Archive for the ‘entrepreneurship’ Category
Over the past two weeks I’ve been working closely Skip Walter on a new project codenamed EnterpriseList.
For those of you who don’t know him Skip is one of the creators of ALL-IN-1 a $1B software product line by DEC, he was the VP of engineering at Aldus which created PageMaker and became Adobe, and founded Attenex which sold to FTI for $91M.
Besides all of his accomplishments Skip is one of those rare people who is ridiculously curious about everything, knows something about every field, but who can also go deeply technical on any of of those topics. It’s rare to meet someone who has both wide knowledge and deep knowledge both at the same time.
While starting a company people talk about the value of learning from experienced mentors but typically it’s very hard for a new founder/CEO to really appreciate and take advantage of this mentorship. It was only through working with Skip on a daily basis have I’ve begun to fully appreciate the experience.
I wanted to share some of the lessons I’ve learned so far through my experiences over the past couple of weeks to hopefully help other founders who are in a similar position. To give you some context right now we are in the interviewing stage with potential customers, planning out the first version of our product, putting together our customer proposals, and building out our initial team.
- It can’t be said enough that the team is so important in the early days of a startup, even more important than you think it is.
- The optimal team is comprised of:
- a visionary who sees a “must have solution”
- an architect who can think in scale and build a product
- a designer who can observe the customer and translate those observations into product
- a lead customer who has that “got to have” need and can spend the appropriate time with your team.
- The composition of the team is so important, you literally can’t settle for any aspect of the team in the early days.
- It’s the visionaries job to find the lead customer, understand the “must have solution”, and communicate the solution.
- There is a huge difference between a “minimal viable product” and “a minimal valued product”.
- It’s very important to think backwards from the end value your customer is getting from your solution, back to how the features of the product achieve that value, rather than thinking of a cool feature and how a customer could potentially use that feature.
- Selling is not an opportunity to pitch your product, but rather an excuse to learn as much as you can from your potential customer.
- Putting together the right set of questions before you talk to a customer is more important than putting together your perfect pitch.
- Ask questions not just about your product and your feature ideas but rather ask questions about their process, how they view their workflow, and about the greater context. It’s important to understand the whole problem space, not just what your product does.
- The act of writing down your customers feedback both solidifies their feedback in your own head and creates a tangible work product that is valuable for your company.
- 80% of the battle in sales is learning where the customer is coming from and what their buying process is.
- It’s not enough to get the potential customer to open up to you but rather you have to ask questions that move customers to a high level of commitment: Examples include: What their budgets are? How do they measure their program/function? How does their group/department/division work and how are buying decisions made? etc.
- Selling is all about getting a customer to a higher level of commitment and getting them to want to spend time with you and want to create a solution with you.
- A sale doesn’t start or stop at a customer pitch, a sale starts way in advance of your pitch and extends way beyond the sale.
- The ideal customer mix is between 3 and 5 customers to work hand and hand with to build a solution. One customer is just consulting, two is a nightmare, and six is too many.
- It’s more important to find the biggest pain points, most valuable workflows, and most valuable solution from a handful of customers rather than just having a lot of interest from a lot of potential customers.
Last week I gave a talk at Cal Poly San Luis Obispo (my alma mater) about multidisciplinary learning and minimal viable products.
One of the mental models I came up with was a theoretical framework for a “Minimal Viable Product” or MVP for short. In the post I want to put my idea out there for further refinement and get some feedback on it (in MVP style :))
Lets start with some basic definitions.
I like to define a minimal viable product as the quickest and simplest way to test a product idea in the open market. The MVP can be as simple as a signup form, or first prototype, or screenshots. The most important thing about MVP’s is how quickly you can put it out there to start getting feedback from your potential customers or whom you think your customers might be.
The reason why MVP’s exist at all is because it is much easier to test your MVP to see if people want your product rather then to build a fully functional product and figure out no one really wants what you made. An MVP is a quick way to test your initial concept before starting the product process.
The mental model I came up with for a MVP is inside a “while loop” a concept from computer science. A simple definition of a while loop is a “statement of code that can repeat given a boolean statement (true or false). If this is your first time ever seeing this concept I’d also suggest checking out Khan Academy’s talk on while loops.
