Startup founders can learn a lot of invaluable lessons from their mistakes and failures. But there are also lessons they can glean from an internationally acclaimed satirical TV show called Silicon Valley.
1. Don’t sell immediately
Figure out your exit strategy from the get-go and set your goals. Did you build your startup to help people and change the world? Or do you just want to make money? Don’t immediately sell when you get your first big offer.
2. It may not be easy to let a new leader take over
A rapid success and expansion may mean looking for outside talent who can help you with your startup’s growing needs. But realize that, in a competitive marketplace, other companies
are also looking to bring in leaders with similar skills, and any change in your company’s leadership may involve power struggles and conflicts. So, if your startup needs a new leader, you also need to maintain a shared purpose.
3. A verbal agreement is not a formal deal
You cannot rely on verbal agreements. Once you have your eureka moment with your innovative idea, document it, open a Dropbox account, and save your documentation there. If you have partners, all co-founders should sign a thorough agreement that defines the relationship of the founders with each other and include a conflict-resolution clause to avoid conflict.
4. Know how to find a really good programmer
It’s said that what often destroys potentially viable startups
are bad programmers. But business leaders may not be a good judge of talent and hire whoever seems like a good programmer (with a sterling resume) but actually sucks. The bottom line is don’t compensate employees for ineffectual results or slovenly attitude.
This is an edited excerpt from Tech In Asia. You can read the original article here