In an earlier post, I wrote that integrity, intelligence, personal energy, the ability to draw out collective energy, and salesmanship are the five key traits of great founders. The last three of these traits manifest themselves in a single outcome, which is getting things done.
Getting things done, in turn, takes time. It takes anywhere from a few weeks to a few months to see if a founder is someone who gets things done.
That’s why, as an investor, before investing in a founder, it’s useful to take this time to observe the extent to which the founder is someone who gets things done. It isn’t possible to observe this in a single meeting.
Sometimes competitive bidding processes result in having to decide faster than this. One approach is to sit out of such processes altogether. The other is to adjust your investment amount to reflect the extent to which you’ve been able to observe the founder’s ability to get things done. This leaves you the option to invest more in a future round after you’ve had more time to observe the founder’s ability to get things done.