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The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (The Kauffman Foundation Series on Innovation and Entrepreneurship)
 
 

The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (The Kauffman Foundation Series on Innovation and Entrepreneurship) [Kindle Edition]

Noam Wasserman
4.3 out of 5 stars  See all reviews (3 customer reviews)

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Review

Winner of the 2013 Silver Medal Book Award in Entrepreneurship, Axiom Business

Finalist for the 2013 George R. Terry Book Award, Academy of Management

"Wasserman's book is on track to take as lofty a position in the entrepreneurial literature as HBS's Clayton Christensen's The Innovator's Dilemma did in the field of technological change."--Peter Cohan, Forbes

"[A] seminal work. . . . Sure to be required reading in business school curricula, this illuminating and captivating read will also appeal to aspiring entrepreneurs or founders who want to make better decisions in existing ventures."--Publishers Weekly

"[A] first-aid manual to help resuscitate ailing start-ups."--Jessica Bruder, journalist, author, and adjunct professor at Columbia University's Graduate School of Journalism, You're the Boss blog, New York Times

"Wasserman illustrates his findings with real world examples that translate into immediately applicable advice. But rather than creating a prescriptive list of commandments that would be impossible to follow, he adopts a more holistic approach. Encouraging entrepreneurs to study how others have handled similar challenges in the past, his insights highlight the common ground found in seemingly unique situations."--ForeWord

"Harvard Business School professor Noam Wasserman is one of the writers and teachers who best captures the high stakes decisions that entrepreneurs face every day."--Scott Kirsner, Boston Globe

"There are plenty of books, lots with stories, anecdotes, and suggestions, but none that are particularly systematic about going through all of the issues. Noam's book is the first I've read--and he totally nails it."--Brad Feld, Feld Thoughts

"[T]he definitive book on the topic. . . . If you are a founder or thinking about becoming one, you should read this book."--Dharmesh Shah, OnStartups.com

"This is a serious book for a serious endeavor: creating a company from scratch that can be a world-beater and life-changer. . . . Wasserman's book is a towering guide to making these decisions thoughtfully and purposefully. Every founder should read it--and take the time to digest its rich data and lessons."--Jeff Bussgang, Seeing Both Sides blog

"Highly recommended for those who plan to embark or are already living the entrepreneurial lifestyle, it can serve as a guide to very tough situations for founders to evaluate the best possible way out."--Bernard Leong, SGEntrepreneurs

"Ten years of extensive research combined with winning case studies make this a trustworthy source not only for the potential startup owner but also for the classroom."--Library Journal

"[A] must-read for anyone thinking of creating a startup, who is currently involved with one or who is an investor/advisor in the startup ecosystem."--Dilip James, Business Standard (India)

"This book, upon release, becomes the single-most indispensible guide for founders of startups. Comingling research, straight talk, and a human voice--so often lacking in books with an academic bent--Dilemmas totally rocks as a business school required read and a founder's gripping, absolute must-read. Turning the last page, anyone with an entrepreneurial femur in their body will be fully armed with a battery of knowledge that can make or break a passionate first or even fifteenth venture. Do not start a startup without this book."--Ted Sturtz, New York Journal of Books

"[S]obering. . . . Professor Wasserman provides a great deal of data and stories about high-potential technology and life-sciences startups. His book offers much more information than most entrepreneurs can handle at once, but it is probably essential for them to know."--Harvey Schachter, Globe & Mail

"Wasserman presents a series of entrepreneurship vignettes and case studies, drawn from a massive 10,000-founder survey he created. Due to the size of this business start-up survey, several of the stories, including accounts from founders of Blogger, Sittercity, and SmarTix, should prove fresh to readers. Much of the advice in the book governs key decisions founders have to make and factors that can cause decisions to turn out well or badly. . . . [T]his work includes valuable, unique content."--Choice

"[A] uniquely valuable resource for any entrepreneur."--Terrence Murray, Financialist

"The Founder's Dilemmas can't prevent entrepreneurs from repeating the mistakes of their predecessors; we all know how well human beings learn from history. But it's a worthwhile, prudent read for anyone considering or engaging in entrepreneurship. In pointing out the patterns, the common quandaries and routes, The Founder's Dilemmas can eliminate one headache along the path of business-building."--Tamara Micner, LSE Politics and Policy blog

Product Description

Often downplayed in the excitement of starting up a new business venture is one of the most important decisions entrepreneurs will face: should they go it alone, or bring in cofounders, hires, and investors to help build the business? More than just financial rewards are at stake. Friendships and relationships can suffer. Bad decisions at the inception of a promising venture lay the foundations for its eventual ruin. The Founder's Dilemmas is the first book to examine the early decisions by entrepreneurs that can make or break a startup and its team.

Drawing on a decade of research, Noam Wasserman reveals the common pitfalls founders face and how to avoid them. He looks at whether it is a good idea to cofound with friends or relatives, how and when to split the equity within the founding team, and how to recognize when a successful founder-CEO should exit or be fired. Wasserman explains how to anticipate, avoid, or recover from disastrous mistakes that can splinter a founding team, strip founders of control, and leave founders without a financial payoff for their hard work and innovative ideas. He highlights the need at each step to strike a careful balance between controlling the startup and attracting the best resources to grow it, and demonstrates why the easy short-term choice is often the most perilous in the long term.

