I’ve seen way too many people come out of the corporate world, decide to start a company, and be completely unprepared for what it takes. If they’ve never been on a small team starting from scratch, they’re often a fish out of water. They spend too much money too fast. Hire too many people. Don’t put in the time, don’t have the startup mentality, can’t make hard decisions, are buried by consensus thinking. They end up making mediocre products or

nothing at all.

Don’t let that be your story. If you want to start a company, if you want to start anything, to create something new, then you need to be ready to push for greatness. And greatness doesn’t come from nothing. You have to prepare. You have to know where you’re headed and remember where you came from. You have to make hard decisions and be the mission-driven “asshole.” [See also: Chapter 2.3: Assholes: Mission-driven “assholes.”]

So do the work. Know what you’re getting into. Trust your gut.

And when the time comes, you’ll be ready.

In any case, it’s hard to generalize across an entire firm. It usually comes down to individuals. Just like everything else.

So when you reach out to pitch an investor, make sure you’re reaching out to the right person. Talk to founders who have worked with the VC in the past—who’ve gone through tough times together—and find out which partner is operational and helpful and smart and which only cares about the money.

It’s an issue I see at a lot of startups and project teams at larger companies—the founder or team lead often plays the role of the product manager in the beginning. They define the vision and work with all parts of the business to make it a reality. The trouble comes when the team grows—to 40, 50, 100 people. [See also: Chapter 5.2: Breakpoints.] That’s when the leader has to step away from the day-to-day business of building the product and hand over the reins to someone else.

But they can’t imagine handing over their baby. How could anyone understand it or love it or help it grow as well as they could? And how would that function even work? Where would it live? How could the founder retain influence over the product if they’re no longer the manager of that product? And then what would the founder’s job even be? [See also: Chapter 6.1: Becoming CEO.]

Based on research from 10,000 founders, 65 percent of start-ups fail as a result of cofounder conflict.’ In many cases, this might be fixable with the introduction of a Modern Elder.

CEOs often avoid these decisions because they involve executives who have become dear friends. We recognize that this is a touchy subject, but it must be faced if the organization is to grow. One option is for some of the early team members to help launch a new product or division. They are usually more comfortable in a start-up situation or working on a smaller team. And several of the early leaders might be relieved to have the burden of an increasingly important and complex function taken off their shoulders. You won’t know until you have these crucial conversations.