As an investor or an entrepreneur it is easy to get caught up in product development. And yes, it is incredibly important to have an excellent product – or ten.
But, in the long run, entrepreneurs need to be building healthy companies. I meet with lots of incredibly smart and hard working entrepreneurs, and I am often surprised by how little thought they’ve given to the development of their company. We usually discuss pitch decks, market, competitors and customer acquisition/conversion – but there is not a lot of talk about how the company is organized or their plans to “build.” Staffing conversations are usually about developers, sales staff or marketers – almost never about COO’s or CFO’s. Even among themselves, founders often have not clearly defined their roles and responsibilities, leaving gaps that will cause problems as the company grows.
So, the next time we meet, don’t be surprised if I ask you about your company and how you plan to build it.