Poshmark has filed to go public and is probably going to be a public company in near future. A great achiement for any entrepreneur to build a sturdy enough company to withstand the vissitudes of the public markets.
But to many an IPO is an end of a jorney, while in reality it is just a financing event and start of a new phase. Churchillian phraseology is appropriate here: it is not the end of the game, it is not even a beginning of the end but it is merely an end of the beginning.
Many companies stumble after an IPO as many early employees, having gotten rich, suddenly lose motivation to work long hours. They get focused on stock market and stock price. Long suppressed dreams come to surface. Luxury cars and European vacations are to be had. Oh so many distractions, things at office can wait. Newer employees feel left out and jealous of newly rich colleagues.
It is imperative that the entrpreneur does not let an IPO destablize the company. He/she needs to articulate the next goal in very clear and forceful terms. It has to be a goal that is worthy of going for. It can not be financial only goal: going from zero to ten million dollars in wealth is life changing but going from 10 to 50 is not that impactful. Valley is full of stories where the entrepreneurs themselves get destabilized and lose focus and zest. Entrepreneurs also need to take a hard look at their team and see if it needs upgrading; or if it needs supplementing.
It is a rare to have Jeff Bezos, Bill Gates ot Matk Zuckerbergs, who take things in stride and keep growing with out a hitch, at the helm. I have been part of the companies which declined very rapidly after an IPO. Exodus and Cybermedia come to mind. Eagle Computer IPO in 1985 was an extreme case, where CEO after a bit of celebration after the listing went and bought a yatcht and Ferrari. He drove that Ferrari in to Vasona Lake and died. IPO had to pulled back and company went belly-up several months later.
Companies and entrepreneurs are entitled to celebrate for a day or two but need to get back to salt pits quicly.
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