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Don't Pull the Plug on Your Own Company
| Guest post by: Mark. C. Thompson |
Article Overview: Entrepreneur and venture capitalist Jack Jia explained that "Competition doesn’t kill companies--most firms actually get in their own way,” He shared a story of how one of his startups faced difficulties that were nearly self-defeating--until all the team members re-committed their individual role to the company's overall plan.
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Free Download - If There's Passion, You're in the Right Place By Mark. C. Thompson |
Don't Pull the Plug on Your Own Company
“Competition
doesn’t kill companies—-most firms actually get in their own way,” says serial
entrepreneur and venture capitalist Jack Jia.
During
our recent trip together to the French countryside (below), Jack shared the
story of one of his earlier startups, where he headed engineering.
“We
were running short of cash and working 24/7 on our software product in a
rundown building. Someone went into the kitchen to use the microwave. The fuse
popped and the lights went out,” he sighed.
The
computers went dead and much of their precious data was corrupted. Exhausted
and frustrated, they lost focus on their plan and started fighting with each
other over meaningless details. Political battles ensued, draining scarce time
and resources.
“Ultimately, one person must be accountable for each and every specific project outcome. That not only reduces the chaos, it also creates more motivation for people when they know they own—and can take credit and responsibility—for their own results.”
Finally, a venture capitalist arrived to look at investing in their company. As the VC peered over an engineer’s shoulder to watch a software demo, the investor suddenly reached down to the electric socket and pulled the plug—-literally! The VC didn’t want to invest in software that was vulnerable to a crash.
“Fortunately, when we turned the machine back on, the software worked perfectly,” Jia said. “If the VC had done that two weeks earlier, we would have failed his test and ran out of cash. Execution is all about each player’s ownership of the plan!”
Within three years, the company listed on Nasdaq and was worth over $7 billion soon thereafter.
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Article Tags: accountability, completion, individual ownership, Jack Jia, self destruction, selfdefeating, teamwork
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About the Author: Mark. C. Thompson RSS for Mark. C.'s articles - Visit Mark. C.'s website Mark C. Thompson is a senior executive coach as well as a bestselling author and keynote speaker on business growth, change, sales, leadership & teamwork, success built to last. As one of the most successful senior business communication executives and angel investors of our time, Thompson is Charles Schwab's former Chief Customer Experience Officer, Chief Communications Officer and Executive Producer of Schwab.com. Mark Thompson is a widely recognized expert in Built to Last (coauthored by Jim Collins and Jerry Porras). While at Stanford, Thompson and Porras joined forces to launch a global study to create the international bestseller: Success Built to Last. His next book is titled "Double Your Value." In addition to an MBA, Thompson holds a Masters degree in Social Media studies from Stanford University, where he became an investor in Facebook, Baynote, CNS Response, Cancer Genetics, Goldman Sachs Special Opportunities. Visit his youtube channel at http://www.youtube.com/user/MarkCThompsonMedia?ob=0 to watch his interviews with leaders in business. Visit his website at http://markcthompson.com/ Click here to visit Mark. C.'s website   Dont Pull the Plug on Your Own Company Personal Responsibility Marva Collins Look Forward and Be There for Someone Trust Comes First Jim Kouzes Leaders Focus on the Destination |
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