With the basic definitions out of the way here is my mental model for a MVP:
while Traction is not True:
Idea = Hypothesis
Experiment = Market
Traction = True or False
Idea + Experiment = Traction
If Traction = True
Return Idea, go Build_Product
Traction = False
Lets break this function down and then also explore some interesting observations that come from this function.
The main premise of a MVP is you are trying to test for “traction” which I will explain in a bit. Inside the while loop your business idea is the hypothesis you want to test and you want to test this against the market. Said another way you want to put your idea in front of who you think your customers for the idea would be.
Once you run this experiment against your idea you will see if your idea generations traction or not. The True or False inside the while loop is a Boolean statement, which means you are either going to get traction or not.
One of the most difficult parts of this function is defining what “traction” means. It’s hard because there is no exact answer, e.g. if 10 people sign up for the beta release of your product that isn’t necessarily traction. Traction is much more of a gut instinct you feel when there is genuine interest, demand, or buying intent for your idea. E.g. If you’re creating a enterprise application and a large corporation wants to sign an Letter of Intent (LOI) as soon as they see your MVP that might quality as traction.
The best definition of traction I could think of is: if the reaction from your potential is significant enough for you to be excited and motivated enough to take the next step of building the first version of the product itself. The answer will either be yes or no (True or False).
If your MVP delivers traction then you are done and you move onto the build product stage, but if your MVP does not deliver traction then you need to iterate (change) your idea and try the while loop until you find traction.
Now for 2 interesting aspects of the MVP function.
Idea vs. Market:
The reason why you need to iterate your idea and not the market is because it’s really hard to change the market conditions during a short time period. It’s much easier to change your idea and try the process again.
But if the market you’re in is rising rapidly in your favor, your idea doesn’t need to be that good and it can still pick up traction quickly. These conditions probably lead to the “Powder Keg” startups Gabriel Weinberg, the founder of DuckDuckGo, was referring to in his recent blog post. This is also probably why you see a lot of variation of startups around fast-growing markets all during a short time period e.g. all of the Groupon clones, social gaming startups, and startups in the social/local/mobile space.
All this variation, a concept from Biology, is probably a key factor in producing companies that survive in the long term (also related to survival of the fittest). This could be a whole post in itself, which I might come back to on a later day.
The Initial Idea:
I suspect the idea which gets traction and the entrepreneur decides to go forward with would follow the Physics principal of Chaos Theory. Chaos Theory is a theory in which the initial state of a system drastically affects the result in a chaotic system. You might have heard the phrase “A butterfly flapping its wings in Africa can cause hurricanes in Asia”, this is a hypothetical example from Chaos Theory.
Just like weather systems, the market is a chaotic system and your initial idea will matter a lot in determining the final outcome. This is why I believe an idea matters a lot but only in the initial state of your company. Right after the initial state other things like building product and execution matter much more than the idea itself.
Whenever I talk about MVP’s I always the same question asked repeatedly so I will answer it now rather than later.
An MVP is NOT a startup; it is Step 0 on your path to creating a startup. There are many more aspects to starting a company that I could not possibly cover in one post nor do I know them all myself. An MVP is only a tool to test the need in the marketplace before you do the hard work of building a product behind your idea.
*Also for any engineers reading this my while loop probably has some syntax errors in it. It’s not like you could ever run this function so I use the while loop mostly for conceptual purposes.
It was 5am. I don’t remember the last time I ate and I can’t seem to think about anything other than market numbers, financial projections, and executive summaries… it’s time for bed.
That was two days ago when I had the great idea to get loaded on caffeine and work throughout the night. Between IQueue the incubator program I started at Cal Poly, my full time job, JobShoots my company that I’m incubating through Innovation Quest, and all my volunteering activities for Angel Groups and other non-profits, I haven’t had much time to sleep or much else.
It literally feels like my life has been moving at 10,000 miles an hour while I have been moving 10 miles an hour trying to pick up the pieces and keep the whole thing from crashing down. This all became very real and apparent to me yesterday morning.
