Starting A New Venture Quotes

So here I am, in the middle way, having had twenty years- Twenty years largely wasted, the years of l'entre deux guerres- Trying to use words, and every attempt Is a wholy new start, and a different kind of failure Because one has only learnt to get the better of words For the thing one no longer has to say, or the way in which One is no longer disposed to say it. And so each venture Is a new beginning, a raid on the inarticulate, With shabby equipment always deteriorating In the general mess of imprecision of feeling, Undisciplined squads of emotion. And what there is to conquer By strength and submission, has already been discovered Once or twice, or several times, by men whom one cannot hope To emulate - but there is no competition - There is only the fight to recover what has been lost And found and lost again and again: and now, under conditions That seem unpropitious. But perhaps neither gain nor loss. For us, there is only the trying. The rest is not our business.

Claire Waverley has started a successful new venture, Waverley’s Candies. Though her handcrafted confections—rose to recall lost love, lavender to promote happiness and lemon verbena to soothe throats and minds—are singularly effective, the business of selling them is costing her the everyday joys of her family, and her belief in her own precious gifts.

Trying to use words, and every attempt Is a wholly new start, and a different kind of failure Because one has only learnt to get the better of words For the thing one no longer has to say, or the way in which One is no longer disposed to say it. And so each venture Is a new beginning, a raid on the inarticulate With shabby equipment always deteriorating In the general mess of imprecision of feeling,

I would divide the senior executives of the engineering world into two categories, the starters and the runners, the men with a creative instinct who can start a new venture and the men who can run it to make it show a profit.... I was a starter and useless as a runner.

For most entrepreneurs the road is long and challenging. In fact, a good rule of thumb is to estimate how much time and energy you think you’ll need to invest in your new venture and then double that number. Still interested?

people may recognize one founder as the innovator, but it takes a team to make a new venture work.

If you want to venture into an unknown zone. Get a map before you start, or trust someone who has been there. There's no third way.

So here I am, in the middle way, having had twenty years— Twenty years largely wasted, the years of l'entre deux guerres Trying to learn to use words, and every attempt Is a wholly new start, and a different kind of failure Because one has only learnt to get the better of words For the thing one no longer has to say, or the way in which One is no longer disposed to say it. And so each venture Is a new beginning, a raid on the inarticulate With shabby equipment always deteriorating In the general mess of imprecision of feeling, Undisciplined squads of emotion.

No one funds a mere idea, especially if you are looking at venture capital. Funding is made to something that has proven a small part of a business model or proven a business model on a small scale.

You should focus relentlessly on something you’re good at doing, but before that you must think hard about whether it will be valuable in the future. For the startup world, this means you should not necessarily start your own company, even if you are extraordinarily talented. If anything, too many people are starting their own companies today. People who understand the power law will hesitate more than others when it comes to founding a new venture: they know how tremendously successful they could become by joining the very best company while it’s growing fast. The power law means that differences between companies will dwarf the differences in roles inside companies. You could have 100% of the equity if you fully fund your own venture, but if it fails you’ll have 100% of nothing. Owning just 0.01% of Google, by contrast, is incredibly valuable (more than $35 million as of this writing).

Investors who focus on currencies, bonds, and stock markets generally assume a normal distribution of price changes: values jiggle up and down, but extreme moves are unusual. Of course, extreme moves are possible, as financial crashes show. But between 1985 and 2015, the S&P 500 stock index budged less than 3 percent from its starting point on 7,663 out of 7,817 days; in other words, for fully 98 percent of the time, the market is remarkably stable.

Challenging situations can be uncomfortable, particularly if they involve stepping out of your comfort zone to learn a new skill or kick-start a new venture. But those are the times that will carry you through future difficulties.

less than 1% of new businesses started each year in the U.S. receive venture funding, and total VC investment accounts for less than 0.2% of GDP. But the results of those investments disproportionately propel the entire economy. Venture-backed companies create 11% of all private sector jobs. They generate annual revenues equivalent to an astounding 21% of GDP. Indeed, the dozen largest tech companies were all venture-backed. Together those 12 companies are worth more than $2 trillion, more than all other tech companies combined.

Yet I was appalled. For at the same time, such a violent act, even though well provoked and not entirely unheard of, was rare and shocking enough so as to make it likely that an atmosphere of suspicion would close in upon Negroes in general. The gossip would get started: God durned niggers gittin’ so they hit back. I was deeply afraid that with such feelings prevalent, our Negroes would become unsettled by the overall mistrust and lose heart for the venture or—even worse—would under this new pressure somehow give away our great secret.

There were the venture capitalists, who’d gotten in early, watched the tokens they bought climb to ludicrous heights, and now believed they could predict the future. There were the founders of crypto start-ups, who’d raised so many millions of dollars that they seemed to believe their own far-fetched pitches about creating the future of finance. Then there were the programmers, who were so caught up with their clever ideas about new things to do inside the crypto world that they never paused to think about whether the technology did anything useful.

