Posts Tagged ‘entrepreneurship’

Freedom is just another word for entrepreneurship

Wednesday, February 18th, 2009

Everyone has the right to invent and innovate, and to make decisions to buy things without judgment, and if you can free yourself from a life of poverty in doing so, that’s a beautiful thing. “Freedom is just another word for entrepreneurship.” I believe in that.

<3 that last paragraph. From Wokai’s blog (check it out, for the larger context).

Startonomics – Los Angeles ’09

Monday, February 9th, 2009

Last week, I made a trip to LA for Startonomics, held on UCLA’s campus. Like most Web 2.0 conferences these days, the presentation slides are all online, and streamed live on the Web, and the videos of the talks to be available online soon. My favourite video + slides startup is still Omnisio – they still do the best job IMHO in presenting the video and slides together in sync.

So why go if all the content is online for free?

Because you can’t meet cool new people and do the face-to-face interaction thing ;)

During the conference, I jotted down some notes, pen and paper. The following are a tiny subset of them .. in a very scribbled fashion (because I have no time to make it pretty :/ )

Morning Keynote Address by David O. Sacks, Founder/CEO of Geni & Yammer

- Lesson from PayPal, don’t rely on someone else’s buy-in to succeed. If your business model hinges upon someone else saying “yes” to you, you’re fighting an uphill battle.

- Avoid deep tech in first few iterations, fail hard and fail fast. All technology as time goes by eventually grows deep anyway, once you’ve tested it on the market and you know you have a rough diamond. “Not right today, but I can fix it tomorrow”

- On the flip side, if you fail too fast, you don’t learn anything. Aka, “pace” your failure.

Get Your Bootstrap On: Starting Up When the Economy is Down by Mike Jones, CEO, Tsavo Media

* This was by far my favorite, I got to speak to Mike during the break and he’s a really cool guy. I can’t seem to embed, but you can find the video here

- Aim for success, prepare for failure

- Good startups, they send weekly status reports to their board of advisors without being asked. It measures where they are and how far they are from the projected objectives. Transparency is good.

- When you raise money, it’s your responsibility to bring back the money to your investors!

Just Like the 405: Seven Ways to Drive Bumper-to-Bumper Traffic by Jason Nazar, CEO, Docstoc

- Like Docstoc: You must ask yourself what piece of the puzzle are you solving? Are you adding value over time?

Afternoon Keynote Address by Richard Rosenblatt, Former Chairman, Myspace.com, Former CEO, Intermix Media, Co-Founder, Chairman & CEO, Demand Media

- When running a startup, things *will* go wrong. Everything MBAs project will be wrong. But if you go in knowing that you will fail, that’s okay. Because you know you will need to change and evolve your product/b-plan anyway.

- What kind of company will you build? (a) King of my hill (b) Get what the market gives you (c) Go big or go home – change landscape

Pitching and Packaging for Partnerships: How to Land Amazing Deals and Tell If They’re Working by Peter Pham, CEO, BillShrink

- You want your partners to say “you’ve built what we’ve wanted for years, but just didn’t have the resources to build it ourselves”

- You won’t get to be there in person to pitch all decision makers inside of a large corporations, but your email will be forwarded throughout the chain, so include screenshot mockups, they speak volumes for your product.

- Send partner weekly updates, move deals along, don’t let the line go cold.

How to Create a Web site the Users Eat Up and Beg for More by Ted Rheingold, Top Dog, Dogster, Inc.

- Use the “so what” litmus test on proposed new product features, fight feature-creep.

- Actionable insights are everything, don’t do inconsequentials.

- Quantitative success does not equal qualitative success.

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.. and many more below other good talks below. Check out the links, for the preso slides as well.