The Founder's Dilemmas draws on the inside stories of founders like Evan Williams of Twitter and Tim Westergren of Pandora, while mining quantitative data on almost ten thousand founders.

People problems are the leading cause of failure in startups. This book offers solutions.


Product details

  • Format: Kindle Edition
  • File Size: 5083 KB
  • Print Length: 480 pages
  • Publisher: Princeton University Press (25 Mar 2012)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B007AIXKUM
  • Text-to-Speech: Enabled
  • X-Ray:
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Bestsellers Rank: #32,385 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews
5.0 out of 5 stars this is a must. 3 July 2013
Format:Paperback|Verified Purchase
When you start your adventure in building a business you know you have to do a business plan, and register the company. Even before you create the company YOU MUST read "The Founder's Dilemma" simply because if you don't do it you will regret at some stage, as simple as that. I haven't yet finished to read this book but all I read until now it has been very very important and something I would say it has been crucial......
I can tell you that there are some mistakes that you cannot afford to do! No one can, and the only way to avoid them is to know before what the consequences will be of the spontaneous or ingenuous actions you would do. All the start-up accelerators should suggest this book to their companies and in general all the start-ups should know of the existence of this scientific research able to address great part of crucial choices that founders will face at some stage.
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5.0 out of 5 stars Smart, complete guide to entrepreneurship 20 Dec 2012
By Rolf Dobelli TOP 500 REVIEWER
Format:Hardcover
Most people admire self-made men and women - the Bill Gateses and Anita Roddicks who establish successful companies and reap a multitude of rewards. However, the path to start-up success is fraught with roadblocks, detours, washouts and dead ends. Harvard Business School professor Noam Wasserman identifies the common "founder's dilemmas" and details their short- and long-term consequences. More specifically, he exposes the tacit tension that exists between creating wealth and maintaining control. This isn't a quick read; it's an in-depth, intelligent analysis based on 10 years of extensive research. At times, you may find yourself wishing for a bullet-point list. Yet getAbstract encourages would-be founders, entrepreneurs and venture capitalists to keep reading: You'll find Wasserman's insights and solutions well worth your time - and they may make the difference between your start-up's success or failure.
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0 of 5 people found the following review helpful
3.0 out of 5 stars Interesting read for entrepreneurs 12 Sep 2013
Format:Hardcover|Verified Purchase
Interesting read for entrepreneurs and even VCs. It helps spot some of the issues that a founding team can have.
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.5 out of 5 stars  71 reviews
41 of 46 people found the following review helpful
5.0 out of 5 stars Not Your Typical Book of Start-Up War Stories 17 Mar 2012
By Jeff Bussgang - Published on Amazon.com
Format:Hardcover
Noam Wasserman teaches a class called "Founder's Dilemmas" at Harvard Business School that has become a "must-take" session for aspiring entrepreneurs. This book is the outgrowth of Noam's research and that class. It outlines a series of make-or-break decisions that founders make when embarking on their ventures. Noam analyzes the fundamental trade-offs such as when to found a company, who to found it with (if anyone), how to determine roles and responsibilities, equity splits and many more sensitive issues.

This is a serious book for a serious endeavor: creating a company from scratch that can be a world-beater and life-changer. Analytical, insightful and even a bit wonky at times, Wasserman's story arc is less about war stories - although the books is chock full of them, featuring the founders of Twitter, Pandora and others - and more about the decision tree every founder must climb. Rather than having these decisions happen by chance, Wasserman's book is a towering guide to making these decisions thoughtfully and purposefully.

Every founder should read it - and take the time to digest its rich data and lessons.
24 of 26 people found the following review helpful
5.0 out of 5 stars Moneyball for Entrepreneurship 16 Mar 2012
By F. Nazeeri - Published on Amazon.com
Format:Hardcover
What I like most about this book is the hard analytical analysis of the key decisions that a founder faces when launching a new venture. I read a lot of books on entrepreneurship and none come close to this in terms of quantitative detail to back up key recommendations. That alone would make it a great book, but Wasserman also addresses the softer, qualitative side of entrepreneurship and shows how it fits into the big picture.

I think you'll find that Founder's Dilemmas is an incredibly valuable addition to the literature on entrepreneurship that you will find yourself referencing on a regular basis whether you're a founder, early employee, investor, business person, government official or just overall fan of entrepreneurs.
18 of 19 people found the following review helpful
5.0 out of 5 stars Finally! A startup book based on actual research! 16 Mar 2012
By Daniel - Published on Amazon.com
Format:Hardcover
As an entrepreneur, I read a ton of books about startups. Most of them are pretty entertaining, but I've always felt hesitant actually implementing any of what I read. For the most part, the advice tends to be something along the lines of "I started this company when I was 14 with $50, and now's it's a $1bn company and here's how I did it- you should do the same." Umm, yeah, but does that apply to MY startup?

