Onpoint by Amar Bhidé SELECTED ARTICLES from HBR Launch a Start-Up That Lasts

WINTER 2016 HBR.ORG Build Your Bench Strength Without Breaking the Bank PAGE 17 The Questions Lean Strategy The Global Every Entrepreneur by David Collis Entrepreneur Must Answer by Daniel J. Isenberg OnPoint by Amar Bhidé SELECTED ARTICLES FROM HBR Launch a Start-Up That Lasts FROM THE EDITORS Don’t Self-Combust START-UPS ARE USUALLY HOTBEDS of innovation. effective scaling. These include hiring functional They buzz with an energy and excitement that experts and creating a management structure that only fresh ideas and new possibilities can bring. does not constrain informal relationships. Entre- SThey also are full of risk, which is why many never preneurs who don’t have a corporate bent may truly get off the ground. The qualities that entre- balk at this idea, but the authors’ research shows preneurial souls bring to their ventures—passion, that without some form of organization and dis- courage, and tenacity—are not enough to propel cipline, chaotic operations and unpredictable per- them into orbit, or to keep them there. form ance ensue. After observing hundreds of start-ups, Amar To guard against the extremes of rigid systems Bhidé distills his advice in the article “The Ques- on the one hand and unchecked experimentation tions Every Entrepreneur Must Answer”: What are on the other, David Collis’s article “Lean Strategy” my goals, for myself and for my business? Do I have recommends combining the best of strategic plan- the right strategy for the trajectory I envision? Can ning and the opportunism of entrepreneurship. By I execute the strategy with the resources I’ve got? identifying boundaries in which to innovate, a lean These three questions are critical for helping entre- strategy provides direction and alignment for the preneurs analyze their unique situations, prioritize young organization without stunting it. It helps to among numerous opportunities and problems, and both filter and measure the success of experiments, make rational, future-oriented decisions. They also thereby preventing the growing venture from self- owe it to themselves and the people around them combusting midway through the process. to identify everyone’s sources of fulfillment and To take a start-up past the launch phase and frustration. into the stratosphere, entrepreneurs don’t have Once you understand the business you’re in and to squash their pioneering nature, but they must the particular traits you and your team bring to know themselves and their long-term goals—and the table, you have to start planning for growth. then hire and manage accordingly. It’s much easier That is often where start-ups fumble. In “Start-Ups to command a ship, as Ranjay Gulati notes, “when That Last,” Ranjay Gulati and Alicia DeSantola pro- you don’t have to worry that someone forgot to fill vide a framework for founders to get their heads— the tank.” and their operations—geared for the mechanics of —The Editors 2 Harvard Business Review OnPoint | WINTER 2016 | HBR.org OnPoint Winter 2016 Contents 88 22 34 4040 46 52 ENTREPRENEURSHIP ENTREPRENEURSHIP ENTREPRENEURSHIP ENTREPRENEURSHIP ENTREPRENEURSHIP The Questions Natural-Born A Test for the What ## The Global Every Entrepreneur Entrepreneur Fainthearted Entrepreneurs Entrepreneur Must Answer Dan Bricklin Walter Kuemmerle Get Wrong Daniel J. Isenberg Amar Bhidé Originally published in Originally published in Vincent Onyemah, Originally published in Originally published in September 2001 May 2002 Martha Rivera Pesquera, December 2008 November 1996 and Abdul Ali Originally published in 58 66 74 82May 2013 88 ENTREPRENEURSHIP MANAGING MANAGING MANAGING MANAGING Blitzscaling THE BUSINESS THE BUSINESS THE BUSINESS THE BUSINESS Reid Hoff man, Start-Ups That Last Beating the Odds Lean Strategy Why the Lean interviewed by Ranjay Gulati and When You Launch David Collis Start-Up Changes Tim Sullivan Alicia DeSantola a New Venture Originally published in Everything Originally published in Originally published in Clark G. Gilbert and March 2016 Steve Blank April 2016 March 2016 Matthew J. Eyring Originally published in Originally published in May 2013 May 2010 4 Harvard Business Review OnPoint | WINTER 2016 | HBR.org Culled by the editors of Harvard Business Review from the magazine’s rich archives, these articles are written by some of the world’s leading management scholars and practitioners. They are accompanied by “Article at a Glance” summaries, plus suggestions for further reading. 