New addition to The Library at St. Pete

Last March we briefly mentioned Professor Wasserman’s book here at NVSE based only on its reviews; having subsequently finished it ourselves we have chosen to make it a permanent addition to our library.

Among the dilemmas the author tackles is the dueling motivations (wealth or control) found in most entrepreneurs, juxtaposed here as “Rich vs. King.”

He reminds entrepreneurs to remain “aware of who they are as entrepreneurs” because to know one’s strengths, weaknesses, and motivation is critical to making good decisions.  In the case of raising capital for growth, Wasserman says it’s “not necessarily” wise to bring an experienced VC on board:

The Rich founder should pursue the best VCs, but the King founder should think seriously about avoiding VC funding and finding other ways to learn about the road ahead.  Each type of founder has a different definition of success and varying degrees of outside influence they will and should tolerate.

Choosing (or not) partners who best fit in terms of experience, vision, reputation, and operating style requires as much rigor and thoughtfulness as any decision an entrepreneur makes.  Partners who intuitively understand the right kind of support to offer over the long term can bring additional resources – financial, expert, and network – to bear when needed, and offer trusted counsel when not.

In our experience it’s more about chemistry than control, and how you react during the inevitable challenges of building a business together will define the relationship.