What the Soviet émigrés brought with them is symptomatic of what Israeli venture capitalist Erel Margalit believes can be found in a number of dynamic economies. “Ask yourself, why is it happening here?” he said of the Israeli tech boom. We were sitting in a trendy Jerusalem restaurant he owns, next to a complex he built that houses his venture fund and a stable of start-ups. “Why is it happening on the East Coast or the West Coast of the United States? A lot of it has to do with immigrant societies. In France, if you are from a very established family, and you work in an established pharmaceutical company, for example, and you have a big office and perks and a secretary and all that, would you get up and leave and risk everything to create something new? You wouldn’t. You’re too comfortable. But if you’re an immigrant in a new place, and you’re poor,” Margalit continued, “or you were once rich and your family was stripped of its wealth—then you have drive. You don’t see what you’ve got to lose; you see what you could win. That’s the attitude we have here—across the entire population.

They teach that having a story may be the most important part of your new venture; that fear can be useful; that having vast resources is not as critical as you might think; that simplicity is a core goal in successful enterprises; that trust is the most important quality you bring to your company; and, finally, that giving may be the best investment you’ll ever make.

But the order in which these sources will be discussed is not arbitrary. They are listed in descending order of reliability and predictability. For, contrary to almost universal belief, new knowledge – and especially new scientific knowledge – is not the most reliable or most predictable source of successful innovations. For all the visibility, glamour, and importance of science-based innovation, it is actually the least reliable and least predictable one. Conversely, the mundane and unglamorous analysis of such symptoms of underlying changes as the unexpected success or the unexpected failure carry fairly low risk and uncertainty. And the innovations arising therefrom have, typically, the shortest lead time between the start of a venture and its measurable results, whether success or failure.

Human beings are responsible for art, science, medicine, education, the Sistine Chapel, Handel’s Messiah, New York City, space travel, the novel, photography, and Mexican food — I mean, who doesn’t love Mexican food? But we’re also responsible for a world with 27 million slaves, blatant racism, the Holocaust, Hiroshima, the genocide in Rwanda, ISIS, the financial meltdown of 2008, pornography, global warming, the endangered-species list, and don’t even get me started on pop music. So we humans are a mixed bag. We have a great capacity — more than we know — to rule in a way that is life-giving for the people around us and the place we call home, or to rule in such a way that we exploit the earth itself and rob people of an environment where they can thrive. This was God’s risk. His venture. His experiment.

We've known each other for years." "In every sense of the word." Tanya gave him a nudge and they shared another laugh. In every sense of the word... Daisy felt a cold stab of jealousy at their intimate moment. It didn't make sense. Her relationship with Liam wasn't real. But the more time she spent with him, the more the line blurred and she didn't know where she stood. "Daisy is a senior software engineer for an exciting new start-up that's focused on menstrual products," Liam said. "She's in line for a promotion to product manager. The company couldn't run without her." Daisy grimaced. "I think that's a bit of an exaggeration." "Take the compliment," Tanya said. "Liam doesn't throw many around... At least, he didn't used to." At least, he didn't used to... Was the bitch purposely trying to goad her with little reminders about her shared past with Liam? Daisy's teeth gritted together. Well, she got the message. Tanya was a cool, bike-riding, smooth-haired venture capitalist ex who clearly wasn't suffering in any way after her journey. She was probably so tough she didn't need any padding in her seat. Maybe she just sat on a board or the bare steel frame. Liam ran a hand through his hair, ruffling the dark waves into a sexy tangle. Was he subconsciously grooming himself for Tanya? Or was he just too warm? "What are you riding now?" "Triumph Street Triple 675. I got rid of the Ninja. Not enough power." "You like the naked styling?" Liam asked. Tanya smirked. "Naked is my thing, as you know too well." Naked is my thing... As you know too well... Daisy tried to shut off the snarky voice in her head, but something about Tanya set her possessive teeth on edge. "Do you want to join us inside?" Liam asked. "We're going to have a coffee before we finish the loop." Say no. Say no. Say no. "Sounds good." Tanya took a few steps and looked back over her shoulder. "Do you need a hand, Daisy?" Only to slap you.

What motivates Olympic athletes to train for years for one event—in some cases, for just seconds of actual competition? It’s the same thing that kept my friend Pete nosing around old bookstores for years. It’s the same thing that makes a person venture out of a comfortable job to start a new business. We see it in the artist who spends day after day in a studio chipping away at a block of stone. Look closely and you’ll find it in the shopper who passes up the good deal in search of the best deal. It’s one of the things that makes us most human. We consciously pursue what we value. It’s not simply a matter of being driven by biology or genetics or environmental conditioning to satisfy instinctive cravings. Rather, we perceive something, prize it at a certain value, then pursue it according to that assigned value because we were created that way. This ability to perceive, prize, and pursue is part of our essential humanness, and it’s the essence of ambition.

Let’s consider another similar story — the dating website Plenty of Fish. German programmer Markus Frind started the company in 2003 as a programming exercise. He had been wanting to learn a new coding language called ASP.NET, so he built the site in two weeks — and to his surprise, it took off. Frind never raised a dime of outside money, because the venture was profitable from the beginning. “I didn’t see the need to raise money because I wouldn’t know what to do with it,” he said in a 2015 interview with Business Insider. “It was a profitable company, and there was no need to raise money.”3 Plenty of Fish grew slowly and organically for more than 10 years, eventually growing to about 75 employees and 90 million registered users. In 2015, Match Group (which also owns dating sites Match.com and OKCupid) bought Plenty of Fish for $575 million. “It wasn’t like I had a plan to create a dating site,” Frind said. “It was just a side project I created that got really big.” Not bad for what started as a hobby.

