Business Capital Trends with Douglas Castle
Entrepreneurs are not necessarily technologists, applications developers, geeks, nerds, or wild-eyed visionaries busily thing of ways to attract a venture capitalist's or accredited angel investor's funds for "experimentation."
While entrepreneurs are many types of persons with a diversity of talents and abilities, the successful ones are business engineers -- they are masterful at identifying and recruiting greater minds and greater management into their young companies in order to accelerate progress and ensure sustainable growth.
The most successful entrepreneurs are talent scouts, seeking those other special individuals who have expertise or experience in those areas where they realistically acknowledge that they, themselves, might be deficient. This requires several abilities on the part of the entrepreneur at the center of any start-up or high-growth potential enterprise. To expedite and secure success, every entrepreneur must be able to:
1) Search for and recruit talent;
2) Be persuasive and generous in offering those skilled individuals (the ones he or she has scouted) a great deal in return for their sweat equity and for their portion of the assumed risk in working for an unproven organization;
3) Put personal insecurities and ego considerations aside in the interest of project development, implementation and management - it is often very difficult for an entrepreneur to hand over the reins to others, but the rewards are greatest where he or she surrounds himself or herself with high-quality, well-motivated people;
4) Create positions and job descriptions around those areas where these talented individuals have an intersection of their greatest contribution value and their true passions - don't try to partner with a brilliant mind, only to stifle it, underutilize it or misplace it. As an entrepreneur, your people are truly Human Assets. Allow these sentient, innovative assets to help you to find their best place within your organization's management structure and critical path to success;
5) Constantly weed out the feeble asset choices from the powerful ones -- work to diversify your company's collective skill set and to maximize intellectual and emotional synergy. Try to acquire the partnership of those persons from whom you can learn and grow - do waste time finding people to simple "fill pre-carved slots" or to boss around. The wrong people in the wrong positions quickly turn into dangerous liabilities.
The most important thing to remember is that your partners are your entrepreneurial investment portfolio. Trade out of "bad positions" and trade into "good positions." Don't be afraid of strengthening your average per capita corporate IQ. Push the envelope. Good recruits will help you in your conquest of profitability and prosperity.
Faithfully,
Douglas Castle
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