Editor’s Note: Each week Maynard Webb, former CEO of LiveOps and the former COO of eBay, will offer candid, practical, and sometimes surprising advice to entrepreneurs and founders. To submit a question, write to Webb at dearfounder@fastcompany.com.
Q. I’ve raised money for my company and as a result I now have board members that I have to please. I don’t mean to sound difficult, but I don’t like it. I was a lot happier when I was more in control.
-Founder of a consumer company
Dear Founder,
By accepting outside money, you have migrated to a new reality. It sounds like you now have VCs or other external board members to answer to.
But that doesn’t have to be bad. The board is supposed to help you achieve your goals. You are still the one who sets the vision. That must always remain the case.
As you grow you don’t have to lose the things care the most about, including making decisions and setting the direction of the company. You should not let the board manage you into compliance.
As you continue to go the distance and grow this company, you too will continue to learn and grow. That means admitting what you don’t know and accepting advice to help you become better. Having that kind of growth mindset is what will make you a great leader. And being open to the input of others doesn’t have to infringe on your conviction—having a board does not mean you have to relent on where you think this is all intended to go.
A board is not involved in the day-to-day operations of a company. That is up to you and your team. But they are there to help you. Call on them for that—I think you might be pleasantly surprised with what could happen when you work as a team.