Jim Benedetto (SVP MySpace) on Scaling for the Masses (session 3)

Mark Jeffrey (Mahalo) on the Art of Product Development (session 2)

Neil Patel (ACS) on Finding Users (session 5)

Sean Percival (CEO Tsavo Media) on Social Media is Dead, Long Live Social Media (session 6)

Jay Weintraub (CEO LeadsCon) on Monetizing by Numbers (session 9)

Frank Addante (CEO Rubicon Project) on The Dynamics of Olympic Startups (session 10)

Dan Gould (Fox Interactive) on Idea to Advisors to Angel Funding to Series A (session 11)

Mark Suster (GRP Partners), Brian Garrett (Crosscut Ventures) and David Travers (Rustic Canyon) wrapped up the day to give their take on startups in LA, valuations in ‘09 and what it takes to get them to cut a check.

STOP THINKING AND START WORKING

Wednesday, February 4th, 2009

Hah .. the title of this post is not the result of a broken caps lock key. It’s a direct quote that I’m stealing from my now-colleague, Carl Mercier. Carl is the founder of a startup named Defensio, that my current employer just recently acquired. In a post-acquisition interview on StartupCFO, he said,

I think the best advice I can give to entrepreneurs is STOP THINKING AND START WORKING. I’m one of those guys who’s afraid to fail. I hate losing. I used to try to come up with the perfect idea and the perfect business model. Obviously, it was never quite as good as I wanted it and I was never starting anything. Not starting meant not failing: it was my comfort zone. But not starting also means not winning. It’s very cliche, but your original idea really doesn’t matter. It’s all about execution and being able to seize the opportunities that arise.

I’m a thinker, planner, strategist, but often I get stuck in the planning phase because I want to get it soooo right, the first time round. Dare I say I’m a perfectionist? I certainly don’t think so (and certainly don’t want to be one!)—but then again perhaps it’s my blind spot. I just don’t want to do a sloppy job. I can live with “good enough”.

This interview made me realize that Carl and myself had rubbed shoulders at least once before at Y Combinator’s Startup School @ Stanford, just last year. We just didn’t really know each other then. Certainly happy to know another YC SUS gang at the work place. What a small world! :)

I actually really like this quote. I’m posting it here, also to remind myself .. that subconsciously, maybe I’m just afraid to fail, as much as I convince myself that I’m not, and that I just need to get the hell out there and execute. I like it also because it hurts a sore spot.

As my Practical Product Management teacher John Milburn would say, “it ain’t worth a flip if you can’t prove it.”

p.s. Carl—By golly I swear I will make it to the cool kids pre-SUS robot party ;) See you there!

The Entrepreneur And The Scientist

Sunday, December 21st, 2008

“How was your year?” brings them a small but containable spasm of pain deep inside, since almost all of their years will seem wasted to someone looking at their life from the outside.

Startup entrepreneurs and scientists share at least one important thing in common—positive “lumpy” outcomes. They toil away day in and day out, waiting to hit that pay dirt. Most of them will fail, but for the very few who succeed—it was all worth it. For the scientist, it may be finding that cure for cancer; for the entrepreneur, it may be that 7-10 X acquisition or IPO, or having successfully “changed the world”.

Granted, women have it harder than men for many things in life (men don’t have to worry about makeup, and not so much about what to wear since it’s pretty standard), but being a guy doesn’t come without its own set of challenges.

Here’s an excerpt from the book “The Black Swan“, by Nassim Nicholas Taleb. It’s a great book, I was inspired to read it after reading about his specialization in randomness (had I gone for my graduate degree, I would have wanted to specialize in non-linear dynamics and chaos theory). It’s rather lengthy, but I know this will strike a chord with entrepreneurs.

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Umberto Eco’s Antilibrary: Living In The Antechamber Of Hope

Every morning you leave your cramped apartment in Manhattan’s East Village to go to your laboratory at the Rockefeller University in the East Sixties. You return late evening, and the people in your social network ask you if you had a good day, just to be polite. At the laboratory, people are more tactful. Of course you did not have a good day; you found nothing. You are not a watch repairman. Your finding nothing is very valuable, since it is part of the process of discovery-hey, you know where not to look. Other researchers, knowing your results, would avoid trying your special experiment, provided a journal is thoughtful enough to consider your “found nothing” as information and publish it.

