Smart entrepreneurs focus on building a great business -- and not on how and when they will sell their companies or go public. However, it's critical to envision your exit goals early on, because they will inform your fundraising decisions.
I had the pleasure of hearing Kevin Weil, VP of Product Revenue discuss Twitter's monetization strategy at Ad Age Digital. His presentation gave me insight into the question that everyone wants to know: How much am I worth to Twitter?
It's not good enough for Twitter CEO Dick Costolo to only have one woman on his board. One is too often a token. On a board of seven -- it should be at least two. No one wants to be a token, not even women seeking to serve on boards.
The ideal circumstance for a company to go public is to have one's ducks all lined up, performance-wise and business-wise and be in position to grow strongly in the first several years after the IPO. For Twitter, that situation is certainly true now.
In 1975, researchers Worchel, Lee, and Adewole wanted to know how people would value cookies in two identical glass jars. One jar held 10 cookies while the other contained just two stragglers. Which cookies would people value more?
Ethan Stock lived the Silicon Valley dream. He had recently sold his company to eBay and emanated the tanned skin and relaxed composure you'd expect of someone who just cashed a big corporate check. But I was surprised by what he said next. "Mediocrity is worse than failure, you know?"