No one can or will ever replace the love Andy, you, and I shared, but life goes on and we have to flow with it. I completed my postgraduate fashion design at the Royal College of Art, London in 1977; I then worked for Liberty of London for a few years before venturing into designing my own bridal wear collections for several major London department stores. In 1979, the Hong Kong Polytechnic now a university invited me to teach fashion design at their clothing and textile institute. Andy and I separated in 1970. He left for New Zealand to pursue engineering while I stayed in London to complete my fashion studies. Those early years of our separation were extremely difficult for the both of us. As you are well aware, we were very close at boarding school. After your departure to Vienna, Andy and I were inseparable. He asked me to join him permanently in Christchurch, but I was determined to enroll in a London fashion school. We corresponded for a couple of years before mutually deciding that it was best to severe ties and start afresh.

overcome. Seth Godin calls these inevitable obstacles The Dip. In his brilliant little book of the same name, he describes the intricacies of knowing when to quit and when to stick—and why it’s so important to learn how to do this effectively. Seth gives a pertinent example of the entrepreneur-wannabe: Do you know an entrepreneur-wannabe who is on his sixth or twelfth new project? He jumps from one to another, and every time he hits an obstacle, he switches to a new, easier, better opportunity. And while he’s a seeker, he’s never going to get anywhere. He never gets anywhere because he’s always switching lines, never able to really run for it. While starting up is thrilling, it’s not until you get through the Dip that your efforts pay off. Countless entrepreneurs have perfected the starting part, but give up long before they finish paying their dues. The sad news is that when you start over, you get very little credit for how long you stood in line with your last great venture.[31] Quitting isn’t always bad, but it needs to be done for the right reasons, and never for the wrong ones. It’s never black and white, but it always comes back to passion. Read The Dip. It will help.

Revitalized and healthy, I started dreaming new dreams. I saw ways that I could make a significant contribution by sharing what I’ve learned. I decided to refocus my legal practice on counseling and helping start-up companies avoid liability and protect their intellectual property. To share some of what I know, I started a blog, IP Law for Startups, where I teach basic lessons on trade secrets, trademarks, copyrights, and patents and give tips for avoiding the biggest blunders that destroy the value of intellectual assets. Few start-up companies, especially women-owned companies that rarely get venture capital funding, can afford the expensive hourly rates of a large law firm to the get the critical information they need. I feel deeply rewarded when I help a company create a strategy that protects the value of their company and supports their business dreams. Further, I had a dream to help young women see their career possibilities. In partnership with my sister, Julie Simmons, I created lookilulu.com, a website where women share their insights, career paths, and ways they have integrated motherhood with their professional pursuits. When my sister and I were growing up on a farm, we had a hard time seeing that women could have rewarding careers. With Lookilulu® we want to help young women see what we couldn’t see: that dreams are not linear—they take many twists and unexpected turns. As I’ve learned the hard way, dreams change and shift as life happens. I’ve learned the value of continuing to dream new dreams after other dreams are derailed. I’m sure I’ll have many more dreams in my future. I’ve learned to be open to new and unexpected opportunities. By way of postscript, Jill writes, “I didn’t grow up planning to be lawyer. As a girl growing up in a small rural town, I was afraid to dream. I loved science, but rather than pursuing medical school, I opted for low-paying laboratory jobs, planning to quit when I had children. But then I couldn’t have children. As I awakened to the possibility that dreaming was an inalienable right, even for me, I started law school when I was thirty; intellectual property combines my love of law and science.” As a young girl, Jill’s rightsizing involved mustering the courage to expand her dreams, to dream outside of her box. Once she had children, she again transformed her dreams. In many ways her dreams are bigger and aim to help more people than before the twists and turns in her life’s path.

In fact, the same basic ingredients can easily be found in numerous start-up clusters in the United States and around the world: Austin, Boston, New York, Seattle, Shanghai, Bangalore, Istanbul, Stockholm, Tel Aviv, and Dubai. To discover the secret to Silicon Valley’s success, you need to look beyond the standard origin story. When people think of Silicon Valley, the first things that spring to mind—after the HBO television show, of course—are the names of famous start-ups and their equally glamorized founders: Apple, Google, Facebook; Jobs/ Wozniak, Page/ Brin, Zuckerberg. The success narrative of these hallowed names has become so universally familiar that people from countries around the world can tell it just as well as Sand Hill Road venture capitalists. It goes something like this: A brilliant entrepreneur discovers an incredible opportunity. After dropping out of college, he or she gathers a small team who are happy to work for equity, sets up shop in a humble garage, plays foosball, raises money from sage venture capitalists, and proceeds to change the world—after which, of course, the founders and early employees live happily ever after, using the wealth they’ve amassed to fund both a new generation of entrepreneurs and a set of eponymous buildings for Stanford University’s Computer Science Department. It’s an exciting and inspiring story. We get the appeal. There’s only one problem. It’s incomplete and deceptive in several important ways. First, while “Silicon Valley” and “start-ups” are used almost synonymously these days, only a tiny fraction of the world’s start-ups actually originate in Silicon Valley, and this fraction has been getting smaller as start-up knowledge spreads around the globe. Thanks to the Internet, entrepreneurs everywhere have access to the same information. Moreover, as other markets have matured, smart founders from around the globe are electing to build companies in start-up hubs in their home countries rather than immigrating to Silicon Valley.

