It feels like we are in the midst of an interesting time of this Internet super cycle. Some people are beginning to lose their heads. Whether it’s the NFTs, SPACs, BTC, ETH, or FAANGs there are $$$s everywhere. And at time likes these the most important leadership trait might just be steadiness. Keeping your head while all others are losing theirs. Sound familiar?

In 1910 Rudyard Kipling wrote his famous poem “If” and this prescient 2nd paragraph:

If you can dream—and not make dreams your master;

    If you can think—and not make thoughts your aim;

If you can meet with Triumph and Disaster

    And treat those two impostors just the same;

If you can bear to hear the truth you’ve spoken

    Twisted by knaves to make a trap for fools,

Or watch the things you gave your life to, broken,

    And stoop and build ’em up with worn-out tools

It is the polar opposite ends of the growth spectrum – spectacular moonshot success and mind numbing elevator like free fall – where we often see the most trouble. Just in the past few weeks the following headlines have come across the ticker tape:

• OpenSea, a popular NFT exchange, saw transaction volume soar 10x to $3.4B from July > August. Then they announced their Head of Product would be stepping down after it was uncovered he was buying NFTs in personal accounts before they were due to be featured on the site’s homepage
• App Annie agreed to pay $10M to the SEC for *allegedly* violating their terms of service. Essentially, they *may have* sold confidential private app data to Wall Street hedge funds. Their former CEO is barred from serving as an office or director of a public company for 3 years
• HeadSpin’s CEO & Founder was charged with fraud by cashing out >$2.5M in secondary sales and overstating company revenues in fundraising documents by $50M. Juust $50M

Ok so it’s not exactly a difficult decision to relieve someone of their duties when these type of transgressions are uncovered. Yet the real interesting insight is that when success or struggle come to your company’s doorstep people will behave in unexpected ways.

I guess it’s about managing your metrics without letting those metrics manage you. Trusting in and building cultures that reward honesty and morality. Keeping your head about you when others are losing theirs, more or less. Things are never really that bad or that good, right? But the hellacious pace of startup land can certainly make it seem more skewed one way or the other.

In order to help stave off this type of desperate behavior how can we help?

Perspective, for one. Moderation of expectations, for two. And holding a really high standard of character, for three.

In the 2020’s success will likely accrue to the teams and individuals who are able to stay steady and leverage the learnings of fools who made dreams their masters. Or just don’t overstate your revenues by $50M and you’ll be all good!