Growing big and growing fast is no easy feat for a startup. Particularly in this economy, just getting investment is difficult. But some entrepreneurs do manage to quickly grow their businesses, or even enter established companies and take them to new heights — but not without some bumps along the way. Still, their success stories are valuable resources for anyone thinking of dipping into the entrepreneurship pool.
The top-floor conference room at Perkins Coie’s Pearl District office was packed last night for a panel discussion hosted by the Oregon chapter of The Indus Entrepreneurs (TiE). Three panelists were on deck to share their experiences: Sudhir Bhagwan, former chairman and CEO of SnapNames; Nitin Khanna, founder and former chairman and CEO of Saber Corp.; and Matt Compton, venture partner at Madrona. Each came from different backgrounds, but agreed on many of the ways entrepreneurs can achieve solid returns for both their companies and their investors.
One of the biggest early mistakes entrepreneurs can make is not clarifying role definitions among founders. Compton knows from his work with companies as a venture capitalist that things can get messy when it’s not clear from the beginning what each founder’s responsibilities are and how the company’s stock is allocated among them. This can be particularly tricky when the founders are friends, something Khanna knew from experience; he founded Saber Corp. with his brother and his best friend in 1997.