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Entrepreneurs: Talking about the Down Stuff

by Miki Saxon

https://www.flickr.com/photos/mikecogh/15128166879

As any founder knows, the course of business isn’t smooth and even the most successful startups hit bumps along the way.

Your people know it, too.

In fact, they often foresee trouble more clearly than you’d like and are quick to act — walking next door to another startup. And they do this whether their information is accurate or not.

That means you need to learn how much, when and how to communicate to your team, but keep in mind that there are no absolute answers, because it depends on the specific subject and situation.

That said, there are general guidelines that will help you with the question.

  • How much to share? You should discuss with one or more trusted advisors who have substantial experience rather than with peers.
  • When to share? Most crucial is to talk to your people before the rumors start. Rumors are like genies, once out of the bottle they are impossible to put back. Worse, in addition to growing with every telling and spreading through the company, they tend to spread throughout the entire venture ecosystem.
  • How to share? Clearly, honestly, no games, no half truths. You hired smart people and they’ll see right through anything else.

Unfortunately, many founders tend to clamp down, say nothing, run scared, freeze, bluster, or some combination thereof.

There are very few things that are guaranteed in a startup, but watching your people walk out the door because you hunkered down, shut up, and hoped no on would notice is one of them.

Flickr image credit: Michael Coghlan

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