He raised billions. Then he lost sight of what he was building, on a 36-block walk.<\/p>\n
Adam Neumann. Co-founder of WeWork.<\/p>\n
On The Diary of a CEO, released September 28, he described a day in late 2016.<\/p>\n
The night before, his board had agreed on a plan. Raise $300 to $400 million. Slow growth. Turn a profit. Go public.<\/p>\n
The next day, Masayoshi Son of SoftBank visited. The conversation moved into his car.<\/p>\n
By the end of the ride, Son had offered $4.2 billion. Terms on an iPad. Both signed.<\/p>\n
Neumann got out around 54th Street and walked back to headquarters on 18th.<\/p>\n
The valuation. His ownership. His personal wealth.<\/p>\n
With every step, he says, his ego grew.<\/p>\n
By the time he reached the office, he had forgotten what the company was about. It had become about the money.<\/p>\n
We talk a lot about what failure does to a founder.<\/p>\n
We talk far less about what success does.<\/p>\n
For years, nobody believes in you. Then one of the world’s biggest investors writes a cheque. It is easy to believe your judgment was validated too.<\/p>\n
Someone asks about cash flow. You think they lack ambition.<\/p>\n
Someone questions the plan. You think they do not understand the vision.<\/p>\n
Slowly, the people willing to challenge you go quiet.<\/p>\n
Two decades of building companies taught me to take this danger seriously.<\/p>\n
The money in a company can grow faster than the founder’s ability to handle it.<\/p>\n
After your biggest win, were your decisions getting better, or were you just more certain of them?<\/p>\n
Krishna Lakamsani | Serial Entrepreneur | Investor | I write at the intersection of AI, capital, and the future of the human job market,\u2028sharing my life lessons, reflections, and honest takes from the founder-investor’s seat.<\/p>\n","protected":false},"excerpt":{"rendered":"
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