Being a founder means taking ownership. This is more than the legal concept of ensuring that your name is listed as an owner of the business entity, it’s a combination of mindset and action. Successful founders step up to the plate when difficult decisions need to be made, instead of delegating those decisions to parties who are not in a position to make them.
We see it all too often. Founders allow themselves to get too busy to make key decisions or become too afraid they may make the wrong decision and as a result they make no decision at all. Regardless of the reason, when founders fail to own key decisions, bad things can happen.
Don’t get us wrong. Time is a precious and increasingly limited resource for a founder. We get that. You can and should delegate when possible. But, as a founder, the start-up is your company. You set its course and, ultimately, control its destiny. Own that.
That’s not to say that you can’t or shouldn’t rely on others for advice and education as a way of preparing for key decisions. We constantly counsel start-up and entrepreneur clients to, very early on, fill key management positions with the right people and assemble a team of outside experts—lawyers, accountants, insurance agents, financial advisors and bankers—so that the supporting pieces are in place for any decision that the company may face. These key members are there to support your vision for the company and protect it going forward. But advice and education are just that, advice and education. Use both to ensure that you’re making the most informed and intelligent decision possible. But at the end of the day, it’s your decision, your risk and your company. Own it.
The above thought leadership article was originally prepared by PB+C for publication in the Catamaran e-newsletter. Catamaran is a business accelerator that facilitates a tight-knit, vibrant, and dynamic community of flourishing startups supported by meaningful mentorship and ancillary services that lead to positive economic development in Central PA. To learn more about Catamaran, please visit their website.