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Mastering transition from founder to ceo
1.
Founder to a
Successful CEO Mastering the Transition Naeem Zafar UC Berkeley-Haas Business School, Charter Member TIE SV www.NaeemZafar.com Twitter: @naeem Entrepreneurship All rights reserved © Naeem Zafar 1
2.
Personal Background •
Faculty at Univ of Calif Berkeley Haas business school • Founder Concordia Ventures – advisory to entrepreneurs • CEO of three companies (semiconductor & software) • Worked in engineering, research, marketing & sales • Experience at one large multinational & 6 startups • One IPO (Initial Public Offering) • Wrote six eBooks on entrepreneurship (www.NaeemZafar.com) • Raised over $70M in multiple ways (VC, asset sale, debt, angel) • Traveled to 73 countries, lived in 3 • Brown University ‘81, Univ of Minnesota MSEE • Charter member of TiE Silicon Valley • President of OPEN Silicon Valley • Advised or mentored over1000 entrepreneurs Entrepreneurship All rights reserved © Naeem Zafar 2
3.
Five Stages of
a Startup CEO • Startup CEO • Fund raiser • Leader & the crisis manager • Post-startup CEO • The transition Entrepreneurship All rights reserved © Naeem Zafar 3
4.
The Startup CEO •
Often an engineer thrust into being a CEO • Engineers are problem solvers – High IQ, but low EQ • Unexpected role & demands Entrepreneurship All rights reserved © Naeem Zafar 4
5.
Startup CEO • Living
in the “fog” • Most of the time on trivial issues – What is urgent vs. what is important • Most problems are people problem Entrepreneurship All rights reserved © Naeem Zafar 5
6.
Getting Used to
New Role • (almost) no one will tell the truth • You will never be liked (again) • You will have to learn to read between the lines • Whom to consult with Entrepreneurship All rights reserved © Naeem Zafar 6
7.
Culture • Culture is
“how things are done when there are no written procedure” • CEO/founder actions defines the culture – Collaborative? – Authoritative? – Consensus-based? Entrepreneurship All rights reserved © Naeem Zafar 7
8.
Fund Raising • Fund
raising is most important job that a founding CEO has O2 – This cannot be delegated • It will consume you • Methodical about not over-shopping the company & researching before you approach investors Entrepreneurship All rights reserved © Naeem Zafar 8
9.
Filling the Roles •
CTO: outward facing technical evangelist • Technical architect vs. professional development manager • Sales head: look for a gladiator (not a professional sales person) • What to outsource? Entrepreneurship All rights reserved © Naeem Zafar 9
10.
Difference Between Sales
Marketing • Not everyone can make the transition All rights reserved © Naeem Zafar 10
11.
Building Sales Organization •
You must be the first sales person yourself • Do not hire too soon • Sales people are hardest to hire – But easiest to fire! All rights reserved © Naeem Zafar 11
12.
Types of Sales
People 1. “Hunters” or “gladiators” 2. Business development experts 3. Account executives (“professional sales” person) All rights reserved © Naeem Zafar 12
13.
Gladiators • Solo hunters •
They go away, don’t check-in frequently, bring back customers having sold “the product” • Make sure that they sell what you make All rights reserved © Naeem Zafar 13
14.
“the Professional Salesperson” •
Usually trained at a big company • Require support staff to succeed • Good at taking orders & building relationships • expensive All rights reserved © Naeem Zafar 14
15.
Biz Dev Professional •
Good at making large alliances • Expensive to maintain • Usually needed once you have a product All rights reserved © Naeem Zafar 15
16.
Timing Bootstrap
seed series A series B series C exit Product Proliferation Understand customer’s unmet development need Deployment Prototype All rights reserved © Naeem Zafar 16
17.
Timing • You will
need different people at different stages Bootstrap seed series A series B series C exit All rights reserved © Naeem Zafar 17
18.
Founders vs. Employees •
Owner mindset vs. employee mindset – Employees have entitlement mentality • First 10 hires will set the tone for the rest of the company’s life Entrepreneurship All rights reserved © Naeem Zafar 18
19.
Startup Hiring • “A”
players hire “A” players, • “B” players hire “C” players • Are these the very best people in the world that I can get for this job? Entrepreneurship All rights reserved © Naeem Zafar 19
20.
Leadership • Leadership is
not pleasing everybody • It is doing the right things, for the right reasons • Are you willing to be unpopular Entrepreneurship All rights reserved © Naeem Zafar 20
21.
Managing the Board •
Trust – build it, earn it • Communicating bad news • Communicating good news • Being prepared • How often to approach them Entrepreneurship All rights reserved © Naeem Zafar 21
22.
Board Communication • Three
buckets – Things that you are informing the Board – Things that you want to present to the board and seek their input before YOU will make the decision – Things that you want to present so that the Board can make a decision Entrepreneurship All rights reserved © Naeem Zafar 22
23.
Priorities • Separate what
is important from what is urgent • Spend at least one day a month of disconnecting & thinking about the big picture • Create emotional buy-in from people Entrepreneurship All rights reserved © Naeem Zafar 23
24.
Email • Conquering emails
– Open email client only twice a day • 11 am and 5 pm • Find blocks of time to do “projects” Entrepreneurship All rights reserved © Naeem Zafar 24
25.
Essential Skills 1.
Clarity – in your thinking 2. Networking 3. Communications 4. Empathy Entrepreneurship All rights reserved © Naeem Zafar 25
26.
Crisis Manager • Over
communication – Avoids gossip • Listen, gather information • Look in control – Even if you don’t feel like it (and you wont!) • Explain your actions Entrepreneurship All rights reserved © Naeem Zafar 26
27.
The Post-Startup CEO •
Time will come to create processes • Design efficient processes • Structure can create efficiency • Think scalability • When to be frugal • Minimize fixed costs so that you can be nimble Entrepreneurship All rights reserved © Naeem Zafar 27
28.
Know the Timing
• Who exerts control & power in a company Startup 1st Product Sales $1-10M Sales to $100M R&D Sales Marketing Finance All rights reserved © Naeem Zafar 28
29.
The Transition • The
time will come when you are not the right person for the job • Deal with this gracefully • Help plan it • Seek mentors outside the company Entrepreneurship All rights reserved © Naeem Zafar 29
30.
Founder • This is
an honor & obligation • Wear it well • It is beyond the title that you may carry Entrepreneurship All rights reserved © Naeem Zafar 30
31.
Things Founders Forget •
Control is not same as ownership • All ideas have to be chiseled away to be refined – encourage debate • Learn about vesting, protect equity Entrepreneurship All rights reserved © Naeem Zafar 31
32.
Don’t Lose Perspective Entrepreneurship
All rights reserved © Naeem Zafar 32
33.
Summary • This transition
is not easy & there is no school for it • The most important asset is people – invest in people & reward loyalty • This company is not the end game! Entrepreneurship All rights reserved © Naeem Zafar 33
34.
www.FiveMountainPress.com
All rights reserved © Naeem Zafar www.startup-advisor.com 34
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