Building a company is hard. Very hard. Even the most experienced operators, investors, and entrepreneurs fail. But for some, there is no other path other than being an entrepreneur. If that path is chosen, one must understand the secrets of being a great startup CEO to succeed.

The fact is that MOST startups fail. But real entrepreneurs are not afraid of failure. It is just another step towards the ultimate goal. It is experience. And they understand what good startup CEOs are all about. They:

• Do what they are passionate about
• Make sure intentions match emotions
• Test concept before they raise money
• Make sure they want the success they are seeking
• Raise money from value-add investors
• Assume they will be successful and work backward
• Recognize when they are the problem

First, one has to be a “Backable” entrepreneur. That means having the ability to build rapport easily. This means that one can:

1. Build Great Teams
2. Sell, Sell, Sell
3. Raise Capital
4. Provide Vision, Clarity & Focus

These skills are critical and can be learned. But it requires one to have the ability to deal with rejection, disappointment, and stress, especially when raising capital.Then ensure that the basic blocks of the company are set up properly. These include:

1. The Proper Legal Structure (Delaware C Corp)
2. Founders’ Operating Agreement
3. Founders’ Restricted Stock Vesting Plan
4. Clarification of Roles & Responsibilities
5. Decision Making & Conflict Resolution Mechanisms

Next, there are key questions one must answer before embarking on this journey:

• What Is the Problem You Are Solving for
• Who Are You Solving It For
• Why You and This Team – Do You Have a Personal Connection to the Problem
• Why Now

Additionally, they understand the qualities of a startup CEO. Backable entrepreneurs are:

1. Able to Build Rapport
2. Committed & Passionate
3. Missionary and NOT Mercenary
4. Innovative
5. Able to Deal with Stress
6. Understand how VCs work

Good CEOs understand storytelling, have an exceptional ability to make personal connections and know-how to build rapport. They are also able to always clearly answer the key questions:

• How much capital to raise
• What does success look like in 12 months
• Who is on the team and why
• What are the use of funds
• Who is in charge
• What is the go-to-market strategy
• How to recruit talent

So for those who still feel compelled to build startups, a good starting point is to understand what it takes, and what the expectations are. It is not easy, but it is incredibly rewarding. As Henry Ford said, “Coming together is a beginning; keeping together is progress; working together is success.”