Stripe has been growing at breakneck speed for years, but according to COO Claire Hughes Johnson, the biggest challenge is integrating new people into such a complex organization. To grow quickly and conscientiously, she recommends startups press pause regularly and answer the following six questions: Have we documented our operating principles? You need to document core tenets describing the way you work. They should be clear and explicit enough that the people who consult them will make the same decisions a founder of your company would. What structure is going to help us achieve our goals? Do you want to run a flat organization? Have hierarchy? You need to decide what is going to work best. You also want to anticipate that the size and shape and number of people around any given table is bound to change. Who has been successful at our company so far? “Take the time to ask: Okay, what kind of people have we hired? Who’s doing really well? Who’s scaling at the same pace as the company? What are those people’s characteristics?” says Johnson. You want to hire more people who fit the mold of the people who not only have the right skills, but who are having a good time too.
Mostly the budding entrepreneurs do two mistakes at the start: Most budding entrepreneurs do not have a funded business and also haven’t raised a venture capital. In terms of the money they have only six months and between that, they have to achieve their goal. While they are dreaming of every possible aspect which can assist them in order to attain the goal. Soon the realization hits them and they run out of cash. Secondly, there are a few who are well funded and they don’t make the necessary efforts to generate the revenue. They are so used to the ideas that losing a huge amount in burn rate is completely fine because they have a funded company. Such people focus more on raising their next round instead of actually making the profitable business. More information can be read at Entrepreneur resourses.
Build a good team. Yes, you must be the brain of all activities and decisions, but your team matters too. Without it, the work cannot be completed, and the desired success will be delayed. So make sure you have professional people around you who are doing well in their field and who can help give your company added value. Once you have the team, start with the beginning! Focus on the image. What you do, your actions matter most. Thus, you take care of the image that you post, because in the end you represent your company and you are solely responsible for it. But do not try to look like someone who you are not, because you will seem fake and you will not inspire confidence. On the contrary, choose to be yourself, honest and open and people will appreciate this. Perhaps the least interesting activity of an entrepreneur is the one regarding the legal and tax aspects, but these are essential both for the success of the business and for the peace of the entrepreneur. In addition, it is much more difficult and costly to try to repair such mistakes later, so together with your consultant or your accountant and notices are needed, which is the tax regime, etc.
You are the designer of your life. If there are parts of your life that do not fit well, you can make adjustments. Think of your life and career as clay on a potter’s wheel and you as the potter. Get a picture in your mind of what the masterpiece looks like and keep shaping toward that picture. – Bonnie Hagemann, Executive Development Associates Source: https://theentrepreneurresearch.com/.