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The essential steps in the transition from a nascent startup to an organization capable of sustained and profitable growth are not readily apparent to many early stage entrepreneurs. The life cycle of an entrepreneurial venture consists of four stages (startup, transition, scaling, and exit), each defined by the principal challenges faced by the founding team. The popular lean startup methodology emphasizes a disciplined process of exploration, validation, and refinement of the business concept as the essential first step in the process. Although it is undeniably important to get the business concept right in the beginning, there is a period of transition during which the founding team must establish a solid foundation for growth and scaling that may ultimately have a greater influence on venture success. To date, limited research has focused on transition and the field has offered little normative guidance. Entrepreneurs have largely been on their own as they struggle, through trial and error, to lay the foundation and build a scalable business. This article describes the essential tasks to be undertaken-the eight hurdles of transition-and provides normative guidance, solidly based on experience, regarding the actions required to establish the foundation for a scalable business.

Many entrepreneurs aspire to build an exceptional company, reap the rewards, and retain the CEO position at the end of the journey. Launching the startup is only the first step. The period of transition during which a startup grows up and becomes a scalable business is arguably the most critical time in the life of an emerging firm. We summarize the challenges of this period in a framework-the eight hurdles of transition-that outlines the essential steps in the evolution from a nascent startup into a disciplined organization capable of sustained and profitable growth. As the company engages the eight hurdles, the entrepreneur who aspires to retain the top position must embark on a parallel journey of personal and professional growth: the transition from founder to CEO. The skills, motivations, and behaviors that make a good entrepreneur are not the same as those required to lead a high growth organization. Using the literature and five scenarios from personal experience, I summarize the most commonly cited reasons for CEO replacement. Some are beyond the founder's control; most are not. We identify five shifts in perspectives and behaviors essential to retaining the CEO position and provide practical guidance for developing the founder's leadership capabilities.