After my second day of working throughout the night and a collection of 20+ days of working a full time job plus a full time startup I finally crashed. I woke up in some sort of weird haze with the worst stomach pain imaginable and I realized I hadn’t eaten since lunch 20 hours ago after sleeping for only a couple hours. I hopped into my car and I was driving down El Camino road in Palo Alto when I started to get these weird flashbacks of graduation, moving out of my previous house, and other memories.
I started to feel that my life hasn’t slowed down since graduation a little over a month ago and I haven’t even gotten a full day to sit back and digest what the hell I have been up to since then. Then I remembered I was driving again and swerved back over to my lane and ending up at In-an-Out. I love In-an-Out and I could eat their burgers everyday of the week but for some reason my body was outright rejecting food and I couldn’t hold anything down to save my life.
It was the weirdest experience. I kept slipping in and out of dream mode and I couldn’t even tell if I was awake or sleeping, it was all one big blur. After managing to eat a couple pieces of my burger, what did I decide to do? Go back to work again of course. I grabbed a cup of coffee and off I was to finishing up my business plan.
Without diving into too much detail my state of mind deteriorated further until the point of today when I decided to come home from work early and not do anything work related for the rest of the day: I got home, I took a nap, I went for a bike ride, I meditated to clear my head, and I am going to go to sleep early today. I didn’t check any of my emails and other than this post I haven’t touched the computer.
Most importantly I realize I need to take a break from work at least once a week and I need to pick one job not two. I have to make a choice about where I want my life to go and what path I want to go down. More about this in the next coming week.
[Inspired by Steve Blank's post]
Photo by JamesWatkins
This is Part 2 of the series What Makes Entrepreneurs, Entrepreneurial? If you missed Part 1 check it out here as this will be a continuation of the last articles ideas.
To sum up Part 1 there are two main types of logical reasoning when solving complex problems: Casual Reasoning and Effectual Reasoning. Casual Reasoning deals with knowing the set of means or inputs and planning effects given these inputs. This is the prevailing thought process taught by universities and management training programs around the world
Effectual Reasoning on the other hands starts with who you are, what you know, and who you know then imagines the possibilities and combinations, then jumps directly into execution without much regards to planning at all. This is the thought process favored by entrepreneurs.
In Part 1 we laid out the two forms of reasoning and began to explain the processes behind effectual reasoning. In Part 2 I will explain some principles of effectual reasoning and explore the logic behind the two reasoning methods.
Principles of Effectual Reasoning vs. Casual Reasoning
|Effectual Reasoning||Casual Reasoning|
|Focuses on affordable loss||Focuses on expected return|
|Built upon strategic partnerships, teams, and customers||Depends upon competitive analysis|
|Stresses the leveraging of contingencies||Emphasizes pre-existing knowledge and prediction (Eliminating contingencies)|
The three principals we will delve into are:
- Affordable loss principle
- Strategic partnership principle
- Leveraging contingencies principle
1. Affordable Loss Principle
While managers are taught to analyze market and choose segments with the highest returns, entrepreneurs tend to find ways to reach the market with the minimum expenditure of resources such as time, effort, and money. Experienced entrepreneurs tend to not believe in market research and would rather take the product to the nearest possible potential customer even before the product was built.
This falls right in line with the entrepreneurs’ tendency of action and just going for it, instead of sitting down and planning and asking themselves questions. This leaves the entrepreneur open to positive randomness and allows the entrepreneur to maximize flexibility of what ultimate direction to take since the product/service has not been designed and built yet.
2. The Strategic Partnership Principle
Effectual reasoning leads the entrepreneur to look for strategic partnerships instead of doing a detailed competitive analysis and broad based market information gathering. Since the entrepreneur wants to limit to expenditure of resources (affordable loss principle) and launch their company with the lowest levels of capital outlay, entrepreneurs will look to key partnerships and customers very early on even before the product is built.
An example of this is obtaining pre-commitments from key stakeholders to help reduce the uncertainty in the early stages of creating a venture. I experienced this firsthand during an entrepreneurs pitch to a group of top decision makers at our University where the entrepreneur asked for a non-binding commitment at the end of his presentation. If the entrepreneur receives a positive response and a good number of pre-commitments then he will launch his venture and if not than he hasn’t expended any capital in designing his product, only his time.
