INSIGHTS: Reflections From 101 of Yale's Most Successful Entrepreneurs by Chris LoPresti

Author:Chris LoPresti
Language: eng
Format: mobi
Publisher: Merry Dissonance Press
Published: 2015-07-28T14:00:00+00:00

People.

It Really Is the People.

David Meyers, Ph.D.

Principal, Green Ant Advisors

There is one thread that keeps returning to my entrepreneurial experiences, which I wish I had really understood at the start. Everyone will tell you that it’s about “people, people, people” and you say, “Yes, of course it’s about people,” just as I did. However, here is my little hint: It really is about people.

I have started and been part of the early stages of five companies. None have been huge financial successes, but all had great value to me in terms of learning about different businesses—from the Internet in the late 1990s through “triple bottom line” investing more recently. In each case, the people involved did “make or break” the startup. So a few hard lessons learned along the way:

#1 Trust your gut.

People can be very deceptive, and often our entrepreneurial enthusiasm can push us to accept situations that are not ideal. We may hope that at some point—when such-and-such happens—it will work out. When you feel deep in your gut that someone is going to be a problem, share that with a mentor, and get a second or third opinion. Speak up about it. Startups are too small, and everyone has to pull their weight. Bad apples in a large company might be manageable. Bad apples in a startup are disastrous.

#2 Don’t wait.

When you sense a problem with a partner or co-founder, or top exec, address it right away. There are too many things to continuously do in a startup, and if something is put off for the future, it becomes difficult to get back to. Patterns are set quickly.

If there is a problem, address it immediately and address it completely. If you can’t work out an effective solution, get out. I have done that twice now and am extremely grateful that I moved when I did. We pour too much money and heart into our companies, so don’t wait around thinking things might get better. If there is a problem, address it, and if that fails—walk away.

#3 Build the right team.

Companies are, by definition, groups of people and teams. Don’t stop searching for great people to be part of your team. Be extremely choosy about who joins you. Do not accept anyone who is willing to work for equity—even interns require time, attention, and will have an impact on the culture of an early-stage company.

There are amazing people out there, and many of the best will be completely different from you. Do not only seek people who are the same. Diversity is key. One effective way to assure good “people choices” is to make sure every choice is agreed upon by at least three people who assess the individual as independently as possible.

#4 Avoid hierarchical people.

When it’s all about position, it’s not about the company. Infighting is such a distraction that it leads to bad decision-making.

#5 Finally, have fun.

If you are not having fun, something is wrong that needs fixing. Entrepreneurship is not easy, but enjoying it means you are on the right track.

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