創業者如何嚇跑投資者

項目再好，投資者有時也會落荒而逃。為什么？
Entrepreneurs With 'Founder's Disease' Will Make Any Investor Run Away
by James Price

吉姆·普萊斯(Jim Price)曾經多次創業，并且在美國密歇根大學羅斯商學院澤爾-魯瑞研究院擔任特邀講師。
不久前，一對創業者向我征求新公司的建議。他們想讓我幫忙制定推廣戰略，細化商業模式，計算融資預期，并推薦融資方式。于是，我與這對搭檔聊了一個小時，希望搞清楚他們的商業理念。
Awhile back, a pair of entrepreneurs—I'll call them Jen and
Jeff—approached me seeking advice on launching their new business.
　　結果令我很滿意。他們具備了我對創業團隊最看重的四個要素：
　　1、真正有創意的新商業理念；
　　2、產品初步成型；
　　3、對所在行業有獨到見解；
　　4、曾經歷過創業的艱辛。
　　為了讓我給他們當顧問，他們許諾給我很多股票和一個董事會席位。我說，我會認真考慮這些條件。
　　但是，過了兩天，我拒絕了他們。原因是什么？
They were looking for help in formulating their go-to-market strategy,
tightening up their business plan, and figuring out how much capital they'd need to raise and how to raise it.
So I sat with the partners for an hour or so hoping to size them up as people while also getting a sense for their business concept.
I came away impressed.
They were coming to the table with four things I love to see in a startup team: a truly innovative new-business concept; a running head-start on developing the product; domain knowledge in their industry; and what I call useful scar tissue—they'd both previously experienced the stresses and challenges of startups.
They offered me substantial stock in exchange for my advice and a board seat, and I said I'd seriously consider their offer.

　　在與他們交流時，我發現創業者的各種毛病在這對搭檔身上一個不落。具體如下：
　　1、盡管資歷不夠，但他們卻堅持親自擔任一把手：創業初期擔任總裁甚至CEO沒有什么問題，但老到的創業者都知道，公司發展到某個階段，就應當引入經驗豐富的職業經理人。
　　2、他們不夠虛心：在多數情況下，他們都自認為已經知道了答案，因此不善于尋求和接受外部專家和投資者的建議。
　　3、他們控制欲過強：他們很難放手讓下屬獨當一面，即使最簡單的決策也要親自參與。
　　4、他們想融資，但卻不愿遵守游戲規則：他們希望(或需要)投資者的資金來發展企業，但卻擔心股權被稀釋，擔心董事會席位和投票權被新投資者掌握。
So why, two days later, did I choose to turn them down?
Because, as I reflected on our conversation, I realized that the partners had been manifesting all the symptoms of the dreaded founder's disease. Here are the classic tells:
1. They insist on a C-level titles, even if they aren't qualified:
It's OK to start out as president or even CEO, but savvy entrepreneurs know that, at some point, they may need to bring in professional managers who've managed rapidly-growing teams.
2. They're not coachable: They approach most situations thinking they've got the answers already, and they're not good at seeking and accepting advice from outside experts and investors.
3. They're controlling: They have trouble letting go, and feel the need to be involved in even the smallest decisions.
4. They want to raise OPM (other people's money, from angel investors or VCs), but they're not willing to play the game the way it's played:
On the one hand, they want (or need) investors' money to launch and grow your business, yet are horrified by the level of equity dilution they'll suffer and the number of board seats and preferred voting rights their new investors might have.

　　創業者的毛病不僅會嚇跑外部投資者，也會令頂級人才和優秀的顧問望而卻步。為什么？因為由這種創始人領導的公司肯定做不大。創始人的能力會限制企業的成功，他們的態度也會嚇跑人才和資本。
　　相比而言，沒有這些毛病的創始人會考慮企業的利潤，而不是自己的利益。他們的重點是引入最優秀、最明智的資本。他們善于接受專業人士的建議。他們不會因為周圍聚滿了比自己更聰明的人而擔心。他們的目標是做大整個蛋糕，而不是把目光局限于自己的那一塊。整體成功了，良性循環也就形成了：工作環境充滿活力，用戶積極參與互動，投資者和股東也將獲得豐厚回報。
　　與此同時，毛病眾多的創業公司依舊會苦苦掙扎，難以獲得足夠的資源。而這樣的創業者通常會將矛頭指向潛在投資者、客戶和員工，認為這些拒絕他的人"根本不懂行"。
Founder's disease is widely considered a total turn-off by outside investors, A-list talent, and in-demand advisors and board members.
Why? Because companies led by such founders inevitably remain small.
Success tends to be constrained by the founders' capabilities, and by the fact that their attitude scares off talent and capital.
By contrast, "disease-free" founders do what's right for their business, not for themselves. They focus on bringing in the best and smartest capital. They relish taking advice and counsel from the pros.
They're not threatened by surrounding themselves with people who are smarter than they. And they focus on growing the whole pie, not on the size of their proportional slice. By creating a successful whole, good entrepreneurs create a virtuous circle with a vibrant work environment, engaged customers, and strong returns for their investors and shareholders.
Disease-infected startups, meanwhile, remain struggling and under-resourced, with the founders so often directing the blame at the potential investors, customers and employees who turn them down, grousing that those folks "just don't get it."