3. Leveraging Contingencies Principle (or as I like to call it the Lucky Break Principle)
This principle is the heart of the entrepreneurial thought process in turning the unexpected into opportunity. Great entrepreneurial firms are products of contingencies (unexpected randomness that occurs) and the entrepreneurs inside the firm taking advantage of these particular events.
Although it is not the specific contingencies themselves that shape the ventures but it is how the entrepreneur leverages these contingencies that forms of the core of effectual reasoning. The main takeaway is that all surprises are not bad, and surprises whether good or bad, can be used as inputs into the new venture creation process. Casual reasoning tends to focus on the avoidance of contingencies as much as possible.
The Underlying Logic Between Effectual and Casual Reasoning
- Casual reasoning is built upon the logic of “To the extent that we can control the future, we can control it.”
- Versus effectual reasoning is built upon the logic of “To the extent that we can control the future, we do not need to predict it”
This difference in belief opens up the questions: Is the future largely a continuation of the past? To what extent can human action actually change its course?
Casual reasoning favors the belief that the distribution of events can be discovered over time, and the learnable future becomes predictable over time. This is why academics and practitioners spend an enormous amount of time and resources creating predictable models.
On the other hand effectual reasoning favors the belief that the future is not “out there” to be discovered but it is created through the strategies of the players within the system. This might be just a hopeful belief rather than the reality, and many entrepreneurs in the real world fail.
But on the whole entrepreneurs are in the business of creating the future, which entails having to work together with a wide variety of people over a long period of time. Which is why effectual logic is people dependent since the people the entrepreneur brings together to transform the inputs of human imagination into the fulfillment of human aspirations through economic means.
This is why people in the business of venture creation (venture capitalists, lawyers, angels, etc) have always agreed that finding and leading the right people is the key to successful venture creation. And these “right people” need emotional ownership in the goals of the venture and can only be incentivized by the belief that their effects they create will embody their deepest passions and aspirations while enabling them to achieve their best potential.
Have you ever wondered why people would take deep pay cuts, stressful work environments, and social work life imbalance? The paragraph above is the reason why. No amount of money can satisfy the soul of an entrepreneur working in a meaningless job, the entrepreneur craves to be in a place where they can make a large impact and feel deeply connected to the greater mission of the company.
To end Part 1 and Part 2 of this series lets revisit the question what makes entrepreneurs, entrepreneurial? Entrepreneurs are entrepreneurial because they think effectually, the believe in a yet-to-be made future that is shaped by human action thus have no need to predict the future, and since there is no point of trying to predict the future they strive to work and understand with the people who are engaged in the decisions and action that bring our future into existence.
What do you think shapes our future? Please share any thoughts or stories in the comment section below!
Learning From Others – My Conversations With a Serial-CEO, Entrepreneur, Inventor, and Venture Advisor to Kleiner Perkins
Photo by JennyHuang
“If I have seen further than others, it is by standing upon the shoulders of giants.” – Isaac Newton
I’m not perfect, and sometimes I think I know more than others. This is a highly fallible position to be in, even with all the experiences I have been through it is still limited and I can always learn something for everyone. Depending on what school of philosophy you look to “true knowledge” is never attainable (or at least a very difficult thing to obtain) and given this viewpoint it is an individuals goal to be open to all experiences with no prejudices and biases.
Given this, one of the toughest personal traits to develop is humility and the ability to put one’s ego aside and learn from other individuals. It’s a very easy thing to say out loud that you are humble but its a very hard thing to internally convince yourself you are truly equal to everyone and to take the time to actually learn from all people.
Without getting to philosophical I had a very humbling experience this week after having lunch with Russell Bik who has by far one of the most impressive and experienced backgrounds of anyone I’ve met before. Russell Bik, is a Cal Poly grad, serial entrepreneurial (was on the early teams of Intel and Sun Microsystems), CEO of multiple Kleiner Perkin’s portfolio companies, and a venture adviser to the Kleiner Perkin’s fund.
During lunch I forced myself to put all preconceived biases aside and attempted to suck in every bit of knowledge he shared with me. We talked about a whole range of topics such as the startup vs. corporate lifestyle, best practices of teams, advisors, negotiation, and courage.
