Posts Tagged ‘ entrepreneur ’
Tip #10: A solid quality system adds credibility.
Monday, August 17th, 2009Tip #9: Make a plan, stick to it, and drive straight for it.
Thursday, August 13th, 2009Tip #7: Hire the right people at the right time.
Tuesday, August 11th, 2009Tip #6: Square pegs fit into square holes!
Tuesday, August 11th, 2009Whether you are putting together an executive team, your board of directors, advisors, or your employees, people will make or break your success. A leader needs to focus on recruiting the best people possible. Everything else will fall into place if the right people are there to make it happen. The people you want are as positive and passionate about your business as you are.
Many early stage startups will bring in employees or consultants that are friends or family of the founders or management and are asked to perform functions that they are not experienced in performing. It is definitely easier and quicker to hire friends and family, especially when you are working long hours and need someone immediately, but some time needs to be spent handpicking people based on needed skill requirements if you want your business to succeed. It really is extremely easy to bring in experienced personnel or consultants to assist in the areas where they are experts and the tasks will be completed much faster and more efficient, resulting in less rework in the future.  This will save the company money and time in the long run. There are talented and skilled people who can wear more than one hat and they may not always be your friends and relatives. Always hire people who can add value to the company and its operations.
There also needs to be a certain sense of objectivity and accountability in the workplace. Friends and family do expect to be held to a different standard and they should be, away from your business, but never in it.
Tip #2: Only a proven entrepreneurial CEO need apply!
Tuesday, August 4th, 2009The founders may get the company through the concept stage, but may not be the best candidate for the CEO position beyond that point. The founders need to search for a CEO with a proven track record for raising money, maintaining budgets, building an appropriate team, leading people, success in a medical device startup, and focused on relentless execution. A CEO with these qualities will greatly increase your odds in being successful.Â
- Raising money provides the necessary resources for product development and other necessary expenses.
- Maintaining budgets ensures the money is used to achieve the company vision and goals and not for frivolous expenses (often happens once money is raised).
- The CEO should be adept at hiring people that are experts in the field, great leaders, and have a strong work ethic. Building a management team that is focused, dedicated, and aligned with the company’s vision and goals is crucial to the company’s success. In the early stages of the company, the CEO needs to delegate the specific department responsibilities and hold management accountable, which will keep this demanding, hectic startup environment streamlined and organized.
- The CEO needs to be a strong leader and a great motivational influence within the company. With the rollercoaster experience that is a startup, the CEO must be that stabilizing force inside the company that people look up to, which keeps the employees motivated, positive, and enthusiastic.
- Having at least one proven successful early stage medical device company under his/her belt is important. I am not saying that the company must have been sold for $300 million, but the CEO should have been responsible for many rounds of funding, growing the company from a few employees to many, and revenue growth of $0 to a few million, etc. Learning from mistakes of past ventures is great knowledge, but until you have had even a little success, you don’t know what it tastes like.
- During the interviews with potential CEO candidates, the board must evaluate the drive and focus of the candidate. The company needs to have a relentless visionary as a CEO. The CEO needs to understand short-term and long-term goals, what it takes to meet these goals, and have a proven record of accomplishing what was promised to investors.
It is difficult to find this perfect person, but try and find someone that has many of these qualities and shares the founder’s passion for the product(s). Also, the founders (if they don’t have a lot of business experience) should consult with people on how to interview these candidates and how to judge what a qualified CEO looks and sounds like. This leader hired for the startup is one of the most critical pieces to making your startup successful.