entrepreneurship

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“If I were to wish for anything [it would be] for the eye which, ever young and ardent, sees the possible.” – Soren Kierkegaard [*]

I learn so much from my students. I’m currently teaching a wonderful group of seniors, and they’re naturally contemplating their next steps after graduation.

Recently, I was imploring them to develop their entrepreneurial pursuits even while they might be forced to take a less-than-ideal job immediately after graduation.

I told them that by developing their meaningful work while they were doing work simply to pay their bills (“The Sex and Cash Theory” so perfectly articulated by Hugh MacLeod) they would be able to more easily suffer the indignities which tend to be an axiomatic part of jobs done just for the cash.

I also told them that by making sure not to forget their purpose-driven ventures amidst their just-for-the-money jobs, they would be creating options for themselves.

As I said this, I looked at their faces and saw such possibility emanating from each of them, and I saw something else too. I paused for a moment and said something along the lines of: “Bitterness occurs when you don’t have options.”

This possibility — the virtually unlimited options awaiting these student, and their belief in that possibility, even if only for that moment — crowded out any hint of bitterness/cynicism from their faces (if it had been there at all).

I’ve reflected on this quite a bit recently, and I believe it now more than ever: It’s options — a feeling of possibility, of not being trapped — that allow us to escape the evilness that is bitterness.

I don’t think I know any bitter entrepreneurs. Certainly, I know some crazy-ass, maladjusted entrepreneurs, but they tend not to be bitter. It’s because they know they always have options.

Think about the most bitter person you know, and check to see if he/she is also one of the people you know who – for whatever reason – is sort trapped…without options.

Don’t let this happen to you.

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[*] You want to know why you blog? It’s because when you do, if you’re lucky, you get amazing feedback from people who read what you write; such as this quote from my friend John P. Strohm. Thanks, John.

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While I make the occasional investment in startups, I’m by no means a VC/Angel, and certainly am not in the same universe as people like Fred Wilson, Bijan Sabet , Todd Dagres. That said, I do get a LOT of business plans/ideas put in front of me.

As I don’t want to waste my time or the time of those pitching me, I’ve devised a method to cut to the chase when I’m pitched by a young entrepreneur with a plan that has a heavy web component (as most do).

The conversation goes something like this:

Me: OK, what’s the idea?
Entrepreneur: It’s an idea for a web site…
Me [interrupting]: Are you a very skilled web developer?

If they answer “No,” I ask if their partner is a very skilled web developer. If they answer “No” to that as well, I tell them I’m not interested, and they either need to develop the skills or partner with someone who has them, and then come back and see me.

If the answer to the questions above are “Yes” (i.e. either the entrepreneur or his/her partner is a skilled web developer), my ears prick up, and we continue down the road to the good stuff.

Sadly, for 95% of the pitches I hear, the answer to whether the entrepreneur or his/her partner is a skilled web developer is “No.”

The reality is that unless you or your partner can develop for the web you will very quickly hit a wall.

Is it possible that if you can’t do the development yourself that you can hire someone? Of course. But, remember, these are startups that typically have no capital; so, they’re going to end up trading equity to someone they don’t know (it’s OK to have a web dev partner with equity; the fact that he/she is your partner means that the ethical fiber is there and the values align – one would hope, at least) and/or take on a burdensome expense.

In both cases (giving equity to someone you don’t know/taking on a burdensome expense) your chances of success have just diminished so greatly that no rationale investor would invest.

Too often young entrepreneurs create teams that are really just several clones of themselves (i.e. their friends): people whose skill sets overlap to the point that there’s no value add from the additional head count.

As you assemble your idea, you must also assemble a team (a SMALL team, like a team of 2) where the skill sets don’t overlap, but rather compliment, even while the values align.

What this means in the real world is that if you have a great idea, but are not a web developer, your teammate darn well better be.

Take a look at most of the recent successful startups. In almost all cases either the founder him/herself or his/her partner was a web developer.

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I gave my two final entrepreneurship lectures for the year tonight. By the time the students have taken this class, I have worked with many of them for four years. It’s very hard to see them go. They are an exceptional group. I’ve given them all I know; I wish I knew more. As usual, I’ve learned more from them, than they from me.

Here are the slides for the first. Obviously, a lot of the wisdom here comes from Jim Collins’ Good to Great: Why Some Companies Make the Leap… and Others Don’t

This second lecture is more personal. Sadly, for the life of me, I can’t recall who I lifted some of this from. If anyone knows, please let me know so I can properly attribute. The first material slide is a quote from Thich Nhat Hahn. If you’re unfamiliar, may I recommend, The Heart of the Buddha’s Teaching

Thank you to my fantastic students.

(And, yes, I see the typo in slide 14, I noticed after the conversion/embed process. Sorry)

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Via Blackrimglasses.

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Those interested in entrepreneurship (and if you’re not, why are you here?) should check out, Startup Studio.

As the “about” explains:

[Startup Studio is] a podcast that spotlights the challenges and successes of entrepreneurs. StartupStudio inspires audiences by showcasing examples of people who once lived ordinary lives and went on to create something extraordinary from the businesses or organizations they created from scratch.

I’m fascinated by the fact that of all the incredible entrepreneurs on the Site, according to their sidebar ratings, the interview with Embrace Pet Insurance co-founder, Laura Bennett, is the most popular.

Lots of great interviews to explore.

[Update, Ms. Flanagan posted a nice comment recommending the following podcasts from her site: "...my personal favorite podcasts are Coinstar, Tazo, and Southwest."]

It’s worth mentioning how I came upon Startup Studio. I got an email notice that Startup Studio founder, Betsy Flanagan, had begun following my Twitter Feed. I typically don’t have a second to click through these emails, but I had a breather from work just as this one came in, and….viola, I’m blogging about her venture.

If you’re not fluent and comfortable with Twitter at this point, you really need to be. It’s far more than some sort of narcissistic exercise in constant activity monitoring. Frankly, its ramifications are just beginning to emerge. Get in now. Use it. Understand it. Leverage it to spread your message.

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