Lagos, typically for a nonbusinessman, had a fatal flaw: he thought too small. He figured that with a little venture capital, this neurolinguistic hacking could be developed as a new technology that would enable Rife to maintain possession of information that had passed into the brains of his programmers. Which, moral considerations aside, wasn't a bad idea. "Rife likes to think big. He immediately saw that this idea could be much more powerful. He took Lagos's idea and told Lagos himself to buzz off. Then he started dumping a lot of money into Pentecostal churches. He took a small church in Bayview, Texas, and built it up into a university. He took a smalltime preacher, the Reverend Wayne Bedford, and made him more important than the Pope. He constructed a string of self-supporting religious franchises all over the world, and used his university, and its Metaverse campus, to crank out tens of thousands of missionaries, who fanned out all over the Third World and began converting people by the hundreds of thousands, just like St. Louis Bertrand. L. Bob Rife's glossolalia cult is the most successful religion since the creation of Islam. They do a lot of talking about Jesus, but like many selfdescribed Christian churches, it has nothing to do with Christianity except that they use his name. It's a postrational religion. "He also wanted to spread the biological virus as a promoter or enhancer of the cult, but he couldn't really get away with doing that through the use of cult prostitution because it is flagrantly anti-Christian. But one of the major functions of his Third World missionaries was to go out into the hinterlands and vaccinate people -- and there was more than just vaccine in those needles. "Here in the First World, everyone has already been vaccinated, and we don't let religious fanatics come up and poke needles into us. But we do take a lot of drugs. So for us, he devised a means for extracting the virus from human blood serum and packaged it as a drug known as Snow Crash.

Little Nicky heads to the Badlands to see the show for himself. The Western Roads are outside his remit as a U.S. Treasury agent, but he knows the men he wants are its denizens. Standing on the corner of the Great Western and Edinburgh Roads, a sideshow, a carnival of the doped, the beaten, and the crazed. He walks round to the Avenue Haig strip and encounters the playground of Shanghai’s crackpots, cranks, gondoos, and lunatics. He’s accosted constantly: casino touts, hustling pimps, dope dealers; monkeys on chains, dancing dogs, kids turning tumbles, Chinese ‘look see’ boys offering to watch your car. Their numbers rise as the Japs turn the screws on Shanghai ever tighter. Half-crazy American missionaries try to sell him Bibles printed on rice paper—saving souls in the Badlands is one tough beat. The Chinese hawkers do no better with their porno cards of naked dyed blondes, Disney characters in lewd poses, and bare-arsed Chinese girls, all underage. Barkers for the strip shows and porno flicks up the alleyways guarantee genuine French celluloid of the filthiest kind. Beggars abound, near the dealers and bootleggers in the shadows, selling fake heroin pills and bootleg samogon Russian vodka, distilled in alleyways, that just might leave you blind. Off the Avenue Haig, Nicky, making sure of his gun in its shoulder holster, ventures up the side streets and narrow laneways that buzz with the purveyors of cure-all tonics, hawkers of appetite suppressants, male pick-me-ups promising endless virility. Everything is for sale—back-street abortions and unwanted baby girls alongside corn and callus removers, street barbers, and earwax pickers. The stalls of the letter writers for the illiterate are next to the sellers of pills to cure opium addiction. He sees desperate refugees offered spurious Nansen passports, dubious visas for neutral Macao, well-forged letters of transit for Brazil. He could have his fortune told twenty times over (gypsy tarot cards or Chinese bone chuckers? Your choice). He could eat his fill—grilled meat and rice stalls—or he could start a whole new life: end-of-the-worlders and Korean propagandists offer cheap land in Mongolia and Manchukuo.

