This series is for people who are currently a startup CEO or would like to become one, or are just interested in the topic. It’s part of a forthcoming book series.
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Mentors are extremely important to the success and confidence of a startup CEO, first time or not, yet most first time CEOs don’t do a very good job of building and leveraging a strong network of mentors.
The purpose of a technology startup is to invent something new, take a big chance, take some risks, so the person who winds up being the early stage CEO is often more of an inventor or brilliant engineer, not a seasoned manager of people or business growth expert.
That first-time CEO is also probably not going to last as CEO past the first couple of rounds of funding. Yeah, yeah, I know there are plenty of exceptions, but the majority of tech companies swap in a seasoned high growth business person. Investors usually demand it. Wouldn’t you if you were an investor?
First-time and/or “technical” CEOs can do a few things to increase their chances of staying in the job for the long term. One, learn everything there is to know about building a company from pre-revenue to $100 million plus. Two, surround yourself with many mentors as early as possible. Zuckerberg did it, Sergey and Larry did it; they had dozens of mentors helping them.
Find Them
They’re actually everywhere, you just need to make a focused effort to attract them and give them a reason to want to help you. Professors, friends with experience, Linkedin, bloggers, VCs, angels, people at the coffee shop, chamber of commerce. The most important attribute is experience that relates to your business and willingness to help you.
I found a great mentor at a brewpub 20 years ago in MountainView, California that I still go to for advice.
Then, have your act together and be ready to use them. Swallow your pride and ask a lot of questions. Don’t waste their time.
The biggest mistake first-time CEOs make is to not be ready for a mentor.
Be ready, report your progress to them, ask for help.
Use Them
Many CEOs look for a few mentors or advisors, or build a “board of advisors”, but they hardly ever use them.
Don’t be afraid to bother mentors and advisors. Give them a some stock options, then make them earn it. Be organised and have your act together when you use their time, but use them. That’s what business is all about.
I once stepped into the CEO role for a funded startup that had an amazing group in their board of advisors. There were world famous MIT and Harvard professors and other superstars on their board. But they had never actually talked to them. Massive waste of brain power.
Try to have some one on ones. If you fell the connection isn’t there, then let them go, find others.