How to be an entrepreneur?
Paul Magelli, a serial entrepreneur (including being CEO of
Apertio, which he sold to Nokia Siemens Networks in 2008), was keynote
speaker. His experience and tips on
being an entrepreneur were very enlightening. They follow (as I understood them):
The difference between a ‘professional’ and an ‘amateur’
entrepreneur, is the number of mistakes you’ve made ! More is better !
Think global, maintain pace & know your proposition
(what your customer will buy! Sales is
helping customer to see the benefit).
- Entrepreneurship is a Search, NOT a Serial process
A process of matching the seed of
a capability with an unsatisfied need.
[This aligns with ‘Effectual’ and ‘Causal’ reasoning from 'What makes
Entrepreneurs Entrepreneurial?’ Saras D. Sarasvathy 2005]
- Entrepreneurs Conceive,
convince & consummate – all skills for this needed as part of your
team. Form the team and practice!
- Basic ingredients for success: Technology (a science), Team (good
teamwork/fit paramount – a craft), and Timing (the art of being ready or in
right place at right time).
- The team you start with
will not necessary be team at exit – manage expectation from start.
- Responsiveness: the
ability to execute fast, within others decision loops, is one of your best
advantages.
- Knowing which decisions
need all the data, 80% of, or only 20% of, is a key skill.
- VCs want to see the value
of their investment grow – which is not necessarily the same as the value
of the company growing !
- You are the best judge of
value – do not abdicate that responsibility!
- Always have 4 alternatives
– not just a plan B! Always plan
for success and failure.
- Enjoy the journey; the
exit is not the only reward. But, if there is no economic reward, then it’s
a hobby !
- You can succeed!