Anna Chapman was born Anna Vasil’yevna Kushchyenko, in Volgograd, formally Stalingrad, Russia, an important Russian industrial city. During the Battle of Stalingrad in World War II, the city became famous for its resistance against the German Army. As a matter of personal history, I had an uncle, by marriage that was killed in this battle. Many historians consider the battle of Stalingrad the largest and bloodiest battle in the history of warfare. Anna earned her master's degree in economics in Moscow. Her father at the time was employed by the Soviet embassy in Nairobi, Kenya, where he allegedly was a senior KGB agent. After her marriage to Alex Chapman, Anna became a British subject and held a British passport. For a time Alex and Anna lived in London where among other places, she worked for Barclays Bank. In 2009 Anna Chapman left her husband and London, and moved to New York City, living at 20 Exchange Place, in the Wall Street area of downtown Manhattan. In 2009, after a slow start, she enlarged her real-estate business, having as many as 50 employees. Chapman, using her real name worked in the Russian “Illegals Program,” a group of sleeper agents, when an undercover FBI agent, in a New York coffee shop, offered to get her a fake passport, which she accepted. On her father’s advice she handed the passport over to the NYPD, however it still led to her arrest. Ten Russian agents including Anna Chapman were arrested, after having been observed for years, on charges which included money laundering and suspicion of spying for Russia. This led to the largest prisoner swap between the United States and Russia since 1986. On July 8, 2010 the swap was completed at the Vienna International Airport. Five days later the British Home Office revoked Anna’s citizenship preventing her return to England. In December of 2010 Anna Chapman reappeared when she was appointed to the public council of the Young Guard of United Russia, where she was involved in the education of young people. The following month Chapman began hosting a weekly TV show in Russia called Secrets of the World and in June of 2011 she was appointed as editor of Venture Business News magazine. In 2012, the FBI released information that Anna Chapman attempted to snare a senior member of President Barack Obama's cabinet, in what was termed a “Honey Trap.” After the 2008 financial meltdown, sources suggest that Anna may have targeted the dapper Peter Orzag, who was divorced in 2006 and served as Special Assistant to the President, for Economic Policy. Between 2007 and 2010 he was involved in the drafting of the federal budget for the Obama Administration and may have been an appealing target to the FSB, the Russian Intelligence Agency. During Orzag’s time as a federal employee, he frequently came to New York City, where associating with Anna could have been a natural fit, considering her financial and economics background. Coincidently, Orzag resigned from his federal position the same month that Chapman was arrested. Following this, Orzag took a job at Citigroup as Vice President of Global Banking. In 2009, he fathered a child with his former girlfriend, Claire Milonas, the daughter of Greek shipping executive, Spiros Milonas, chairman and President of Ionian Management Inc. In September of 2010, Orzag married Bianna Golodryga, the popular news and finance anchor at Yahoo and a contributor to MSNBC's Morning Joe. She also had co-anchored the weekend edition of ABC's Good Morning America. Not surprisingly Bianna was born in in Moldova, Soviet Union, and in 1980, her family moved to Houston, Texas. She graduated from the University of Texas at Austin, with a degree in Russian/East European & Eurasian studies and has a minor in economics. They have two children. Yes, she is fluent in Russian! Presently Orszag is a banker and economist, and a Vice Chairman of investment banking and Managing Director at Lazard.

I can look to Hanuman for energy, Varuna (the God of water) if I want rain, Lakshmi (Vishnu's consort, the goddess of wealth) if I need money and Saraswathi (Brahma's consort, the goddess of knowledge) ifI have an exam coming up. Ganesh the elephant god and the child of Shiva and Parvati) can be called on when starting a new journey or venture and Vishnu, Ram or Krishna if I want purity of spirit.

Meanwhile, on Raghav’s wish list was a film company. He was a Hindi film buff, but he was not in any way star-struck. He simply thought it was a good business idea, and that the time was right. Vandana, who had a lot of connections in the film industry, was to be a part of the venture. Raghav launched the film company as a personal venture, though TV18 was a minority investor, with a holding of 20 per cent. In June, the Indian Film Company raised Rs 400 crore at London’s Alternative Investment Market, much to Raghav’s amazement. ‘Almost any guy with even half a track record and a gleam of new economy, media or technology in his eye could go to London, float a company which hardly did anything, probably even if revenues were zero, and pick up equity. We did exactly that with our film fund. We had no track record in the film business. Zero.’ But investors were more than willing to throw money around in 2007.

Chinese and American companies have already kick-started this process, leaping out to massive leads over the rest of the world. Canada, the United Kingdom, France, and a few other countries play host to top-notch talent and research labs, but they often lack the other ingredients needed to become true AI superpowers: a large base of users and a vibrant entrepreneurial and venture-capital ecosystem. Other than London’s DeepMind, we have yet to see groundbreaking AI companies emerge from these countries. All of the seven AI giants and an overwhelming portion of the best AI engineers are already concentrated in the United States and China. They are building huge stores of data that are feeding into a variety of different product verticals, such as self-driving cars, language translation, autonomous drones, facial recognition, natural-language processing, and much more. The more data these companies accumulate, the harder it will be for companies in any other countries to ever compete.

The sole purpose of these two teams is to ensure that we stay true to the high-quality bar set by the founders. If you start a company or team, you know exactly what you are looking for in a new hire: someone just as motivated, clever, interesting, and passionate as you are about the new venture. And the first few people you hire will meet that standard. But they in turn won’t uniformly hire to the same standard as you, not because they are bad or incompetent people, but because they won’t have precisely the same understanding of what you are looking for.

the autonomous-driving side of things, Alphabet (formerly Google), which has logged several million self-driving-car test miles, continues to lead the pack. At the end of 2016, it created a new business division, called Waymo, for its autonomous driving technology. In May 2017, Waymo and Lyft announced that they would work together on developing the technology, and later in the year, Alphabet invested $1 billion in the start-up. Others, like Cruise Automation (which GM acquired for $1 billion) and Comma.ai, which offers open-source autonomous driving technology in the same vein as Google’s Android mobile operating system, are chasing hard. Baidu, China’s leading Internet search company, has an autonomous-driving research center in Sunnyvale. Byton—backed by China’s Tencent, Foxconn, and the China Harmony New Energy auto retailer group—has an office in Mountain View, as does Didi Chuxing, the Chinese ride-sharing company in which Apple invested $1 billion. Many of these companies have taken not just inspiration but also talent from Tesla. Part of the value of an innovation cluster like Silicon Valley lies in the dispersal of intellectual labor from one node to the next. For instance, PayPal is well known in the Valley for producing a number of high performers who left the company to start, join, or invest in others. The so-called PayPal Mafia includes Reid Hoffman, who founded LinkedIn; Max Levchin, whose most recent of several start-ups is the financial services company Affirm; Peter Thiel, a Facebook board member and President Trump–supporting venture capitalist who cofounded “big data” company Palantir; Jeremy Stoppelman, who started reviews site Yelp; Keith Rabois, who was chief operating officer at Square and then joined Khosla Ventures; David Sacks, who sold Yammer to Microsoft for $1.2 billion and later became CEO at Zenefits; Jawed Karim, who cofounded YouTube; and one Elon Musk.