Meanwhile your brother-in-law is a salesman for a Wall Street firm, and keeps getting large commissions—large and steady commissions. “He is doing very well,” you hear, particularly from your father-in-law, with a small pensive nanosecond of silence after the utterance-which makes you realize that he just made a comparison. It was involuntary, but he made one.

Holidays can be terrible. You run into your brother-in-law at family reunions and, invariably, detect unmistakable signs of frustrations on the part of your wife, who, briefly, fears that she married a loser, before remembering the logic of your profession. But she has to fight her first impulse. Her sister will not stop talking about their renovations, their new wallpaper. Your wife will be a little more silent than usual on the drive home. This sulking will be made slightly worse because the car you are driving is rented, since you cannot afford to garage a car in Manhattan.

What should you do? Move to Australia and thereby make family reunions less frequent, or switch brother-in-laws by marrying someone with a less “successful” brother? Or should you dress like a hippie and become defiant? That may work for an artist, but no so easily for a scientist or a businessman. You are trapped.

You work on a project that does not deliver immediate or steady results; all the while, people around you work on projects that do. You are in trouble. Such are the lot of scientists, artists, and researchers lost in society rather than living in an insulated community or an artist colony.

Positive lumpy outcomes, for which we either collect big or get nothing, prevail in numerous occupations, those invested with a sense of mission, such as doggedly pursuing (in a smelly laboratory) the elusive cure for cancer, writing a book that will change the way people view the world (while living hand to mouth), making music, or painting miniature icons on subway trains and considering it a higher form of art despite the diatribes of the antiquated “scholar” Harold Bloom.

If you are a researcher, you will have to publish inconsequential articles in “prestigious” publications so that others say hello to you once in a while when you run into them at conferences. If you run a public corporation, things were great for you before you had shareholders, when you and your partners were the sole owners, along with the savvy venture capitalists who understood uneven results and the lumpy nature of economic life. But now you have slow-thinking thirty-year-old security analyst at a downtown Manhattan firm who “judges” your results and reads too much into them. He likes routine rewards, and the last thing you can deliver are the routine rewards.

Many people labor in life under the impression that they are doing something right, yet they may not show solid results of a long time. They need a capacity for continuously adjourned gratification to survive a steady diet of peer cruelty without becoming demoralized. They look like idiots to their cousins, they look like idiots to their peers, they need courage to continue.

No confirmation comes to them, no validation, no fawning students, no Nobel, no Shnobel. “How was your year?” brings them a small but containable spasm of pain deep inside, since almost all of their years will seem wasted to someone looking at their life from the outside. The bang, the lumpy event comes that brings the grand vindication. Or it may never come.

Believe me, it is tough to deal with the social consequences of the appearance of continuous failure. We are social animals; hell is other people.

Lying is ok. Guy says so. I guess. That’s all I need to know.

Thursday, October 23rd, 2008

Q. You dedicate a few amusing chapters in “Reality Check” to lies told by entrepreneurs, venture capitalists, lawyers, engineers, business partners and C.E.O.’s. With all this rampant lying, are you suggesting that artful lying and lie-detecting are part of the game that entrepreneurs need to master?

A. If an entrepreneur’s lips are moving, she’s probably lying — though she may not know it. Part of being an entrepreneur is that you have to lie — first of all to yourself. You have to tell yourself that you can create something, people can build it, customers will buy it and you can collect the money.

If you cannot ignore the naysayers who tell you that it can’t be done, it shouldn’t be done, it isn’t necessary, you can’t be an entrepreneur. One of the best ways to ignore is to lie and deny.

The challenge is that once you do ship, you have to remove the lie-and-deny shields and listen to what your customers are telling you. Flipping this bit is one of the hardest things for an entrepreneur to do.

From The Care and Feeding of Entrepreneurs on the NYTimes.