So you want to be a founder? If you want the glory that comes from success you need to be ready to “kill your darlings”, and quickly. That phrase is used by writers and creatives to mean that you have to remove anything that does not create the best possible version of the final product. Even if, or really especially if, they are your favorites. As a founder these painful decisions usually come in two formats: 1) things you want to do but can’t, and 2) things you don’t want to do but must.

Venture capital firms work with early-stage companies to give them the funding, guidance, and support that will allow them to grow into large, profitable firms. We focus on teams that have deep technological advances which address large markets ripe for disruption. The process of raising capital requires the company to do significant financial planning to prove that they need our funding, that they will not waste it, and that it will be sufficient to get them to their next milestone (usually a larger funding round). VCs make it a policy not to overfund a company.

You will never have enough money to do everything you want to do when you want to do it. You as the founder will have to decide, even as you are pitching to get funded, what will be cut or left for later rounds. These decisions will be painful, but they will help focus your mind on what is truly necessary, be it people, equipment, features, or time. These sacrifices are critical to keep the scope tight, manage your capital, and deliver your product quickly. We all accept that “time is money”, and making the painful decision early will save you both. 

The second type of painful decision is usually harder to execute. Whether it means firing an employee, giving up your beloved office space, working with another company or person you really don’t like, the founder is required to put their emotions aside and do the painful task for the betterment of the company. No one likes to fire a team member, but we all know examples of one unhappy person bringing down a whole office. Once you know what to do, the sooner you do it the better. Problems feed on neglect. It will hurt, but you can’t start healing until you get rid of the problem. 

A good founder will listen to their staff, investors and advisors to determine what needs to be done and make the painful decision early. You are also responsible for communicating with the team, so they understand why it had to happen and how you are all going to be better off going forward. This is your team and your venture, keep it moving in the right direction no matter how painful the choices are.