Here are a few of the lessons I took away that I want to share with everyone:
Startup vs. Corporate Life and Career Decisions (Which I’ve wrote about before here)
- You don’t want your only work experience to be a string of failed startups
- It’s good to have corporate experience with a growing company
- Of course there are always exceptions to the rule (Steve Jobs, Bill Gates, etc)
- The reality is most startups fail
- You don’t want to have just corporate experience though, you need a blending of entrepreneurship and corporate
- The downside to corporate experience is you feel like you need to play in the proper channels/bureaucracy vs. in a startup culture you get things done no matter what
Working in Teams
- Companies are all about the right mix of team members
- Each discipline of the team (engineering, production, business) is all equal in taking the company to realization and need to be compensated as such.
Value of MBA’s
- There are 2 main benefits to a MBA
- You experience what is possible and you become not afraid to attain that reality
- Develop relationships with other Alums from that school
Grades and School
- Grades tend to fall once you experience the real world and understand the skills needed to compete in this environment
- Listen to people who have been there and done it before, only the ones who have actually experienced that particular situation
- Look very closely to the body cues of people and how they react to the things you say (check out this presentation for more info)
Photo by HaMeD!caL
With June around the corner students around the globe will be graduating from college and making a major decision in their lives: Do I get a corporate job? Or do I choose the path of entrepreneurship and create my own career path?
With my graduation date set for June 14th I have been contemplating the same questions over and over again, and I’ve heard a ton of advice from a ton of different people. I wanted to share some of the best I’ve heard and share the story of what I am planning on doing.
- The textbook path to life
- The throw out and write your own textbook path to life
Path #1 - The textbook path to life is a very familiar path, this is the path where you go to college, strive to get good grades, work a few internships, interview with a lot of companies, pick a good stable corporation, continue working the corporate ladder, have a successful life, and be happy.
This is definitely the path of least resistance. The positives are you can work your 9-5 and then after work completely forget about everything related to work and peruse your own interests whether they are partying with friends, traveling to cool places, a hobby, keeping up to date with sports, etc. You work hard during “work time” but your work and life outside of work are kept separate. Life is somewhat predictable, your emotions are easily controllable, and your mind is clear and free of all the worries of work and its much easier to enjoy.
Path #2 - The throw out and write your own textbook path to life is the scary path to life. This is the path where your family and close friends ask what are you doing with your life?! This is the path that has no set rules, no set boundaries, and it is very unique to each person.
This is definitely the path of most resistance. The positives are you can do what you love and express your values & beliefs through the career path you choose. You have the opportunity to make a huge difference and impact to the world but this potential comes at a cost. In this path life unpredictable, your emotions become much harder to control and much more volatile, and the line between work and life can easily become blurry if not cross over completely.
Jun Loayza, a new friend of mine, who I met at UCLA wrote this very intriguing post on the subject:
In it he shares his personal experience of corporate life and his transition to the entrepreneurial life. Here are a few things I took away from his post:
- The corporate life has lower responsibility (there whole team of people who can pick up the slack)
- The corporate life was comfortable and relaxing
- The corporate life did not use his talents to the maximum capacity
- The startup life is a much more riskier proposition
- The startup life is much more time intensive (Jun works 100+ hours a week)
- The startup life forces you to push yourself to your limit and take on much more personal responsibility (there is no safety net)
- The startup life is not better than the corporate life and vice versa, it all depends on what type of person you are and the situation you are in.
She wrote an interesting post touching on the corporate life vs. entrepreneurial life with the focus group of the top engineering students from one of the worlds top Universities, Stanford.
Here are some interesting points I got from the article:
- Working for a big corporation leads to a narrow skill-set
- The skills required for entrepreneurship are “frighteningly” wide
- Working for a startup might be a better preparatory step to working in a corporation
- Consulting and corporate experience is valuable for a short period of time
I definitely subscribe the lifestyle of entrepreneurship (hence the name of my blog) much of which has been installed in me though my experiences growing up and especially during college at Cal Poly, check out my About Page for more about these experiences. With graduation coming up in June though I am now finally starting to realize the huge risk I am taking and the amount of work I am going to need to do.
However I think I have finally decided what I want to do (at least after I graduate!) but I can’t release all the info about it now. More details to come soon…
What path did you take? How did you make your decision? Share your story in the comment section!
