ROLES OF THE ENTREPRENEUR AT THE START OF HIS OR HER BUSINESS

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Running a company is a work not for the faint-hearted: continuous uncertainty, making decisions with little or no data, and the challenge of pursuing a goal that often not only doesn't seem any closer, but (the darned thing) seems further away. (see TIP entrepreneurial requirements).

And if you add to this the usual endemic shortage of resources, it seems a task fit for superheroes only... The job of CEO of a startup is anything but glamorous and doesn't look like the Facebook movie... forget the super modern offices, forget the parties.

Normally, Their role is more akin to being the "duct tape" of the startup: It fills in any gaps that appear and holds everything together:

"That means everything from buying pizzas for the team to sweeping the floor, meeting with investors or, above all, being out on the street talking to customers."

But of course, in this scenario it is very easy to lose one's way y to devote your efforts to things that seem tremendously important but are really not... And, of course, that means that if we are not working on what is important, we will use up our time, money and, above all, energy before we have reached the next station. (see TIP key activities).

CEO-startup-malabares

Sound familiar? A list of tasks that would take weeks to finish even if you worked 24 hours a day, scarce resources and the feeling that the goal is not getting any closer. 

Well, I'm sorry to say, this is day to day life, and our job is to learn to deal with it. So, in those moments when we all feel overwhelmed and a little bit lost, it is our job to learn to deal with it. What a CEO does?

It states that un CEO does only 3 things: 

• Define the overall vision and strategy of the company and the communicates to those involved.
• Recruit, hire and retain top talent for the startup. 
• And it ensures that there is enough money in the till.

DEFINES THE VISION AND THE STRATEGY; COMMUNICATES IT

A startup normally does not operate in the "now", but lives at an intersection between reality and dream, the vision. Because the expectation of "making a fortune" does not compensate for the marathon working hours, the low or no salary and the struggle against the current, it really doesn't.

What justifies everything is the vision of why we exist, what we think is wrong with the world and what we are going to fix.

Y it is not only important to define that vision, it is also important to think of a path towards it, a strategy that will take us from today to there... without using vision as a way to do whatever we want without listening to the market. 

And above all, it is key to communicate it. CEO's ability to communicate to all stakeholders is one of its most important activities, since, it is not only about external marketing, it's about winning the hearts of employees, future partners, investors, customers... and understand how each of them understands everything. 

RECRUIT, HIRE AND RETAIN THE BEST TALENT

If the vision is the destination and the strategy is the road, the team is the car that will allow us to travel that road and get there in the best possible way. 

And, first of all, it is key to be able to build the best team for your startup (surely one of the most complicated challenges - how to get something you can't afford), extremely important at the beginning especially, as it will be the basis of the startup's culture and will set the tone for what is good and what is not, how the work is done or the level of competence... etc. (which is why it is necessary to be VERY demanding).

But the hardest part really begins then:

• How do we nurture and retain those people we barely know and transform them into companions on the road, who embrace our vision and fight harder than anyone else?

Of course, it is about financial compensation.... but much more: atmosphere, learning, challenges, capacity to grow, recognition, evolution, closeness, illusion... For me the basis for that, in spite of everything, let us not for a second consider trading long hours or uncertainty for being somewhere else.

MAKES SURE THERE IS ENOUGH MONEY IN THE TILL

Self-explanatory but not simple at all... because nobody has taught us how to do it, especially if the CEO has NO business profile.

No, it is not only about "raising money". The best investors are your customers, because, not only do they not remain "equity" but they also as well as valuing what you do, they help you to validate the business model... pure gold.

That is why, the first point is to define that path to income and to be able to walk it, and to have one eye on the vision and the other on the cash flow. (not in the invoicing, mind you - in the start-up the cashier is the boss).

But yes, it is also about investment: on average it takes about 6 months for a startup to get investment for its project... which is a real tragedy: 6 months of distraction from the business, endless meetings and many "no's".

A particularly absurd process because Much of that time is spent looking for startup investors who are often not the right ones or attending forums and presentations that make no sense at all.

SAYS "NO" ... AND SELLS - ALL THE TIME

It is really a corollary of the previous ones... because unfortunately many people think that this is about doing a lot of things, incorporating a lot of functionalities to our product and growing a lot from the first moment... when in fact it is just the opposite: we seek minimisation, to the simplest possible, and that involves removing a lot of things, focus on value and not just growth and say NO many times.

Because the key is indeed the execution that leads to that vision, but good execution. You know:

VISION without EXECUTION is ALLUCINATION

And, no doubt, the CEO must sell. Every day. To everyone. Sell the team, sell the vision... but sabove all, selling the business. And make no mistake, although the word "sell" conjures up in your head the image of a used car salesman, it is anything but.

Selling is going to the market, to the real world, confront your startup's product with the real needs of customers and get their validation (and customers vote with their wallets)... and learn along the way.(see TIP starting is selling).

And then turn this into repeatable business (see TIP) ... almost nothing!