Guest Post: What they don't teach you in start-up school

I've been meaning to write a post that really describes the life I'm going through, but, haven't gotten around to it yet... I guess, because I'm too busy living it...

Nevertheless, a friend of mine and fellow entrepreneur, Jun Loayza, has recently written a very inspirational post on his blog about the life of a first-time start-up entrepreneur.

It's definitely a must read if you would like to know what we're going through.




Here's the post -- http://www.junloayza.com/entrepreneurship/what-they-dont-teach-you-in-startup-school/#comment-10471

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Here are my favorite quotes from the post:

“Entrepreneurs are supposed to fail. The true measure of success is how many times you’re willing to pick yourself up and keep on trying.”

"If you push hard enough, if you have the endless desire to succeed, then maybe, just maybe you’ll have another chance at launching your company."

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If you enjoyed what Jun had to say, follow him on Twitter -- @Viralogy and check out his start-up at http://www.viralogy.com/.

Cheers,
Andre

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Follow me on Twitter || http://twitter.com/acharoo
Blog || http://abuddingentrepreneur.blogspot.com

Strategize not to fail vs. Strategize to win?

Do you think start-ups should have a strategy not to fail vs. a strategy to win?

Weird way to look at it.... I know. Founders want to win and create the best product they can, however, how about creating something that just doesn't lose? I believe there is a difference.

In light of scarce resources (i.e. lack of funding, staff, etc.), start-ups should think about how they attack their business.

When reading the 37signals book, I think the strategy not to fail is inherent within some of the advice they shared.

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The strategy not to fail could be looked at like this (source: 37signals):

- Stay flexible by reducing obstacles to change. Lower your cost of change.

- Don’t worry too much about the finite details of your website at this stage (i.e. font size, the perfect shade of green, etc.). Get it out there and start using it.

- Don’t think about problems that you don’t have right now.

- Build a half product that is kick ass. Pare features down until you have the core product.

- Only add what matters and leave out the rest.

- Say no to features. This helps in building that half product that is kick ass. You never want to be in the position where you’re taking away a feature from your customers. Steve Jobs quote “Innovation is not about saying yes to everything, it’s about saying NO to all but the most crucial features.”

- Only implement the features that your customers keep asking for…not the little ones.

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The strategy to win could be looked at like this (opposing the points above):

- Being extremely focused and not anticipating change.

- Making the perfect website and spending too much time on the details

- Preparing for problems you don't have at the moment, but, that you think you might have later on

- Building your entire product before a single user or customer has seen it or used it

- Including all of the bells and whistles, even if they're not a core function of your product

- Saying yes to too many features

- Implementing not only the features you're customers want, but, all of the other ones you can think of

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Having said this, I'm not claiming any particular strategy is right or wrong.

I'm just curious to hear whether you may look at your start-up like this?

Do you strategize not to fail at your start-up?

I credit this topic to my co-founder, Justin Lee.

Cheers,
Andre

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Follow me on Twitter || http://twitter.com/acharoo
Blog || http://abuddingentrepreneur.blogspot.com

Are You Really an Entrepreneur?

Just read an article entitled "Are you really an entrepreneur?" in ReadWriteWeb, a blog that provides Web Technology news, reviews and analysis.

The article asks some fundamental questions that I felt were essential for entrepreneurs to answer. I have definitely experienced each one of these in my entrepreneurial journey so far.

1. You're always looking for opportunities. I think this is interesting because I believe a lot of people see opportunities or can quickly identify them, however, they're not necessarily "looking" for them. So, the key word here is "looking" for opportunities that ultimately you can actively go after.

2. Are you prepared to work long hours, every day, for an indefinite period of time? This one is funny because the first part of this question can be asked to several professions and many people who are not entrepreneurs could answer "yes". For example, investment banking (a field where I learned how to work extremely long hours) is a field where firms ask you this question in the interview process. I believe computer programming is another field where people need to be prepared to work long hours. Others include doctors, lawyers, and probably a bunch of others that I may not know about.

However, the last part of this question -- "for an indefinite period of time?", that is the operative phrase. In many of the fields above, the long hours of work will eventually decrease or even end at some point, and that period of time can be quantifiable. However, as an entrepreneur, there may not be an established or foreseeable period of time when the long hours of work will end. So, the source of stamina has to come mainly from your own nature and your passion towards the task at hand.