Photo by Thomas Hawk
I just came home from an amazing weekend in the Bay Area. I started off by having dinner with Carson one of the founders of Innovation Quest and very successful serial entrepreneur, Eugene Lee one of the key employees of Tube Mogul, Ben Casnocha author of My Startup Life who I’ve wrote about previously, and Saket & Amit from BASES the leading entrepreneurial organization at Stanford.
Many people have asked me before how do you meet and stay connected with all of these incredible people? And today I want to share my #1 secret to life:
Secret to Life = Follow Up
Following up with people is such an easy concept to understand but is a very hard thing to do on a consistent basis. Just the simple act of following up separates you from 90% of everyone else out there and shows that you are committed and dedicated to what you are doing.
A great recent example of incredible follow up was from my new friend Saket Vora from the Stanford BASES program. I met him through my good friend Brian Riley yesterday in Palo Alto and we had great conversations about whether or not entrepreneurship was innate or learned, how universities can implement entrepreneurship programs, and about how BASES and Cal Poly could mutually benefit either.
I got back home this morning and within 12 hours of meeting him, Saket had already introduced me by email to Ricky Yean the new president of BASES and Ricky had sent a follow up email to set up call between us. Just that simple act of following up has given me 100x more respect for Saket and Ricky and makes me even more excited to work with them in the near future!
Here are my 7 tips on effective follow up:
- Make sure you take down the contact info of all interesting people you meet! It’s obvious, but on multiple occasions I’ve completely forgotten to ask for someone’s contact info, so don’t let this simple mistake hurt your follow up chances. Also don’t be afraid of asking for someone’s contact info even if they are famous/respected/seem busy/etc. People are just people, we all put our pants on in the morning, so never be afraid of meeting anyone no matter your background.
- After you have the interesting person’s contact info send a prompt follow up preferably that day or the next day. Follow up works best when its fresh in their memory and they remember who you are.
- DO NOT send a template follow up email. Take the time to craft a unique response to each person, a little bit of personalization will go a long way.
- In the follow up email refer to something you two talked about or had in common. This goes back to #3 and don’t have a generic emotionless follow up email, instead take the time to connect with the other person and refer back to your conversation in the follow up email.
- DO NOT PITCH IN YOUR FOLLOW UP EMAIL. I’ve made this mistake multiple times before and each time led to a disaster or lost connection. Don’t immediately pitch the other person in your follow up email about your business/product/program/etc. The goal should be to create a relationship with the other person not just sell them on what your working on.
- If you can follow up with an action item. I like to follow up with a question which greatly increases my chances of getting a response from my follow up.
- Write a boring but informative subject title. You don’t need to write the worlds most unique title but do make sure it is informative. I like to reference where we met and about the content in the email. For example here is a recent email subject I used:Cal Poly – DFJ Venture Challenge – Pitching Critique
In this subject I used where we met (Cal Poly), what I am following up about (DFJ Venture Challenge), and I reference what the email is about (Pitching Critique).
What are your best follow up practices? If you have tips or tricks to share leave a comment!
Inspirational Keynote Speech on Entrepreneurship – Ben Casnocha at the UCLA Entrepreneurship Tradeshow
This last Thursday I was a judge for the UCLA Entrepreneurship Tradeshow and the keynote speaker for the event was one of my favorite writers Ben Casnocha author of My Start-Up Life. I’ve heard a lot of successful entrepreneurs speak before and I was expecting Ben to speak about similar things but WOW I have to say his keynote speech was one of the most inspirational talks I have ever seen and I wanted to share his talk with everyone. Here is the transcripted outline of what he said:
Ben started off by reciting the words from the “Think Different” video
My favorite quote from that video: “People who are crazy enough to think that they can change the world are the ones who do.”
Then Ben talked about the 2 main philosophies or life paths
1. The Textbook Approach to Life or Path of Least Resistance – Go to a good college, get good grades, get a good paying stable job, climb the corporate ladder, live happy, and have a successful predictable life.
2. The Throw out the Textbook to Life or Hard Path – This is where you take your own blank book or canvas and try to paint a picture that uniquely fits you like a glove. In this path you don’t follow the status quo and you take on opportunities that interest you and experience the journey of life.
