Startup: 2. Team and Execution

Team

  • Choose Co-Founder carefully
  • Analogy of Great Co-Founder is James Bond
  • You want tough and calm co-founder
  • 2-3 co-founders is optimal number

Hiring

  • Try to not hire
  • Be proud of how much you get done with a small number of employees
  • Try to stay small as long as possible
  • At beginning hire just if you desperately need to
  • cost of hire wrong is really high
  • PRIORITY: Get the Best People
    • Will I bet future of a company on this hire ?
  • Look for these things:
    • Are they smart ?
    • Do they get things done ?
    • Do I want to spend a lot of time around them ?

Keeping Employess

  • Give employees credit for GOOD and take responsibility for BAD
  • You have to NOT Micromanage
  • Give people new areas of responsibilty

Firing

FIRE FAST

You want fire: People creating politics and people persistently negative

Execution

Execution is what creates value to the Idea

CEO’s jobs:

  • Set the Vision
  • Raise Money
  • Evangelize
  • Hire and Manage
  • Making sure the entire company executes

Two parts of execution is FOCUS and INTENSITY

Focus

Altman asking founders:

  • On what you spending time and money ?
  • What are 2-3 most important things ?

Say “NO” a lot

Communicate Clearly

Maintain growth and momentum

Intensity

  • Outwork competitor by little bit in long run
  • Relentless operating rhytm
  • Obsession with execution quality
  • Bias towards action
  • Quick
  • Do whatever it takes
  • Show up
  • Don’t give up
  • Be courageous

Always keep growing !!

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