106 96 100 100 106 114 MANAGING MANAGING MANAGING THE BUSINESS MANAGING THE BUSINESS THE BUSINESS THE BUSINESS How to Launch Your The Right Way to Use Six Myths About How to Negotiate Digital Platform Compensation Venture Capitalists with VCs Benjamin Edelman Mark Roberge Diane Mulcahy Deepak Malhotra Originally published in Originally published in Originally published in Originally published in April 2015 April 2015 May 2013 May 2013 VOICES MANAGING YOURSELF MANAGING THE BUSINESS 8 The Three Roles of 13 The Skills Most 16 Surviving a Start-Up’s Transition Great Entrepreneurs Entrepreneurs Lack from Projects to Processes Anthony K. Tjan Bill J. Bonnstetter Derek Lidow 9 How Your Leadership Has to 14 Being an Entrepreneur 17 Build Your Bench Strength Change as Your Start-Up Scales When You’re Not Extroverted Without Breaking the Bank Jeff rey W. Hull Meredith Fineman Kirk Kramer 11 How Decision Making Evolves 19 VC Funding Can Be Bad as a Start-Up Grows for Your Start-Up Brian Halligan John Mullins 20 The Go-to-Market Approach Start-Ups Need to Adopt Ron Ashkenas and Patrick Finn 120 EXECUTIVE SUMMARIES HBR.org | WINTER 2016 | Harvard Business Review OnPoint 5 HBR.ORG/STORE 1-800-668-6780 OR +1-617-783-7450 MENTION REFERRAL CODE 01598 EDITOR IN CHIEF Adi Ignatius EDITOR, HBR CREATIVE DIRECTOR, Amy Bernstein HBR GROUP James de Vries EDITOR, HBR.ORG Katherine Bell EDITORIAL DIRECTOR, HBR PRESS EXECUTIVE EDITOR Tim Sullivan Sarah Cliff e SENIOR EDITORS ART DIRECTOR, Alison Beard PRODUCT Scott Berinato Karen Player Make a Case Lisa Burrell ART DIRECTOR, HBR David Champion (Paris) Matthew Guemple Sarah Green Carmichael Eben Harrell DESIGN DIRECTOR, Nobody Can Refute Maureen Hoch HBR PRESS Jeff Kehoe Stephani Finks Daniel McGinn EDITORIAL Melinda Merino PRODUCTION DIRECTOR When you’re pitching a new product or service, proposing Gardiner Morse Dana Lissy Curt Nickisch SENIOR PRODUCTION a process improvement, or seeking funds for a start-up, Steven Prokesch EDITORS Ania Wieckowski Adria Reynolds a persuasive business case is absolutely essential. MANAGING EDITOR, Jennifer Waring HBR PRESS Christine Wilder But where do you start? Allison Peter ASSOCIATE DESIGN SENIOR ASSOCIATE DIRECTOR, DIGITAL EDITORS Marta Kusztra Kate Adams SENIOR INFORMATION Enter the HBR Guide to Building Your Business Case Susan Francis DESIGNER eBook + Tools. This powerful and easy-to-use resource Walter Frick Matt Perry ASSOCIATE EDITORS DIGITAL DESIGNER can help you craft a compelling case no matter what Courtney Cashman Laura Guillen Gretchen Gavett DESIGNER your business objective. Nicole Torres Michael Tavilla Erica Truxler SENIOR PRODUCT ARTICLES EDITORS MANAGERS Includes customizable tools and samples in multiple formats Christina Bortz Emily Ryan Product #10020E • $59.95 Susan Donovan Kimberly Starr Amy Meeker PRODUCT MANAGER, Martha Lee Spaulding AUDIO AND VIDEO ASSISTANT EDITORS Adam Buchholz Kevin Evers PRODUCT MANAGER JM Olejarz Jody Mak SENIOR UX DESIGNER SENIOR PROJECT Maureen Barlow MANAGER VIDEO PRODUCER Lisa Gedick Melissa Allard PROJECT MANAGER EDITORIAL Theodore Moser DEVELOPER DOC PRODUCTION EDITORS Tyler Machado Jodi Fisher PHOTO EDITOR/ Dave Lievens RESEARCHER SENIOR PRODUCTION Andrew Nguyen SPECIALIST EDITORIAL Robert Eckhardt ASSISTANT Kenzie Travers PRODUCTION XLS SPECIALIST STAFF ASSISTANT Alexie Rodriguez Christine C. Jack CONTRIBUTING STAFF CONTRIBUTING Kathryn K. 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