Two good videos regarding startups

Just for my own sanity/memory here are two videos I think are worth watching as an entrepreneur/person involved in startups.

Fred Wilson on how to be your own boss (goes from lifestyle businesses up to venture-backed businesses)

Fred Wilson: 10 Ways to Be Your Own Boss from 99% on Vimeo.

 

Mark Suster on funding in the frothy market ("When the H'ordeurve tray comes around, take two")

7th Founder Showcase - Mark Suster Keynote from Founder Institute on Vimeo.

 

 

The Suster video is pretty long, but if you have the time watch it. If you don't... wait until you do have time, then watch it.

Mixergy is awesome - successful mentors ONLINE

[caption id="attachment_166" align="aligncenter" width="613" caption="Mixergy with Jessica Livingston"] [/caption] After watching Paul Graham's interview with Andrew Warner at Mixergy, I couldn't stop going. Next I watched Jessica Livingston's (Y Combinator co-founder), Steve Welch's (DreamIt Ventures founder), then Dennis Crowely's (founder of foursquare). I should have been sleeping for my meet tomorrow (got to wake up at 5:30AM). Andrew Warner does a great job as the one conducting the interview, but most of all I really love just hearing these successful entrepreneurs and business people talk about their experiences and share their advice with all of us. I find this to be almost as helpful as meeting with a mentor but instead there are SO MANY of them with such TOP QUALITY people... Though, mentor's still rock my world because there is a personal touch you just can't match. Nonetheless, if you have not checked out Mixergy before, get about 60 minutes of your time free and watch one.

Passing up an oppurtunity

Today I had to pass up on a very good opportunity. Just a couple days ago I met an MBA student who had started his own business and wanted se technical help. I loved the idea, loved his plans, really liked him as a person, and they already had pretty good traction. I wanted equity if I took the gig because I knew it was gonna be a winner, and sure enough he said yes. Unfortunately after thinking about it, I knew that with all these projects I love starting myself and with school still on my radar, I wouldn't be able to give said MBA student my 110% effort. I never want to do anything if I feel I can't do it all the way and to the best of my abilities. Though I would have LOVED to work on this project I knew it wouldn't be right to commit. So it was very hard for me, but I had to turn it down. I still hope to see this in 5 years hugely popular with a huge valuation. I know it's going to do well, so the best of luck you-know-who.

Inspiring Words from Jack Abraham [PDF]