The Founder's Dilemma's is different. By drawing on some serious research (serious, like, crazy 10-year datasets on entrepreneurs and their companies), Wasserman identifies the key "decision points" any startup faces and then proposes different solutions. Two of my favorite "dilemmas" were 1. How should I split equity with my co-founders? and 2. Should I even have a co-founder?
These are interesting questions, but you can really bank on the proposed solutions because they're based on empirical data. Very few startup books I've read go this far.

This is definitely a lengthy book that requires a decent time investment, but after reading all the one-liners in tech blogs and exaggerated advice other startup books, reading this was super refreshing and just amazingly helpful. Founders, don't miss out!
20 of 23 people found the following review helpful
5.0 out of 5 stars I've been teaching this material for years, and it is great 16 Mar 2012
By Not a Kansan - Published on Amazon.com
Format:Hardcover
I've been teaching Noam's material at the MBA level for a couple of years now. The course is very popular because it addresses some of the key issues students - or any founders - face when starting a company. It seems that most of what is written is about how to build a business plan, how to choose a business model, etc. But this book is all about the TEAM.

Of course there is no shorter of bloggers and ex-entrepreneurs who will tell you their opinion, or their personal story, of what they think should work. What Noam has done here is conducted real research to get beyond anecdotes and case studies to more general patterns. But he introduces the topics with familiar examples that set the stage for the quantitative analysis.

What I think is most important about this book is the blind spots it identifies. Too many entrepreneurs give these issues short shrift until it is too late - until they have painted themselves into a corner. I'm quite sure this will be required reading!
8 of 9 people found the following review helpful
5.0 out of 5 stars Extraordinary Book About The Dilemmas Founder's Face 6 May 2012
By Kindle Customer - Published on Amazon.com
Format:Hardcover
The Founder's Dilemmas by Noam Wasserman is another book that belongs on every entrepreneur's bookshelf. It's excellent.

I met Noam for the first time last week when I was at HBS. I was on a panel of VCs (me, Mike Maples Jr., Kate Mitchell, and David Frankel) talking to a room full of HBS alumni who are VCs. Noam and I had exchanged several emails over the past few months and he sent me a review copy of the book but it got lost in my infinite pile of books to read. After seeing him and talking to him briefly, I decided to put it on the top of the stack. I laid on the couch all day yesterday with Amy and the dogs and demolished a pair of books. The Founder's Dilemmas was the first.

I get asked endless questions about founder dynamics, solo founders, optimal number of founders, equity allocations between founders, roles of founders, alignment between founders, and investor - founder relationships. I've been involved in many conflicts between founders, transition in roles between founders, emotional struggles with founders as businesses grow and change, investor conflicts (other than me) with founders, and the list goes on and on and on.

I've never seen a book before that was particularly helpful - to a founder - about the wide range of issues a founder will face. There are plenty of books lots with stories, anecdotes, and suggestions, but none that are particularly systematic about going through all of the issues. Noam's book is the first I've read - and he totally nails it.

He covers it three ways - with data, with analysis, and with stories. He's done a ten year quantitative study that he follows up with his own analysis and then intermixes this with actual stories from a set of founders, including two that I know reasonably well - Dick Costolo (FeedBurner - I was on the board), Genevieve Thiers (Sittercity - we looked hard at investing but ultimately didn't) and many I know from a distance. As a result, I was able to back test the stories and anecdotes and they were completely factual in contrast to many other books like this where the qualitative stories are embellished to fit either the ego of the participants or the point being made by the author.

Noam systematically marches through all of the major dilemmas I could think of for founders: career, solo-vs-team, relationship, role, reward, hiring, investor, failure-vs-success, founder-CEO succession, and wealth-vs-control. I believe he'll coin several new reference phrases, including my favorite around wealth-vs-control ("do you want to be king or want to be rich?") He looks at each of these from all sides (e.g. yes - you can be king and rich, but there are other options that may get you where you want to go faster and with a much higher chance of success) and uses a great blend of data, analysis, and anecdote to make and support his points.

If you are a founder, or considering being a founder, a board member, or an investor, buy The Founder's Dilemmas right now. One of your goals should be to do everything you can to maximize your chance of success. This book will help a lot and you won't regret the time you invest in it.
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Popular Highlights

 (What's this?)
&quote;
A founder who knows whether wealth or control is his or her primary motivation will have an easier time making decisions and can make consistent decisions that increase the chances of reaching the desired outcome—Rich or King. &quote;
Highlighted by 6 Kindle users
&quote;
All told, entrepreneurs earned 35% less over a 10-year period than they could have earned in a “paid job.” &quote;
Highlighted by 4 Kindle users
&quote;
Founders who consistently make decisions that build wealth are more likely to achieve what I call a “Rich” outcome (greater financial gains, lesser control), while founders who consistently make decisions that enable them to maintain control of the startup are more likely to achieve what I call a “King” outcome (greater control, lesser financial gains). &quote;
Highlighted by 4 Kindle users

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