I have worked with dozens of startup founders and hundreds of their leaders.
The biggest reason they don't achieve what they desire?
Founders hang on to leaders that can't scale.
Here are 6 ways to succeed faster by upgrading your leadership.
1/ Identify the next level of leaders needed
What are your next growth markers? Example: 1m today - > 10m in 2/3 years. 10m today -> 30/50m in 2/3 years.
What's needed of each leader at those levels.
2/ Start building the leadership pipeline.
Recruiting great leaders doesn't happen overnight.
Target the individuals who have the experience at the next growth marker and build relationships today.
Educate them on your plans. Provide frequent updates. Ask for advice.
3/ Let your potential recruits understand your plan and timeline.
"In 6 months I expect to need a new CXO with your experience. By then we will have achieved X. Can we start discussing this today?"
The worst case? Referrals to other talented execs.
4/ Set expectations with current leaders
"In 6 months when we will achieve X and will need a leader with the experience to then take us to Y. What would you need to learn to be successful in that role?
Don't discount a motivated leader's ability to develop.
5/ Make leadership changes publicly OK
Founders shy away from leadership changes. They are scary and feel disruptive.
Communicate that these type of changes are healthy.
At some point, this may include you. (It eventually included me ... another thread for another day..)
6/ Don't be afraid to rotate
Going outside isn't always the answer. Exec rotations even in a smaller company can work well. Having great execs oversee new departments provides them new experiences and challenges and keeps great talent within the company.
Hanging on to struggling leaders saps a biz of energy and creates a culture of mediocrity.
Great CEO's build great leadership. Great leadership build great companies.
Go build yours.
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Startup boards can be transformational if built and managed properly. They can be destructive and a massive time and energy suck if not.
Here’s a 🧵 on how to build and manage a board for maximum leverage and benefit. 👇🏽
Understand their role.
There are usually two types of boards that a startup may have: Fiduciary or Advisory. If you have taken outside capital, your board is fiduciary.
(This thread largely deals with funded startup boards.)
A board has three overriding responsibilities:
✅ Hire the CEO (and maybe CFO)
✅Corporate governance (budgets, capital investments, equity grants, etc)