There is a tide in the affairs of men, which, taken at the flood, leads on to fortune . . . We must take the current when it serves, or lose our ventures. William Shakespeare1

Dante is the first Christian poet, the first one whose whole system of thought is colored by a pure Christian theology. But the poem comes nearer to us than this. It is there real history of a brother man, of a tempted, purified, and at last triumphant human soul; it teaches the benign ministry of sorrow. His is the first keel that ever ventured into the silent sea of human consciousness to find a new world of poetry. He held heartbreak at bay for twenty years, and would not let himself die until he had done his task. Neither shall Longfellow. Neither shall I." Lowell turned and started to descend.

Whatever variant of freedom is espoused, a basic income would enhance it. However, in the liberal tradition a basic income would be both necessary and sufficient, if judged high enough to meet basic needs. In the republican tradition, however, basic income would be necessary but not sufficient; other institutions and policies would be needed properly to advance freedom. A basic income would strengthen the following prosaic or day-to-day freedoms: — the freedom to refuse a job that is onerous, boring, low-paying or just nasty; — the freedom to accept a job that is none of the above but which could not be accepted if financial necessity dictated; — the freedom to stay in a job that pays less than previously or that has become more financially insecure; — the freedom to start a small-scale business venture, which is risky but potentially rewarding; — the freedom to do care work for a relative or friend, or voluntary work in and for the community, that might not be feasible if financial necessity required long hours of paid labour; — the freedom to do creative work and activities of all kinds; — the freedom to risk learning new skills or competences; — the freedom from bureaucratic interference, prying and coercion; — the freedom to form relationships and perhaps set up ‘home’ with someone, often precluded today by financial insecurity; — the freedom to leave a relationship that has turned sour or abusive; — the freedom to have a child; — the freedom to be lazy once in a while, a vital freedom to which we will return. Would alternative social policies do as well on any of these counts? At the very least, a social protection policy should be neutral on behavioural freedom, not moralistic, directive, coercive or punitive. The

We couldn’t stop following the news. Every ten seconds we refreshed our browsers and gawked at the headlines. Dully we read blogs of friends of friends of friends who had started an organic farm out on the Wichita River. They were out there pickling and canning and brewing things in the goodness of nature. And soon we’d worry it was time for us to leave the city and go. Go! To Uruguay or Morocco or Connecticut? To the Plains or the Mountains or the Bay? But we’d bide our time and after some months or years, our farmer friends would give up the farm and begin studying for the LSATs. We felt lousy about this, and wonderful. We missed getting mail. We wondered why we even kept those tiny keys on our crowded rings. Sometimes we would send ourselves things from the office. Sometimes we would handwrite long letters to old loved ones and not send them. We never knew their new address. We never knew anyone’s address, just their cross streets and what their doors looked like. Which button to buzz, and if the buzzers even worked. How many flights to climb, and which way to turn off the stairs. Sometimes we missed those who hadn’t come to the city with us— or those who had gone to other, different cities. Sometimes we journeyed to see them, and sometimes they ventured to see us. Those were the best of times, for we were all at home and not at once. Those were the worst of times, for we inevitably longed to all move here or there, yet no one ever came— somehow everyone only left. Soon we were practically all alone. Soon we began to hate the forever cramping of our lives. Sleeping on top of strangers and sipping coffee with people we knew we knew but couldn’t remember where from. Living out of boxes we had no space to unpack. Soon we named the pigeons roosting in our windowsills; we worried they looked mangier than the week before. We heard bellowing in the apartments below us and bedsprings creaking in the ones above. Everywhere we saw people with dogs and wodnered how they managed it. Did they work form home?Did they not work? Had they gone to the right schools? Did they have connections? We had no connections. Our parents were our guarantors in name only; they called us from their jobs in distant, colorless, suburban office parks and told us we could come home anytime, and this terrified us always. But then came those nights, creeping up on us while we worked busily in dark offices, like submariners lost at sea, sailing through the dark stratosphere in our cement towers. We’d call each other to report: a good thing happened, a compliment had been paid, a favor had been appreciated, an inch of ground had been gained. We wouldn’t trade those nights for anything or anywhere. Those nights, we remembered why we came to the city. Because if we were really living, then we wanted to hear the cracking in our throats and feel the trembling in our extremities. And if our apartments were coffins and our desks headstones and our dreams infections— if we were all slowly dying — then at least we were going about that great and terrible business together.

