Archive for November, 2008

CEO with a headstart into the recession gives his advice for early stage co's

Sunday, November 30th, 2008
I found this post on Techcrunch this morning and it's worth reposting. "It is written by Glenn Kelman, the CEO of Redfin, an online real estate broker. His industry went into recession a year ago, so he’s had a little more time than most startup CEOs to think about how to deal with the current downturn. Below is his advice to his fellow entrepreneurs." Many of his points are relevant regardless of a recession or downturn. I would add the following that are specific to a downturn or need to restart: 1. Act fast: Get the troops on board with the plan and make sure they all get re-energized towards the goal ASAP. 2. Don't sugar-coat it: Everyone will be relieved to hear that you have a firm grip on reality and are willing to make the tough decisions and move forward. 3. Kill some initiatives: You are going to have less people. You need more focus. Do less and do what you do better. 4. Identify near-term wins: Find something important that you can get aligned to achieve. It will be important to have a real win to celebrate - but it's gotta be real.