My Precious

Someone once told me that a start-up business is 10% idea and 90% execution. Whether that is scientific or otherwise, there are certainly many entrepreneurs out there that, like the infamous character Gollum in Lord of the Rings, prefer to hide away, deep underground, quietly polishing their idea and gazing upon it fondly.

Document Everything...

I once worked with a company that helped troubled businesses turn around or successful businesses prepare for sale. A recurring theme when they reviewed such businesses was that they rarely had complete documentation that could explain to a prospective buyer what  they did, who was responsible, how everything worked, etc. The end result was often a lowering of the final valuation and ultimately a loss to those exiting the organisation.