Thursday, September 02, 2010

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An Entrepreneur’s Story

Here is a link to a great story from this Sunday’s NY Times about Prerna Gupta and her transition from the corporate world to starting her own business:

http://www.nytimes.com/2010/07/11/jobs/11pre.html

Here is a quote from the last paragraph of the article describing her change in attitude and outlook:

Maybe I value my time more than my net worth. Maybe my fear of boredom outweighs my fear of failure. Or, maybe I have an irrational belief that I will succeed against all odds. Whatever it is, I find the risk of entrepreneurship to be not only worthwhile but also necessary for fulfillment. Work is no longer work. It is life, and a good one.

Ayn Rand, Atlas Shrugged, Politics, and Oil Spills

From the Ayn Rand Center,

That’s the politician’s answer to every intractable problem: give orders, issue threats, and wait for obedience. But the creative human mind cannot take orders like that. Notice I didn’t say, “refuses to take orders.” I said, “cannot take orders.”

By that I mean, the task of plugging a leak 5,000 feet below the surface of the Gulf of Mexico is an engineering feat. BP’s acknowledged role in causing the leak does not alter the fact that careful study, creative thought, and the exacting deployment of technical and mechanical skills over long distances are all necessary in order to fix the leak. No amount of jaw clenching or bug-eyed threats from politicians can bring the solution one inch closer to reality. The human mind does not operate by force from outside. . . .

Obama’s petulant outburst brings to mind a scene from Atlas Shruggedfeaturing Kip Chalmers, a politician who is traveling by train from Washington, D.C., to California, where he’s running for office. When the train’s diesel engine is destroyed by accidentally running over a split rail, Chalmers issues furious demands, expecting they will result in instant technical solutions:

“ ’God damn these railroad people!’ said Kip Chalmers. ‘They’re doing it on purpose. They want to ruin my campaign. I can’t miss that rally! For Christ’s sake, Lester, do something!’ ”

Entrepreneurial Rap Quotes

Many rappers out there have followed a bootstrapping model for their business.  They started using inexpensive recording equipment in their own basements, used social media such as MySpace & YouTube, and used viral marketing techniques to get their music heard at a very low start-up cost.

One thing I hear rappers do a lot is introduce themselves.  If they are a new rapper, one of their first songs will say something along the lines of “Hi, my name is Slim Shady” and the entire song will revolve around that theme.  It’s simplistic, but effective.  As a new company, your first marketing objective is to introduce yourself in a simplistic manner.  A 15 second elevator pitch.

So, here are a few quotes from some of the more famous rappers.  I encourage you to add additional quotes in the comment section below:

“Far from a Harvard student, just had the guts (different word used there) to do it.” – Jay-Z

“I dropped out of school because I wasn’t learning fast enough.  I learned from real life better.” – Kayne West

“If you had one shot, or one opportunity to seize everything you ever wanted, one moment, would you capture it or just let it slip?” – Eminem

“I’m not a businessman, I’m a Business….man!” – Jay-Z

Another Great Entrepreneur Quote

When studying how to start a business, we love running across great quote like this one…

“Earned success involves the ability to create value honestly — not by inheriting a fortune, not by picking up a welfare check. It doesn’t mean making money in and of itself. Earned success is the creation of value in our lives or in the lives of others. Earned success is the stuff of entrepreneurs who seek value through innovation, hard work and passion. Earned success is what parents feel when their children do wonderful things, what social innovators feel when they change lives, what artists feel when they create something of beauty.”

from Arthur C. Brooks in The Washington Post, May 23, 2010

click here to see the rest of the article….

A Poem That Is Important to Me

“Richard Cory”

Whenever Richard Cory went down town,
We people on the pavement looked at him:
He was a gentleman from sole to crown,
Clean-favoured and imperially slim.

And he was always quietly arrayed,
And he was always human when he talked;
But still he fluttered pulses when he said,
“Good Morning!” and he glittered when he walked.

And he was rich, yes, richer than a king,
And admirably schooled in every grace:
In fine — we thought that he was everything
To make us wish that we were in his place.

So on we worked and waited for the light,
And went without the meat and cursed the bread,
And Richard Cory, one calm summer night,
Went home and put a bullet in his head.

by Edwin Arlington Robinson

Thomas Friedman Is Ellsworth Toohey

If you don’t know who either of them are, don’t worry.  Ellsworth did not exist and the world would be better if Thomas never existed.  But anyway, I found this passage describing Ellsworth and took out “Toohey” and replaced it with “Friedman,” and it makes just as much sense as the original.  Ellsworth is one of the most important foes of individualism.  Here is the excerpt, with my changes:

“Friedman represents the stifling, decadent forces of Communalism and Socialism. His biggest threat is the strength of the individual spirit enshrined in (the individual). He falsely styles himself as representative of the will of the masses. Aiming at a society that shall be “an average drawn upon zeroes,” he knows exactly why he corrupts (others), and explains his methods to the ruined young men in a passage that is a pyrotechnical display of the fascist mind at its best and its worst; the use of the ideal of altruism to destroy personal integrity, the use of humor and tolerance to destroy all standards, the use of sacrifice to enslave.”

