I have read, listened to and then re-read/while listening to "Hard Things about Hard Things".  To say it's one of my favorite books, would be an understatement.  
Ben Horowotiz, has done an exceptional job in crafting a book that has made things real - an insiders look at management, leadership and business drivers.  Three main takeaways from me:
  • Avoid Management Debt
  • Appoint the Right Leader -  War Time CEO vs Peace Time CEO
  • Go down an Invisible (or unknown) Path - What have you not thought of
  • Bonus: Strong Circle i.e Mentors


Management Debt:

 I would be hard pressed to say that in this day 'n age buzz words like Agile, Lean, SAFe...etc are a rare commodity.  In these efficiency concepts, there is a gem called Technical Debt.  At a high level, it’s a burden that a team carries from one iteration (aka sprint) to another, for deliverables not met in that sprint. 

 For management and leadership, "Management Debt" is akin to this philosophy.  When a leader is not clear (and I mean crystal clear), in the framing of the ask, the receiving entity will generate an output that requires constant hygiene.  All "fly by bosses/leaders", create management debt.  Most (if not all) one line scope definers create management debt.  All "weekend warriors", are a result of someone’s management debt.

 Other kinds of management debt include, putting two in a box: When there are two drivers, no one is in-charge.  The employees don't know who to ask for a decision/direction as there are two captains at the helm.  Having a primary and backup is a better approach.

 Another nugget; Hiring an outsider (expert), without taking the business maturity cycle into consideration.  This leads to what I call a person-firm misfit.  Similar to a market-product fit, if the capabilities do not address the problem, it will lead to failure in both cases.

 Takeaway: Frame your ask using the SMART framework.  It's specific, measurable, achievable, realistic and time-bound.  Measurable is not a metric here, it's the definition of done i.e. all parties know what the ask/outcome is.  Know when to hire, from where and why!

 War Time CEO vs Peace Time CEO:

 Life of an entrepreneur is not all roses and sunshine.  Ben draws his experience from the time of .dot com bubble.  I remember it quite well, as I was wrapping up college and had just entered the workforce, while starting my Master's program.  CEO's during war time have to make tough decisions - it's not a democracy, it's a dictatorship. 

 The peace time CEO has the luxury of time, hindsight, resources, money...etc.  In essence, collaboration is a viable option.  During war time, everything is the CEO's fault.  If the product sucks, if the growth has stagnated, if the market strategy is laxed, if the sales force can't sell...anything and everything is the CEO's fault.  Therefore, CEO's have to make the best decisions now - consequences are left to the "Harvard Case-studies".  The good ones become legend, whilst the others simply fade away.  Good or bad, it is what it is!

 Takeaway: A war time and peace time CEO, require different skill set.  So, it's the boards, the founder’s responsibility to understand the state of the business and have a leader who is aligned with the needs of the business.

 What have you not thought off:

 I was listening to a talk by Arnold Schwarzenegger, where he stated that if you have Plan B, you will fail.  The logic behind the statement was that an individual will not apply their full potential to Plan A, if there is a luxury of Plan B.  While, this may be true in limited scenarios, the right question to ask is, what have you not considered.  If your business only has one month of runway left and the market has just collapsed, do you give up - NO - you go to plan B, then C, then D....

 There is no right or wrong answer here, but there is another perspective.  Change your frame, label it differently, and then ask, “Have we pursed that Avenue?”.  For war time CEO's, there is no time for analysis/paralysis , so its Plan Act (PA) vs Plan, Do, Check, Act (PDCA)

 Takeaway: When there is no possible solution, change the frame of the question.  Explore the option of what has not been considered.  Whilst not an easy task, it will force you to consider an avenue which may or may not even be on your radar.

 Bonus - Mentors:

 It may not be called out by name in the book - but you'll read a lot of names that Ben leveraged during difficult times i.e Mentors.  One the best advice I got from a mentor was that in addition to mentors in your company (inner circle) - find mentors outside your firm.  They will provide perspectives not part of your thought process!

 Final thoughts: People then Product and then Profits.  It's a CEO's/Leaders responsibility to ensure product/market fit, which drives profit for all employees and shareholder - but none of this is possible without People.  Take care of your people and the other two will automatically fall in place.