In the book ‘That Will Never Work’ by Marc Randolph, Reed Hastings gives Marc advice on starting a new company: You need the same people to return and use your product. You need something that is consumed; once a movie is done you need another one. The market of new customers is limited. There is no way you can succeed if you must keep finding new customers. - Reed Hastings, CEO of Netflix

Metcalfe began to take venture capitalists to lunch and solicit their guidance. “If you want money, you ask for advice. If you want advice, you ask for money,” he reflected shrewdly.[27] His goal was to absorb the VCs’ way of thinking, and before long he noticed a pattern. At some point in each conversation, the venture guy would launch into a lecture on the three reasons startups failed: the excessive ego of the founder, too little focus on the most promising products, and too little capital. Having recognized this mantra, Metcalfe started to preempt it. “Here are the three mistakes I am not going to make,” he would announce, before the unsuspecting venture capitalist got a chance to lodge the standard caveats. “A, I have decided that it’s more important that this company succeed than that I run it. Two is, even though I have this business plan that shows a million products, trust me, we’re going to focus on a few of them. And three, I’m here raising money, because we’re not going to be undercapitalized.”[28]

Third, the idea that venture capitalists get into deals on the strength of their brands can be exaggerated. A deal seen by a partner at Sequoia will also be seen by rivals at other firms: in a fragmented cottage industry, there is no lack of competition. Often, winning the deal depends on skill as much as brand: it’s about understanding the business model well enough to impress the entrepreneur; it’s about judging what valuation might be reasonable. One careful tally concluded that new or emerging venture partnerships capture around half the gains in the top deals, and there are myriad examples of famous VCs having a chance to invest and then flubbing it.[6] Andreessen Horowitz passed on Uber. Its brand could not save it. Peter Thiel was an early investor in Stripe. He lacked the conviction to invest as much as Sequoia. As to the idea that branded venture partnerships have the “privilege” of participating in supposedly less risky late-stage investment rounds, this depends from deal to deal. A unicorn’s momentum usually translates into an extremely high price for its shares. In the cases of Uber and especially WeWork, some late-stage investors lost millions. Fourth, the anti-skill thesis underplays venture capitalists’ contributions to portfolio companies. Admittedly, these contributions can be difficult to pin down. Starting with Arthur Rock, who chaired the board of Intel for thirty-three years, most venture capitalists have avoided the limelight. They are the coaches, not the athletes. But this book has excavated multiple cases in which VC coaching made all the difference. Don Valentine rescued Atari and then Cisco from chaos. Peter Barris of NEA saw how UUNET could become the new GE Information Services. John Doerr persuaded the Googlers to work with Eric Schmidt. Ben Horowitz steered Nicira and Okta through their formative moments. To be sure, stories of venture capitalists guiding portfolio companies may exaggerate VCs’ importance: in at least some of these cases, the founders might have solved their own problems without advice from their investors. But quantitative research suggests that venture capitalists do make a positive impact: studies repeatedly find that startups backed by high-quality VCs are more likely to succeed than others.[7] A quirky contribution to this literature looks at what happens when airline routes make it easier for a venture capitalist to visit a startup. When the trip becomes simpler, the startup performs better.[8]

Son arrived at Yahoo’s office looking as slight and uncommanding as ever. But he brought a bazooka. In a bid without precedent in the history of the Valley, he proposed to invest fully $100 million in Yahoo. In return he wanted an additional 30 percent of the company. Son’s bid implied that Yahoo’s value had shot up eight times since his investment four months earlier. But the astonishing thing about his offer was the size of his proposed check: Silicon Valley had never seen a venture stake of such proportions.[21] The typical fund raised by a top-flight venture partnership weighed in at around $250 million, and there was no way it would put 40 percent of its resources into a single $100 million wager.[22] Private-equity investors and corporate acquirers sometimes made investments in the $100 million range, but in return they expected to take full control of companies.[23] Son, in contrast, would be a minority investor and on an unheralded scale. Because he had SoftBank’s corporate balance sheet behind him, he could pump in fully one hundred times more capital than Sequoia had provided when Yahoo got started. After Son dropped his bombshell, Yang, Filo, and Moritz sat in silence. Disconcerted, Yang said he was flattered but didn’t need the capital.[24] “Jerry, everyone needs $100 million,” Son retorted.[25]

Nepalese culture is traditional because most individuals prefer to spend their money on land, gold and silver savings, building structures, and consuming luxury products rather than investing in new ventures or starting their businesses.

After all, less than 1% of new businesses started each year in the U.S. receive venture funding, and total VC investment accounts for less than 0.2% of GDP. But the results of those investments disproportionately propel the entire economy. Venture-backed companies create 11% of all private sector jobs. They generate annual revenues equivalent to an astounding 21% of GDP. Indeed, the dozen largest tech companies were all venture-backed. Together those 12 companies are worth more than $2 trillion, more than all other tech companies combined.

