Home » Business & Finance » Management/Leadership » Feeling the Heat ...

Feeling the Heat ...

© Stuart Bourhill

Do you remember the old ABC Wide World of Sports introduction? The one that featured many of the world's top athletes accomplishing amazing things or sustaining some wicked wipeouts. The mantra was, "The thrill of victory and the agony of defeat!"

As entrepreneurs, we navigate some interesting waters. We get the idea, we get a first customer, we get some financing, we develop the product overcoming technical and commercial risks, and eventually ... who knows?!

This is a tremendous process for learning and self-actualization. It is important to be able to keep the interests of all stakeholders in mind -- shareholders, customers and employees. A small subset of shareholders, namely the Board, have an extra amount of influence ...!

The Board plays a major role in terms of attracting initial and subsequent financing rounds and directing the senior management of the company towards good judgment and success. Typically, the Board will provide introductions and helpful "war stories" that, to the uninitiated, might seem "too good to be true."

We are fortunate to have a tremendous Board. It is important to learn the skill, and I suppose the art, of board management, as we strive to move towards the goals. There will generally always be tension in terms of setting and meeting expectations.

Some of the clear paths to success are:

1. SMART Goals and Objectives
2. Clear and Consistent Communications
3. Set (and Update) Realistic Expectations
4. Get to Know Them (they are human, afterall)

Good luck in striking the right balanced relationship with your board. And remember, you need to stay sharp, so invite them to challenge you once in a while -- just for FUN. :-)

All the best!