Jack Abraham, founder of Milo.com which was recently acquired by Ebay for $70M+, came to speak to my Enabling Technologies class today. He had amazing insight on what it means to be an entrepreneur and why (if you want to do it) you should do it now. Here is the PDF version of some of his most insightful answers that a friend (Steven Dong) transcribed. Jack Abraham Snippets from Lunch [PDF] Here are the key takeaways I gleaned: 1)  Being successful as an entrepreneur includes luck, but it is more just working your ass off. Being "resilient" as Jack put it. Facing tough times, bad ideas, ideas that big companies take, and literally every and anything and just doing it. He told my class, "If you never give up, you have a 100% probability to be successful." His message was basically work work work work work. Don't stop. Work. 2) There is a high opportunity cost in waiting to pursue entrepreneurship. If it is right for you, do it now. Leaving school might be your best option. If you leave now and fail, you can always come back, follow a stable path and get all the resources your college has to offer in terms of career services. If you wait, you might either miss an opportunity, fail as an entrepreneur when things really matter, or (worse) get sucked into the gold handcuffs (explained in the PDF). 3) Get credibility. Sourround yourself with credible people as mentors, advisors, etc or drop out of an Ivy League school. Show VCs, angels, potential partners, that you know what it takes and you're willing to do it. I still recommended reading the transcript. I was extremely excited after hearing him speak and just want to do something big now! Full transcript (if you don't like PDF's) after the break. 1. As someone who is young, no experience, no track record, and probably no sense of how difficult everything is in front of you, how did you gain the credibility to get in bed with the big Silicon Valley investors, specifically the PayPal Mafia? As far as credibility goes, if you surround yourself with people who have credibility, you instantly gain some sort of credibility. Whether it is advisors, investors, legal, etc. Surround yourself with the people who have credibility and you'll be fine. However, if your really trying and dedicated, drop out of school. There is no greater amount of credibility a young entrepreneur can gain than someone who is dropping out of an Ivy League education in order to move to silicon valley and begin his startup. That shows anyone that he is so convinced what he has will work that he's willing to give up everything for it. 2. How did you make that decision to drop out of school? That’s a hard choice to make. The way I see it is very straightforward. Think of life as a train ride. You can hop on different trains to get through it. Since your all Wharton, let's assume that there are only two trains in life. The corporate train and the entrepreneurial train. The corporate train is a train that will be around forever and ever. This is a train that comes by regularly, once every semester in an event called OCR, and is available to you at any point in life, forever. There is always a job for a consultant, accountant, IBD, S&T, blah blah blah. You can apply at any point in time. The entrepreneurial train is rare. Extremely. Rare. It may only come by, if you’re lucky, once in a lifetime. There's only a small window of opportunity where you can hop on and you never know when you are thrown off. If you can get on this train and go for a few stops and decide that you don't like this train, you can hop off and jump back on the corporate train at any time. But the opposite doesn't apply. You can't just jump off the corporate train and then jump back on the entrepreneurial train. (He was referring to the fact that he can come back and finish his education anytime. If Milo wasn't successful, he could come back to Wharton, go through OCR, and have a better chance of landing a corporate job than anyone else who was applying. Corporate guru's look for the "go getters" of the world. People who are self motivated and self driven. A failed entrepreneur who has failed holds more experience and is more likely to get an entry level corporate job than someone whose studied hard in college and just graduating. Being an entrepreneur and failing improves his chances of getting a corporate job. . . if he ever chooses to go that route.) A lot of you have heard that it's easier to get a corporate job, get some "experience", and then go be an entrepreneur. This doesn't happen. Why? Because of the golden handcuffs. What are golden handcuffs? They are the very things that tie you to your corporate job. A) Lifestyle. Your starting salary is usually pretty decent, allowing you to live a certain lifestyle. It is very difficult for someone who is use to living a certain lifestyle to step down, bootstrap, and live the life of an entrepreneur. I'm ok with living on an air mattress and eating ramen all day. But if I had been working for GS for two years, walked around in Gucci suits all day, it would have been impossible for me to change my lifestyle down to ramen and air mattresses. This goes for most people. B) Your work load decreases and your salary increases. Every year you get paid a little more and you get a little less work. By your second year your making more money than when you first started and your doing less work. It becomes harder and harder to quit your job when your getting paid more to do less. Especially when your quitting your job for something that could potentially give you absolutely nothing. C) Corporate skills are good for the corporate world. A lot of what you do in the corporate world doesn't not directly translate into the entrepreneurial world. You don't have a billion dollar budget or a zillion people network of connections. A lot of what you learn and do at big firms just doesn't work on the small, startup level. The "experience" you gain doesn't really help at all for you to do a startup. The truth is, as you get older, the less likely you are to do a startup. As you have a spouse, or have kids, people who REALLY depend on you, you become much less likely to actually go do something as risky as a startup. At the end of the day, silicon valley investors are more likely to bet big on young entrepreneurs than older ones. Why? Because they won big with Yahoo. With Google. Zuckerberg at Facebook. Heck, even Apple. Those guys were young as hell. 3. What does it take to be an entrepreneur? Resilience. One time I was meeting with a member of the paypal mafia. It took me a rediculous amount of time to get ahold of him and get a meeting out of him. (He told us the whole story about how he followed up with this guy for weeks on end. Most of the time with no response. This was AFTER he was introduced to this guy from someone he invested in the past) Finally he replied to my emails with three words. "Wheres the deck?" I replied with "Well I just want your opinion and I'm not really looking for your investment. I'd just really like to have coffee with you. I'll be in San Fran on Saturday, when would be a good time for you?" No reply. I sent out another email on Friday. No reply. I sent out another message on Saturday. No reply. Tuesday I called up a guy who worked with this investor, chatted with him on this guys availability and whether he got my twelve billion messages or not, and he replied with. Send him the slide deck." So me and my co-founder hurried and put together this amazing slide deck, sent it to him and within 5 minutes got a reply. Two words. "Got it." A few days later I got a phone call. For the next two hours he ripped my business, me, my co-founder, my mother, my father, my life, my aunt, and everything I could ever think about .. . apart. At one point he even went to say that I would have a better chance being the quarterback of the Dallas cowboys than ever seeing this venture succeed. Throughout the entire conversation I just wanted to tell this guy, "FUCK OFF. Who do you think you are?" I kept telling myself, he's from PayPal, he must know what he's talking about, I should just hear him out. Nothing bad could come of it if I just hear him out. If I tell him what I want to tell him then I'll just be screwing myself over. So I took the abuse. I told him thank you very much for your insight and I look forward to meeting with you in person soon. He hung up, immediately, without a goodbye. Over the next few days I analyzed everything he said and did research on all of the concerns that he had. I wrote back to him. Hey. I understand your concerns and I looked into them. I prepared this agenda for our meeting and I'll be up in San Francisco this next week. I'd love to buy you a cup of coffee and chat with you some more about the issues that you pointed out in my business. He finally put me into his schedule and I got the coffee chat with him. 15 minutes into the conversation, he stopped my pitch and said. Ok. How much? I told him, I wasn't looking for an investment. I'm really just looking for your advice. He said. "No. How much?" At that point I was in. Later on I found out that he does this to all the entrepreneurs. This is the barrage of tests that he puts everyone through to weed out the weak. Not all Silicon Valley investors do this. But you can be damn sure that the better investors do. There's a saying in Silicon Valley. If you’re asking for money, you'll get advice. If you’re asking for advice, you'll get money.

NyooTV Consulting Project Begins

[caption id="attachment_35" align="aligncenter" width="750" caption="source: nyootv.com"] [/caption] Today I started working on my consulting mini-project for my Enabling Technologies (OPIM 314) class. My group (of which I am the only freshman), decided to choose the NyooTV project and I was very excited. A little introduction. Nyoo TV is an Indian Online Video start-up. They seem to be emulating the best parts of Hulu (the premium content) and the best parts of YouTube (a HUGE library, and a social experience). They've grown tremendously in just the past couple of months, and our task is to come up with a low-budget marketing plan that will make them grow extremely viral in a specific market segment (I believe the deliverable was something like 2Million new users in the next 30 days). My initial reaction was to look at the Indian-American market. A market that our whole team knows much better than those currently living in India. Although this may not be the demographic they were originally thinking that we would look like I believe there is a lot of potential. Apparently the Indian-American population is somewhere around 3M and growing. Also, I talked to some of my Indian-American friends about Nyoo and they loved the idea, immediately started using it, and told me that they know all their friends would love it too. Hopefully by targeting this segment to go viral, it also spreads to their family members who are still living in India. I will report back as to what direction my group, as a whole, ends up going with.