Your startup could be headed for trouble if you fail to create formal documents to govern your relationship with your co-founders or if you aren't able to focus your company on what really matters. "You have to get good at saying 'no' to new product features, markets, and ideas that aren't core to your business," writes Ryan Terpstra, founder and CEO of Selerity. "Be world class in one niche and then replicate that success in adjacent niches."

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