Some Entrepreneurship Quotes

“They tend to have a certain freedom of thought and action, and as a result they are willing to take risks. And the risk-taking is related to a strong desire to be successful.”   Harvard professor Abraham Zaleznik

“You have to be an optimist – almost delusionally optimistic – otherwise you’ll never ever think about creating something new, like a business.”   Guy Kawasaki

“You really need to have sales experience with starting a business. A lot of people who want to start their own businesses would rather be delivering the product rather than finding customers. But usually what makes new businesses fail in the first couple of years are periods when the business dries up.” John Challenger, CEO Grey & Christmas

“You should be willing to personally fail for what will seem like and interminably long period of time, and not give up.”  Dean Kamen

“People first tend to gravitate towards things that they know.”  John Challenger, CEO Grey & Christmas

“Entrepreneurs tend to have a singular weakness that allows them to do things without checking their conscious. Juvenile delay puts act and then try to sort things out afterwards. I think entrepreneurs have this tendency.”  Harvard professor Abraham Zaleznik

“You need to be in denial or in ignorance. You have to believe that it will be hard for you to succeed. You have to be ignorant about how difficult it is. That’s why entrepreneurship is often best done by young people – because they don’t yet know what they don’t know.”  Guy Kawasaki

“You should be willing to endure the fact that most of the people around you particularly the well-meaning ones are going to constantly remind you that you are nuts. They will call you a dreamer and say they are better, safer ways to move forward in life without taking unreasonable risks.”  Dean Kamen

Its All in the Beer

I met a young entrepreneur last night named Jason Wilson, who has started a craft beer company. I interviewed him for the book that we are writing, and to hear his incredible story, you are going to have to wait.  But I wanted to share some of his classic lines about entrepreneurship now…..

“The biggest obstacle (to success) is picking up the phone and calling, didn’t take 3-4 calls before I got a yes.”

“I studied failures to learn.  You see successful companies all the time, but what caused the others to fail?  I saw that at 2 year they did not have enough funding and at the 5 year mark, well this fascinated me – well funded, good plans, good models – they understood their model but ran out of passion, got tired – their explosion never happened.”

“I am not yet proud of myself – I have not accomplished much of anything yet – I have  lots of investors to answer to – dreams to fulfill.”

Quote of the Day – I didn’t say it!

Guess which crack pot this is from!

“I think the best way of doing good to the poor, is not making them easy in poverty but leading or driving them out of it.  In my youth I traveled much, I observed in different countries that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer.  And on the contrary, the less was done for them, the more they did for themselves and became richer.”

- November 29, 1766

Entrepreneurship Quotes

“You could spend all your time learning and not doing.  And doing, not learning to do, is the essence of entrepreneurship.”

“The reality is that “entrepreneur” is not a job title.  It is the state of mind of people who want to alter the future.”

Guy Kawaski – The Art of the Start

Entrepreneurship Quote

Prioritization rescues people from the quick sand of decision angst!

– Chris Hanks on Business Planning: Sexy, Unique, and Compelling

Innovation Quote

Dissent and debate are the only way to improve and drive innovation. If we surround ourselves with people that agree with us -> stagnation.

- Mark Staples

15 Entrepreneur Questions from UGA

We are currently at the University of Georgia with Jim and Chris. They are answering questions on entrepreneurship for a group of students. We are filming the Q&A series as it will be apart of The Entrepreneur School.

I’ve listed the questions below along with some highlights from the answers.

1. How was the transition from working for Coke to Entrepreneur?

2. How would you advise a student who is transitioning from Undergrad to either entrepreneurship or a grad degree?

3. If spending a great deal of money on a startup raises risk how do you start a business with little captial? Even as a student?

4. Should I work for an entreprneur or start slow and small on my own?

5. If I am only going to spend 5k-10k where would I spend the money?

6. How do I get the idea in the first place?

7. What are some necessary legal aspects of starting a business?

8. How do you choose a business partner and selection of equity for each?

9. Does bartering work for bootstrapping?

10. How do you determine what is a good deal with web programming?

11. Are there differences  between what you are saying here for an  independent contractor?

12. How does a web marketer or service business entrepreneur advertise itself?

13. When should you start paying yourself?

14. You’ve both started businesses where you were the originated the idea how did you bring in people who you could trust; instill the idea; etc…?

15. What are you 1 or 2 reasons for success or failure?

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