Founder Fridays No. 81
Founder Fridays No. 81
Intelligent Failure -- Level Up Your Performance Reviews -- 100 Questions
Happy Friday.
Intelligent Failure
Not all failures are created equal. People that perform well in the long run eschew the kind of failure that comes from not trying, and they know not to take personally the failures created by a combination of complexity and bad luck. They’re willing to work hard to prevent the failures that can be prevented. It is this discernment that helps them embrace the good kind of failure: the kind that really is intelligent. How can you tell whether a failure is intelligent? Here’s a four-criterion rubric: It (1) takes place in new territory, (2) in pursuit of a goal, (3) driven by a hypothesis and (4) is as small as possible. Because they bring valuable new information that could not have been gained in any other way, intelligent failures are praiseworthy indeed. Corporate Rebels (6 minutes)
Level Up Your Performance Reviews
An effective performance review has four key sections: 1) Accomplishments: List the person's significant achievements and impact over the review period, pulling from their self-evaluation, peer feedback and your observations. Include three to five anonymous peer praise quotes. 2) Superpower: Identify and describe the person's standout strengths and talents. Explain how flexing this superpower can magnify their impact going forward. 3) High-level feedback: Summarize their journey and performance in a short, four to six sentence narrative arc, highlighting growth and what to focus on next. 4) Development areas: Outline two to three specific skills or areas for improvement, explaining why they're important and how to develop them. Tie back to goals. Done right, reviews accelerate careers by improving performance, aligning expectations and playing to people's strengths. This template brings focus and structure to make reviews productive and empowering. First Round Review (18 minutes)
100 Questions
This article has 100 questions to get to know someone better. Here are a few of my favorites: 1) What’s the best thing you’ve read in the last five years? 2) What’s your favorite karaoke song? 3) What would your perfect day be like? 4) What’s the most annoying thing people do in public? 5) What would you do tomorrow if you won a million dollars today? 6) What is the best compliment that you’ve ever received? Prevention (9 minutes)
Founder FAQ: What is a stock purchase agreement?
A startup stock purchase agreement is a legally binding document that outlines the terms and conditions of purchasing stock in a startup company. The agreement aims to protect both the purchaser (who could be a founder or an investor) and the company by establishing clear expectations for the investment. Most startup stock purchase agreements will include restrictions, such as vesting and restrictions on transfer, which will be discussed below. So the title of the document is often the Restricted Stock Purchase Agreement (RSPA). One of the main advantages of a startup RSPA is that it provides clarity on how much equity the purchaser will receive in exchange for their investment. This helps to avoid any confusion or misunderstandings later on, which can be particularly important in fast-moving startup environments. With so much uncertainty surrounding early-stage investments, having a solid legal document in place can provide peace of mind for everyone involved. Westaway (7 minutes)
Startup Funding Guides
I’ve put together a series of guides to equip founders to excel at fundraising. These guides break down the deal term-by-term and give you negotiation tips so that you can speak to investors with confidence.
Convertible Note: Guide / Video
Built By Founders for Founders
I co-founded my first startup with friends in 2007. As a founder, I struggled to find an affordable law firm designed for early-stage startups. So I created one myself. Westaway is a law firm built by founders, for founders. If you're ready to ditch the outdated billable hour model and try a new approach to legal that saves you time and money, let's talk. I'd love to jump on a 15-minute call to show you how we can make legal smooth, fast and cost-effective for your startup. Schedule a call with me now.
Post of the Week
Kyle, I appreciate your mind reading abilities on this particular Friday. I am attempting an experiment around developing an evaluation tool with a new colleague. The first two articles couldn’t have been better timed and were within 12 hours of me proposing an inde collab that might be wildly successful, or fail quickly but well. Appreciate you siphoning through the interwebs for a couple perfectly-timed resources for me today.