In this insightful article from Bob Mollen of Fried Frank he sets out ten early stage mistakes founders wont make again.
A number of them are very much related to people and relationships:
- Never forget to put in place a founders' agreement which sets out what happens when founders leave. In my experience, it's also a useful opportunity to agree how to resolve the inevitable disputes and have meaningful discussions about individual objectives
- If you take money from friends and family, they should assume their money is lost otherwise the relationship will likely be lost over time
- Be very careful about hiring friends if only because they might not be up to scratch and firing a friend can be a whole lot more difficult then firing an employee
- A failure to look after physical and mental health, particularly in the rather macho world of start ups
The article is worth reading in full and on a regular basis if you are in start-up land.
Serial entrepreneurs, having been there and done that, they have made or seen mistakes that they won’t make again.