Core Values vs Entrepreneurs

Ah, “core values” along with “purpose” and “mission”. Absolutely critical to the success of your company.

People we hire need to embody these. Decisions made at the company need to reflect them. And our future growth, success and culture depends upon staying true to these values.

Yet as entrepreneurs we rarely have time for things that seem like formalities. Our heads are down and we are focused on the chaos and adrenaline of creating and then building the company…endless days of product planning, engineering, growing sales, fundraising, adding exec’s and team members, legal hassles, keeping everything accounted for, handling HR issues, more fundraising, and endless fires.

Personally, I’m terrible at what I view as formalities. I know that state corporate filings, tax payments, corporate resolutions, Board and committee meetings (and minutes), and such things are very important. I also know that I just won’t personally get them done the way they should, so I hire for that. My President & COO, General Counsel, my CFO, my CRO, my CCO, my head of HR, my Chairman, my outside counsel, my auditors, and others take care of those things very competently, and the auditors and regulators are happy.

However, there are some formalities that absolutely must get done and which only the founder can do. => "Core values” along with the company’s purpose and mission are right at the top of the list.

This is something I resisted for a long time. My interpretation of what people were telling me was that this was a politically correct exercise. A horse designed by committee. Useless in the growth of the company.

I was wrong.

The reality is that when you start a company and your team is all crammed together in an executive suite that was designed for half the people you’ve got in it, the daily interaction you have with everyone continuously reinforces your core values. Every minute of every activity that the founding team is focused on is 100% on your purpose and mission, even if it’s not been formally documented. As the company grows, those people…with the core values ingrained into their DNA…carry it forward to new employees.

At some point in the growth of the company it becomes impossible for the core values to be instilled with confidence as legions of new people join the team. And the founder is so busy with customers, product & engineering, investors, partners, and others that we lose the ability to constantly and personally reinforce the company culture, values and mission.

Then one day we wake up to some internal drama, something that takes us by surprise as we say “huh? That’s not what we believe! That’s not who we are or what we are about!” and “how the heck did that person even get hired here?” This happens because we failed to provide a keystone that people can reference and rely on. This formality just bit us in the ass.

You might get advice to take your exec team offsite to spend a weekend bonding and deciding on the core values, purpose and mission of the company. That’s well-meaning but terrible advice, do that and you’ve failed.

Your team cannot “decide” these things for you or for the company. These existed before you even started. The morning you woke up at 4am with an “ah ha!” idea, before you put pen to paper (or, rather, started hammering away on your keyboard), your core values and your purpose already existed. Your vision for the company sprung from this, even if subconsciously.

Your team can certainly help you articulate these things, they just can’t decide them as they already exist. They are woven into the DNA of your company. They are your soul. If you or anyone in the future try to change them this will derail the company, there are countless examples of companies that get into trouble when that DNA is ignored or if, as the company grows, "management" tries to change it. The fact is, it can't be changed...it is who we are.

Recently one of my investors mentored me on this topic, resulting in my 180. As homework he had me read “Beyond Entrepreneurship” by James Collins & William Lazier. Skip straight to chapter 2, page 62.

So, what are Prime Trust’s core values, purpose, and mission?

Purpose – we exist to provide the infrastructure that fintech innovators need to change the world.

Mission – to dominate financial infrastructure for alternative assets.

Core Values & Beliefs:

• Integrity, within and externally
• Smart work over hard work
• Security of assets and data
• Embrace the mission and our “why” (purpose)
• Assertiveness coupled with willingness to listen & learn
• Okay to screw-up but must be owned, communicated, and learned from (personal accountability is embraced and rewarded, “mea culpa” is not a bad phrase here)
• Allergic to status quo, irreverence
• Personal freedoms, not political correctness
• Respect for regulations, while unafraid of gray areas
• Always seeking to eliminate pain via innovation of technology, compliance, and processes
• Family first
• Recognition whenever earned
• Market-driven, focused on the largest opportunities we can realistically handle while maintaining a diverse customer base – not the worlds best trombone oil company…and ensuring that our success or failure is not tied to any single customer
• Tech driven – passionately focused on delivering services at scale
• Company must earn enough money to support both the team AND customers