In getting this blog going I looked up some other blogs to get their take on what would be some good tips for a first time CEO. Jeff Richards came up with a list of seven tips for the first time CEO that is trying to raise money.
Here is a brief summary of his seven tips:
- Create several financial models and options.
- Nail the financials and legal.
- Build the team.
- Craft a marketing plan.
- Nail down your sales process.
- Build a Board.
- Get your personal house in order
On the face these would appear to be fairly straightforward tips but don’t be deceived. Building a team sounds easy but finding the right people is difficult. What ever the first time CEO does they should not hire weak performers.
I was in a discussion with a colleague yesterday about a his new business idea. The one comment that stuck out for me was his insistence that marketing was the easiest part of this start up venture. My experience tells me a good marketing plan doest not materialize easily.
I could probably elaborate on all the points that Mr. Richards makes but the two listed above are aspects that appear easy but are not.