Now let’s move to advice for someone leading a startup organization. Their thoughts-
From Ray Wang-Get the economic model right before you build the offering. Make sure you understand your unit cost pricing model so you know where to bundle and where to decomponentize the cost structure.
From Darlene DeRemer-Strategy without execution is hallucination.
From Jarrett Lilien-First, make sure they have enough runway. For Jarrett this is 18-24 months of capital. Second, ensure they have strategic alignment with their major stakeholders.
From George Wilbanks-Be realistic about the time, budget and career risks you are taking. As setbacks occur along the way, be nimble and creative in seeking strategic partners to help you reach your goals.
From Tom Streiff-Stay flexible. You may have what you think is the perfect idea, with a perfect execution plan. Listen to the people around you. What you think is “perfect” may need some adjustments. Stay true to your values but be flexible and open to “more perfect” ideas.
From Pete Mattoon-You will need luck to make it but the good news is that you can make your own luck with the right team, extremely hard work, and actually having a product/service that creates value for your target market. Know your purpose. Know your target market.
From Andy Putterman-Surround yourself with an advisory board to provide different perspectives, challenge assumptions and keeps you focused.
From John Werner-You are building a company and also a team at the same time. Focus. Be passionate!
From Tom Gavin-There is a fine line between confidence and hubris-believe in your vision and your plan but be open to making adjustments along the way. The flexible will always defeat the rigid!
From Maliz Beams-Keep your investors, partners and employees (and yourself) looking forward with surgically precise focus and discipline on the “differentiated” value you deliver to the market. Very quickly find a way to fact base your differentiation. (Harder than it sounds) then ensure clinical objectivity and discipline around unbiased measurement. Quantify it, measure it, base the team’s payback on that differentiation.