So for every one successful entrepreneur, there are 9 closures. How do people learn, lead, collaborate and innovate. All different type of people?
1990 Success Criteria List
2. Customer Needs
4. Risk Taking
5. Bias for action/drive
7. Credibility and Network
9. Signature strength
10. Belief and focus on success.
1990 many people bought co’s and started own start-up on the above principles. After a year or two many of entrepreneurs closed down and did not make a success. Something is not right with this list. Does this list have a meaning for any of the entrepreneurs?
Back to the drawing board. Look at successful entrepreneurs from 2000 onwards. Every answer is necessary but . . . by itself not sufficient.
Secrets of successful entrepreneurs.
If there are entrepreneurs, what did make them successful? Is there one secret sauce to success? To the disappointment there is no secret sauce.
Objectively, some of the principles may be the same, subjectively how you apply them, subjectively third grade multiple principle, that is what makes you successful.
He is extraordinarily successful in multiple ventures. He has created innovation sandboxes in different parts of the world. He was able to work with the local people and able to get the entrepreneur spirit going. Several of the principles of the 1990 started to fall together. Many of these principles are oxymoronic in perspective.
If you are trying to abuse these principles as if they are the only principles, they will backfire on you. So, there is a smart way in which you can apply principles from outside, and there is a wise way which you can apply them so that there is a combination of the principles.
Out of all this, here is a top ten list of what is found as the most useful points, compared with the 1990 list.
You should pay attention to success more as a measure, not as a principle to do what you do.
He talked about what is his larger, or noble purpose? He would like to make a large dent in the universe, for that purpose, towards that goal I am willing to fail and I am willing to experiment. In 2007 Apple had no background in telecommunications and had no technical background in telecommunications, Jobs, came up with iphone. People laughed at him. 40 to 50 percent of the Apple revenues used to come from the iphone and the ipad.
Steve Jobs took a change because that was where his passion was, where his heart was and he thought that is what the customers needed and he was willing to be a customer for his own product.
From that perspective you do not have to worry about success, do what needs to get done and look at the larger purpose.
Whatever your winning recipe, it has got you to this point, but it will not get you any further if your feet are nailed to the floor. Context has changed, the market is rapidly changing, all of this is getting smaller and interconnected, so the recipe you had before will not work.
You must not just look at what your core competence is, but what is your core incompetence?
When we start as entrepreneurs, we have to persist through the various stages. There is the funding stage, stage after the funding stage if it is the product stage. It is all about persistence to stay in the market until you become successful.
If it is not going where you want to go, if it is not in alignment with your larger purpose, if you believe the market has moved on, should your space still hang around?
The key here is when do you cut the cards, when do you hold on, when do you let go?
That wisdom will only come if you have a larger purpose. Why am I doing this startup, what is the underlying mission that I have? What is the underlying problem I am encountering?
Nine months after releasing the Pinterest, it was not growing at all. It went so badly, the co-owner got a job somewhere else. Because he believed in it, and the timing was right and got appropriate attention, it is the number one social network site, and the company is worth more than $1.5 billion at this moment.
Created with your customers, with your people. You need to take reflection on different stages of your startup, different stages of your organisation. How things need to get done and how do we need to move forward.
It is not risk taking that differentiates you, but risk mitigation that diffirentiates you. Risk taking is part of the definition of an entrepreneur, but at the same time you have to use the people in the company to give you more input, don’t blame each other, and are willing to go on the path the same way.
Everybody is actually bringing their collective intelligence to solve their problems and the chances of your company becoming successful are much higher.
Execution is not the only thing and is not everything, because, You need the big picture. Example Palm of Kodak who was the first digital camera, but they have come and gone. Why didn’t they grow to a giant. They certainly did execute, but they did not have the bigger picture.
Context Sensitivity is to know what is going on around you as well as instinct. Blogbuster had all the resources netflix has got, but went bankrupt. Netflix came up with a DVD as a separate entity, but they convince the customers that it works the right way.
The most important point of them all is Purpose, even if it is a noble purpose is much more important than the vision. Everybody keeps on talking about the vision, but vision needs to keep on changing as the context changes as the product changes. When you go to the venture capatilists as soon as you get the money, the vision changes.
Whole foods got together and supply all the recipes to the competition so that everybody could be on the same level as them. Whenever somebody buys from whole Foods they get coupons.
As an entrepreneur your time is short, you need to focus on what is most important to you, you have to see where is the passion and where is the commitment, instead of outsmart anybody else if you can be a wise leader, changes of success seems to significantly increase.