Startup and early-stage Healthcare Technology founders wear many hats. One moment, they are the CFO raising capital, and the next, they are the Head of Product making critical roadmap decisions. As a quarter-end nears, they become the head of Sales, and as the company expands, they’re running HR. There can be tremendous stress when a founder tries to wear too many hats at once or struggles to decide which to wear, which to remove, and which to hand off to someone on their team.
Investors are attuned to these pressures and become nervous when founders wear too many hats. They look to the analogy of having five plants and water for three. Water every plant, and they all wilt. Founders who don’t understand this are a red flag for those providing investment capital and will be passed over for other companies who are better positioning themselves for success.
Marketing, Sales & Business Development: Brand identity, target audiences, filling the pipeline, closing deals, and creating strategic alliances. These tasks often require the founder’s leadership, especially in the early stages when you must stay close to customers to evolve the product and close deals. Some founders believe they are marketing / sales oriented, which can derive huge benefits for the business as long as there are capable leaders on the team wearing other hats. However, many founders are not marketers or proven at winning new name accounts, and like the back office, should leave that work to the experts.
Founders should regularly assess where their time is focused, identify measurable results when changes are made, and what actions to take to reach the goal.
No matter how a leader decides to assess and prioritize their hats, leaning into the balancing process will likely mitigate stress, potential burnout, and make the company more attractive to potential investors.