3. Good Health. My view on health when I started my company was that I was going to leave it until later, when I "made it". However, as time went by, I realized it's a very silly attitude to have. You've got to be healthy to accomplish your goals and objectives and try to enforce balance in your life, especially as it relates to good health.

4. Do you have a unique service or product? The article mentions that entrepreneurs have to have the discipline of going after the idea they think is viable and ignoring the others that will undoubtedly come their way. I've had many ideas come my way from friends and it has been hard to say "no" or "sorry, I'm just really focused on what I'm working on at the moment, and will be for some time. Count me out for the next little while." I believe focus is extremely important, especially in the early days of a start-up. I would rather go after one great idea, than, 10 pretty good ones.

5. Are you willing to make short-term sacrifices for long-term success? The article says, "There will be long periods of time when everyone around you questions your sanity, and on all normal metrics (hours worked and stress endured vs. material rewards gained), they would be right." Although people may think that you're crazy or question your sanity, I think it's important to surround yourself with great people who understand what you're going through. This is why Silicon Valley is a great place to start a company. Everyone is interacting with people like themselves. It fuels an amazing environment. If you're not in Silicon Valley (like me), try your best to create an environment with people who believe in you and can handle what you're going through.

6. Honesty and Integrity. Got to have it. Not just for entrepreneurs, but the article mentions that it's especially important for entrepreneurs because you have to be able to trust the people around you and work without contracts and so forth, so you can move quickly. If you're honest and integral, then, hopefully, you'll attract the same people on your team.

7. You're dreaming miles ahead while focused on what you're doing right now. "The entrepreneur is an odd mix: part dreamer, part brutal realist and pragmatist." This is true.

Part Dreamer -- This is me. I'm always dreaming of what will happen ahead.

Part brutal realist -- I'm not sure I'm a "brutal" realist. However, what's nice about my situation is that I have people on my team who are "brutal" realists, and less of dreamers. Therefore, they complement me perfectly.

Part pragmatist -- I think I'm a pragmatist, however, in the technology space of which my start-up operates coupled with my business background, I may not be the ideal pragmatist. Ideas that may be logical to me, may be impractical from a tech point of view. However, this is why, again, I'm surrounded by another entrepreneur, who is my partner, who is a pragmatist when it comes to his field of expertise -- technology.

It's rare for one person to exhibit all 3 of these attributes; however, if on the whole, the team contains all 3 of these personalities, then that should be considered an equally effective blend.

8. Are you self-confident? This is very important because everyone will test your idea and you will constantly have questions come your way that will compel you to defend your business. The key is to have an unshakable confidence while remaining open to criticism and suggestions.

9. Discipline. Discipline is a common thread throughout this entire list. I would say focus is a major component of discipline.

10. You're prepared to say, "I don't know, but I'll figure it out." I love this one! This is a weird one to say, but it's so true. As an entrepreneur, there are times I just don't know the answer to the problems we face, and I have to come to terms with figuring out as we go along. In order to feel alright about this one, you must be confident in your team and in the pain point that you're solving. If that's the case, you will eventually figure it out. Put confidence in your team and their abilities, instead of feeling compelled to have the answer to every last question. You'll figure it out.

Cheers,
Andre

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Follow me on Twitter || http://twitter.com/acharoo
Blog || http://abuddingentrepreneur.blogspot.com

The tendency to compare your start-up to Outliers

Earlier this year, I read Malcolm Gladwell's book, Outliers, and it made me think about something I believe most start-ups always do -- compare themselves to outliers.

Generally, I come from the school of thought that you should always compare yourself to the best. It was one of the pieces of advice I received from my mentor when I was in college. However, should it apply to start-ups?

I find myself always comparing my start-up to companies that have made it huge and trying to follow in their footsteps. According to Gladwell's book on Outliers, most times, there are other reasons of why they became so successful. Reasons that are outside of your control like their culture, their generation, their friends, and the idiosyncratic experiences of their upbringing.
Do you think this is a good tendency to have?

Sometimes I think you should just run your own race and stop comparing yourself to others.

What's your take?

Cheers,
Andre

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Follow me on Twitter || http://twitter.com/acharoo
Blog || http://abuddingentrepreneur.blogspot.com