As a CEO you are especially lucky in one particular way: While the majority of people don’t have the privilege of choosing their bosses, you do.
Choose the right funding partners — who become the board members and who are, effectively, you bosses — and you’ll be well on your way to startup success, suggests serial entrepreneur Justin Moore, CEO and co-founder of Axcient. But you’ll still need to be able to manage and effectively work with your board of directors. Fail to do either and “the board will replace you faster than you can say, ‘You’re hired,’” Moore writes.
In this guest article for VentureBeat, Moore identifies five keys to choosing wisely and leading well. “Partners don’t disappear when checks are cashed,” he writes, “You’re not so much selecting a funding firm as you are welcoming an individual partner from that firm into the company. So make sure you choose based on comfort and chemistry as much as value and name brand.” Once your board has been established, establish realistic expectations, never go into a meeting with news — good or bad — without a plan on how to react to it, and, when necessary, stick to your guns. “Don’t be the Yes Man or Yes Woman,” writes Moore. “Make the best decision for the company, and then explain to the board why you’re doing things your way.”