Jason Goldberg, Founder & Chief Executive Officer at Fab, has learned a lot in 2013. A series of very public layoffs and upheaval is not generally followed by such candor, but that’s what Goldberg laid out in his blog, the Betashop Quarterly. In it, he pens an open letter about 2013’s fumblings and the hard lessons he learned, summing things up for us in 16 lessons that go far beyond the workspace to become great advice for any industry, entrepreneur, or worker.
Here’s a few of our favorites:
2. Control Your Own Destiny — Cash Is King. . . Never ever let yourself get into a position where you are desperate for cash. When I made the difficult decision to cut expenses at Fab in mid-2013 I had essentially two options in front of me: keep growing at the pace we were growing and hope I could raise even more money down the road, or scale back and control our own destiny. I chose the latter. Yes, it is my fault for getting us in such a position in the first place, but the go forward decision was rather simple. I didn’t want to ever get in a position where we were desperate for cash. . .
4. As the CEO, it’s all your fault because you set the tone for the entire business. . . If you ever, ever find yourself in the position where you are pointing at one of your executives and managers and saying to yourself, “If only they made better decisions we wouldn’t be in this situation,” STOP. Point that finger right back at yourself. . . The reason it’s all your fault is because you set the tone for the business. At Fab in 2012 and into the first half of 2013, for instance, the tone I set was to grow grow grow and create a billion dollar company. All decisions flowed from that. So when I looked back in the second half of 2013 and asked why did we do x, y, z, the easy thing to do would be to blame managers for making poor decisions. But that would be wrong. The absolute truth is that the CEO — me — set the tone and all decisions flowed from that. This is a tough lesson for any leader to internalize, but it’s so important. It’s also easy to fall into the trap of believing that things would have been better if you had just insisted on it being done your way vs. listening to someone else. I can think of countless times over the past couple of years when I knew the right answer but allowed the team to pursue a different direction. . . By championing growth on the one hand while questioning efficiency on the other, all I was doing was confusing the team, not leading them. And, everyone — including myself — was too busy focusing on growth to even take the proper time to figure out the tough problems in front of us. Leadership is all about setting the right tone.
Read the rest here.