazon items. The biggest impact was that all the reviews for the first edition did not sync with the second edition, so anyone coming across the second edition wouldn’t see all the first edition reviews. There was also a bunch of other content missing from the Second Edition page. In frustration, I wrote a post titled The Mess of a Second Edition Book.
For several weeks I dug into this with Wiley (my publisher) to no avail. I kept hearing back that the Second Edition is considered an entirely new book. I accepted that (it has a separate ISDN number), but I still wanted the two pages to be linked. The First Edition pointed to the Second Edition, but the Second Edition didn’t point to the first edition. And – none of the content on the pages was synchronized. I kept thinking some version of “c’mon guys – this is just meta-data – how hard could this really be?”
Dane McDonald, who works for me, eventually just took it on himself to figure this out. He went to the Amazon Author Central site, found, and followed the instructions.
- Login to your Amazon Author Page.
- Click on the “Help” button in the navigation Bar.
- Click on the “Contact Us” button in left hand sidebar of your screen.
- Under “Select an issue,” select My Books.
- Under “Select details,” select Update information about a book.
- In the field that appears, select Update something else.
- In the next field that appears, select I want to link one edition of my book to another edition.
- Make sure to include your email address as well as both ISBN #’s for the two editions of the book you would like to link.
- It takes 1-3 business days for the link to take effect.
Voila. Several days later what Wiley had said was impossible now worked. The two editions were linked and all was good in the world. Until the other day, when the books magically unlinked. Boo.
Yesterday, I followed the instructions again to relink the editions. This time I got a disappointing email from Amazon.
I understand you would like us to link ISBNs 978-1118443613 and 978-0470929827.
The books requested for linking, Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist ISBN 978-1118443613 and 978-0470929827 don’t meet the qualifications to be linked. Please accept my sincere apologies for this disappointment.
In order to be linked, books must have the same content. Linking books such as the hardcover and paperback edition is meant to allow customers to choose between different formats, but customers should be able to expect to read the same content. Newer editions of nonfiction books generally have additional primary content, and therefore aren’t considered materially the same.
Books that are different parts of a set, or derivations of one another can’t be linked, even though they may be similar.
Thank you for contacting Author Central. We hope to see you again soon.
Double boo. I guess I should be frustrated, but pretty much everything about the old school publishing process baffles and perplexes me. Almost none of it is from a reader or author’s perspective. The publishers and distributors have their own magic language, special rules, and byzantine processes. Everything is harder than it needs to be, doesn’t work quite as expected, and has a bunch of extra words around each step.
I’ve let go of my frustration. Now I’m just amused. And I’m glad stuff like Bookshout exists – hopefully it’ll stimulate another wave of reader-centric disruption.
While FAKEGRIMLOCK and all of the humans he has let survive are hanging out at the TechStars SXSW party, I’m at home with Amy, buried in a snowstorm, reading. I haven’t read much this year – I’ve been overwhelmed with work and writing and haven’t had much energy for reading. Which is dumb, since I love to read, and it’s an important way I discover new things and think about things I’m interested in.
A copy of Clay Christensen’s new book How Will You Measure Your Life? ended up finding its way to me. It’s signed by Clay and his co-authors James Allworth and Karen Dillon so I assume someone sent it to me. I read it tonight. It was timely and excellent.
One of the chapters in Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur that was especially challenging for me and Amy to write was the one about children. We don’t have any, so we enlisted a bunch of friends to write sections of it. I’m proud of what they wrote and think it hits the mark, but it is an area I struggle to understand since we made a deliberate decision not to have kids. So I dug into the middle section of the book where Clay spends a lot of time talking about children in the context of measuring one’s life. I learned a lot from it that I think I can apply to my interaction with children that are not my own.
Clay very deftly uses business concepts to set the stage for a deep discussion of how to think about your life, your values, and how you operate. The one I liked the most was his discussion of the theory of good and bad capital. It’s very nicely linked to the Lean Startup methodology (without realizing it). The theory is that early in their life, companies should be patient for growth but impatient for profit. Specifically, they should search for their business model, and long term strategy, before stepping on the gas. This is good capital. Bad capital early on will be impatient for growth ahead of profit.
When companies accelerate (search for growth) too early, they often drive right over a cliff. However, once the business model and strategy is figured out, then companies should switch modes to be impatient for growth but patient for profit. Invest like crazy when you’ve got it figured out.
The section that follows is awesome. You need to read it to get it, but imagine the notion of how you invest in friendships, in your children, and in yourself. At any particular time are you focused on growth or profit? Do you have them sequenced and allocated correctly? Clay’s punch line is:
“There are two forces that will be constantly working against [your investments in relationships with family and close friends.] First, you’ll be routinely tempted to invest your resources elsewhere – in things that will provide you with a more immediate payoff. And second, your family and friends rarely shout the loudest to demand your attention… If you don’t nurture and develop these relationships, they won’t be there to support you if you find yourself traversing some of the more challenging stretches of life.”
I’ve just had one of those stretches – I spent the past three months struggling with depression after having a bike accident, wearing myself out travelling for two months, and then ending up in the hospital to have surgery to remove a kidney stone. I’d made the right investments in my relationships so it was easy to cash in on a bunch of them, and I appreciate greatly everyone who invested energy and support in me. I came out of the depression around February 14th and I appreciate more than ever the value of investing in these relationships. I now have a powerful business analogy – that of good and bad capital.
There’s a lot more in How Will You Measure Your Life? It’s a great companion to Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur and very easy to recommend to anyone who is trying to live the best life they can.
The second book in the Startup Revolution series, Startup Life: Surviving And Thriving In A Relationship With An Entrepreneur, is shipping in the next week or so. My wife Amy Batchelor and I wrote this one, with contributions from about 20 other entrepreneurial couples.
Amy and I have been friends since we met in college in 1984. We have been together as a couple since 1990. We got married in 1993. Our marriage almost ended in 2000. Today, I am ecstatic in my relationship with Amy. We’ve worked hard over the past 11 years to figure things out, get it right, and build a long-term, sustainable relationship.
Startup Life explores the unique challenges that exist in the context of a relationship with an entrepreneur. Like my other books, there’s a lot of personal stuff in it – in this case, from both of us. We include lots of stories and wisdom from our entrepreneurial friends, especially in areas where we have no experience, like that of having – and dealing with – children in the relationship.
Amy and I have been talking about writing this book since 2007. It was an awesome experience to write it together – all of the expected collaboration dynamics appeared. For example, when we started, I wanted to simply split up tasks and write chunks separately; Amy wanted to collaborate on every word. After a laugh together about the clicheish male / female gender stuff at work here, we quickly figured out how to make progress together.
Of all the books I’ve written, I’m most proud of this one. We dug deep into our own life, experiences, and personalities. We bared our souls a lot. We’ve got a lot to learn still about relationships, but we feel like we covered a lot of ground in this book.
Several early readers have told us this is a great broad relationship book that applies to any couple. While we hope that is the case, we especially focused on the special stresses that we’ve experienced in an entrepreneurial life. Either way, we hope there’s a lot here that can be helpful.
If the topic appeals to you, pre-order a copy of Startup Life: Surviving and Thriving in a Relationship today. Engage with articles you find interesting about this topic on the Startup Revolution Hub. And look for a lot more on the Startup Life blog in the coming weeks.