People Capital
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The document discusses the importance of people over ideas in startups. It emphasizes that good people can fix bad ideas, but good ideas cannot save bad people. It provides tips for startup founders and managers, including knowing yourself and your brand, building a strong team with different skills and perspectives, communicating priorities clearly, and removing barriers to allow employees to perform well. The overall message is that success in startups depends more on the people involved than the ideas alone.
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People Capital
- 1. PEOPLE CAPITAL: MONEY IS NOT THE ONLY THING YOU NEED TO RAISE AT STARTUPS Mike Yonker, President, Learner Mobile @theyonks/@learnermobile VentureSpur Workshop Fall 2013
- 2. “WHAT MATTERS IS NOT IDEAS, BUT THE PEOPLE WHO HAVE THEM. GOOD PEOPLE CAN FIX BAD IDEAS, BUT GOOD IDEAS CAN’T SAVE BAD PEOPLE” – PAUL GRAHAM
- 3. KNOW YOU ! Be self-critical! ! Be honest! ! Be authentic! ! What do you look for when you hire someone?! Me
- 4. KNOW YOUR BRAND ! What’s Your Brand?! • Mission! • Vision! • Values! ! Live it ! ! When all else fails employees will make daily decisions guided by it!
- 5. KNOW YOUR PARTNERS Will they be there in the rain? Would they be there, when in pain? Will they work as hard as you? Will they leave you holding poo?
- 6. BUILD A TEAM ! It takes all types! • My first lesson! • COMPAQ ’90! • Briggs-Meyer Test! ! Do you really want your team to be just like you?! ! Also stresses the need for empathy and communication! ! Team = Cohesion = >Performance!
- 7. INTERVIEW WELL ! Job descriptions set expectations! ! Trick questions suck! ! Know what you’re hiring for! • Skills! • Experience! • Core Values! ! Interview against their resume!
- 8. MEASURE SUCCESS ! Goals = Responsibility! ! Metrics = Accountability!
- 9. COMMUNICATE PRIORITIES ! Employees make tons of decisions daily! ! Priorities guide those decisions and allow for autonomy! ! You’re all on an adventure – it’s nice when you feel like you’re in the same boat, going to the same destination!
- 10. PROVIDE GUARDRAILS ! No one likes to micro-manage! • If you do, you have other problems! ! No one likes to be micro-managed! • If they do, you have other problems! ! Set guardrails, like French parents!
- 11. LEAD, THEN MANAGE ! What Makes a Great Leader?! ! Management != Leadership! • Counting value vs. Creating value! • Circles of influence vs. Circles of power! • Leading people vs. Managing work! ! Great Management = Operational Efficiency!
- 12. REMOVE BARRIERS #1 JOB OF GREAT MANAGERS IS TO SET DIRECTION, REMOVE OBSTACLES, AND ALLOW EMPLOYEES TO RUN QUICKLY
- 13. DEAL WITH UNDERPEFORMANCE ! Harmful for everyone! ! Use informal accountability! ! SHAKE on it!!
- 14. WORK != LIFE ! Great employees are going to work long and hard! ! Encourage hobbies and vacation - everyone needs an escape, incl. you! ! Think hard about company events! • Do you want to ask more time?! • Are you encroaching even more on their personal/family time?!
- 15. SAY SORRY ! Professional environment! ! Civility still applies! ! If you slip up, do the same think you’d tell your kids to do! My Wife
- 16. DO THE SIMPLE STUFF, IT MATTERS ! Provoke curiosity! ! Think like the best sales people! • Ask questions! • Listen, think, respond – 2 ears/1 mouth! ! Don’t interrupt! ! Everyone’s voice matters – have a parking lot for ideas! ! Getting a raise wears off – take notice/say thanks!
- 17. “CAUSE CHANGE AND LEAD; ACCEPT CHANGE AND SURVIVE; RESIST CHANGE AND DIE.” – RAY NOORDA
- 18. QUESTIONS?