Then Ben proceeded to make 3 main points in his talk:
What does Entrepreneurship mean? The common answer is it means starting a company but that is only one small piece of entrepreneurship. Entrepreneurship is much more broad that starting a company, its more of a life philosophy than a business one. In short it’s being the CEO of your own life.
So what traits do entrepreneurs tend to have in common? There are 4 of them:
1. Impact – know your ideas/beliefs are going to affect others
2. Love to Screw Around – Don’t respect the status quo and you don’t strive for a 4.0 GPA (The average GPA of self made millionaires is a 2.6 GPA)
3. Optimism – Entrepreneurs tend to be relentlessly optimistic. Its good to have a bit of self-delusion that you can personally change and affect reality.
4. Persistence – The only universal “trait” of successful entrepreneurs
Entrepreneurs have a relentless commitment to self-improvement in all mental, spiritual, emotional, and physical aspects. Ask yourself did I go to bed smarter than when I woke up?
Here are 4 things can you do to improve yourself:
1. Improve your soft assets – these are relationships, knowledge, and connections.
2. Creativity – Recognize that you are creative even if your not “artistic”. Humans are the most creative creatures on the planet and its important to recognize the interplay of the left and right brain.
3. Opportunities – The best way to find opportunities is to shut up and listen, and expose yourself to randomness.
4. Mentors – The worst thing is to go up to a potential mentor and ask, “Will you be my mentor?” It is like going up to a new acquaintance and asking “Will you be my friend?” Instead seek out potential mentors, don’t ask them to be your mentor, develop your relationship for the long term, and realize a deep connection will not happen in weeks but in years. And never be afraid to ask out a person to coffee to learn from them and pick their brain.
The most important point is ACTION. 99% of people bitch about problems and the other 1% do something about them and learn by doing is the absolute best way to learn.
Ben collected these 4 quotes to inspire him to action:
1. “We regret the things we don’t do more than the things we do”
- Mark Twain
2. “We have a strategic plan and its called doing things”
- Herb Keller
3. “Blame Nobody. Expect Nothing. Do Something.”
- Bill Parcells
4. “But I think it is very important for you to do two things: act on your temporary conviction as if it was a real conviction; and when you realize that you are wrong, correct course very quickly.”
- Andy Grove
The 3 main takeaways from Ben Casnocha’s Keynote were:
1. Think like an entrepreneur
2. Commit yourself to self-improvement
3. Start NOW
How do I pitch my business to investors, the media, customers, and my friends and family?
It’s a question that’s been asked many times by entrepreneurs so while I’m not a Pro at Pitching Your Business I thought it was time to share a few resources I’ve used on Pitching Your Business Idea or Company.
- Perfecting your Pitch by Garage Technology Ventures – This is by far the number one resource I recommend to all the Innovation Quest and Cal Poly Business Plan Competition competitors. This is a very good and comprehensive resource on what content to put in your pitch and tips for effective pitching.
- How to Present to Investors by Paul Graham – Paul Graham has literally seen thousands of pitches through his summer incubator Y Combinator and knows a thing or two about pitching your company.
- A Hierarchy of Pitches by Eric Ries – Eric is a Venture Advisor at Kleiner Perkins Caufield & Byers, the premier VC firm in the world. In this article he talks about 8 key questions you need to talk about in your pitch.
- Pitching Your Company by Dick Costolo – Dick Costolo started the company FeedBurner which was bought by Google for $100 million. In this article he talks about how to prepare for your pitch and things to do while pitching.
- What should I send investors? Part 1: The Elevator Pitch by Venture Hacks – Venture Hacks is one of my favorite all around startup/entrepreneurial resources and their article about pitching is no less. In this article Venture Hacks gives a real life example of a pitch by serial entrepreneur Marc Andreessen, dissects his pitch, and shows you how to write a pitch just as good as Marc’s.
6. UPDATE: I just watched this video: Picking Hacks at Stanford by Nivi from Venture Hacks where he gave a talk on pitching startups to the students in Stanford’s business plan competition. Check it out its a great resource and good addition to the list.
Before your next pitch give these pitching resources a try, share your experiences in the comments, and add more pitching resources that you used below!