The priest and his desires Not alone, but a lonely monastery priest, Resisting hard not to venture out and pursue the need for love and passion driven heist, Bound by his sanctum and religion, He tries not to give in to any seduction, Adam and Eve blamed the devil, The priest is baffled to decide who shall he blame for this evil, He rolls and turns restlessly in the bed of his desires, And every night after the Church service he deals with these raging fires, He is dressed in his black robe on the much anticipated Sunday mass, But he is distracted and sees passions and desires cast on peoples faces and even on mosaic glass, At the end of the service he serves all some fine and red wine, And when he stands face to face with a beautiful woman his inner self says “I wish you were mine!’” His Sunday night is spent in her curled hair locks, He is shackled to her beautiful face and desires that fasten around him like unbreakable locks, He often touches his cross that he wears always, Still his nights are restless and now it is so even during the sunny Spring days, He bows before the Altar and makes a solemn confession, “My Lord! her face and her overpowering beauty have become my obsession, Am I still worthy of worshipping you my God? For I have silently started worshiping this feeling of loving her and I do not feel odd, It is her thoughts that possess me even during my sermons, In her absence, not yours My Lord, everything presents itself like bad omens, To tame my wandering thoughts I refer to the Holy Book, But through it too peeps her face and her mesmerising look, I wonder if I shall quit clergy, And adopt this new synergy, I am drowning farther and farther in this mental eclipse, And I only want to think of her beautiful face, her warm skin and her red lips, Shall I forsake my black robe, My Lord, and not Thee? Or Forsake her and thereby my black robe and Thee? Because without her I do not feel anything that is a part of me, And without being me, how can I anything else be, Perhaps I am supposed to be a man of God but not a man, Never to fulfillmy own desires for I am busy fulfilling Your plan, So let me live with my state and the social taboo, While every night I place my desires in the coffin along with the happy morning cuckoo.” The Lord smiles at him, “It is your personal battle and it is grim, You desire her, her face, her charming ways, You think of her during nights and during the bountiful days, But you think of me too and that is enough for me to know, So seek her and kiss her grace, for then you shall better baptise in my glow, And before you fall too low, Rise to your calling and you shall reap as you shall sow, Whether you wear a black robe or her kisses, I shall judge you on how you made others feel with or without your kisses.” Said the Lord in His emphatic voice, And the priest stood up and made the right choice! To love the woman he loved and missed, And he felt something divine within him, whenever her deep beauty he kissed! Source of inspiration : The Thorn Birds 1983 Drama

The priest and his desires Not alone, but a lonely monastery priest, Resisting hard not to venture out and pursue the need for love and passion driven heist, Bound by his sanctum and religion, He tries hard not to give in to any form of seduction, Adam and Eve blamed the devil, The priest is baffled to decide who shall he blame for this evil? He rolls and turns restlessly in the bed of his desires, And every night after the Church service he deals with these raging fires, He is dressed in his black robe on the much anticipated Sunday mass, But he is distracted when he sees passions and desires cast on peoples faces and even on mosaic glass, At the end of the service he serves all some fine and red wine, And when he comes face to face with a beautiful woman, his inner self says “I wish you were mine!’” His Sunday night is spent in her curled hair locks, He is shackled to her beautiful face and desires that fasten around him like unbreakable locks, He often touches his cross that he wears always, Still his nights are restless and now it is so even during the sunny Spring days, He bows before the Altar and makes a solemn confession, “My Lord! her face and her overpowering beauty have become my obsession, Am I still worthy of worshipping you my God? For I have silently started worshiping this feeling of loving her and I do not feel odd, It is her thoughts that possess me even during my sermons, In her absence, not yours My Lord, everything presents itself like bad omens, To tame my wandering thoughts I refer to the Holy Book, But through it too peeps her face and her mesmerising look, I wonder if I shall quit clergy, And adopt this new synergy? I am drowning farther and farther in this mental eclipse, And I only want to think of her beautiful face, her warm skin and her red lips, Shall I forsake my black robe, My Lord, and not Thee? Or Forsake her and thereby my black robe and as well Thee? Because without her I do not feel anything that is a part of me, And without being me, how can I anything else be, Perhaps I am supposed to be a man of God but not a man, Never to fulfil my own desires for I am busy fulfilling Your plan, So let me live with my state and the social taboo, While every night I place my desires in the coffin along with the happy morning cuckoo.” The Lord smiles at him, “It is your personal battle and it is grim, You desire her, her face, her charming ways, You think of her during nights and during the bountiful days, But you think of me too and that is enough for me to know, So seek her and kiss her grace, for then you shall better baptise in my glow, And before you fall too low, Rise to your calling and you shall reap as you shall sow, Whether you wear a black robe or her kisses, I shall judge you on how you made others feel with or without your kisses.” Said the Lord in His emphatic voice, And the priest stood up and made the right choice! To love the woman he loved and missed, And he felt something divine within him, whenever her deep beauty he kissed! Source of inspiration : The Thorn Birds . 1983 Drama

But this venture, like Virginia, got off to a rough start. The Mayflower arrived off the coast of America in late November. Compounding this late-season arrival, the ship had missed its destination. The original charter granted by the Virginia Company called for landing near the mouth of the Hudson River. Instead, the Mayflower anchored within a peninsula 220 miles to the north. After sending an expedition to explore the coastline and find a place to build the settlement, the majority of the Pilgrims remained on the Mayflower awaiting the men’s return. Simultaneously, while the Mayflower was en route, officials in England separated the northern parcel of the Virginia Company and placed it under the Council for New England. Without knowing it, the Pilgrims were preparing for the first winter in the history of New England.

Yet other men came with the idea of setting up links between the East and the West. In 1850 Henry Wells and his partner, William Fargo, were operating American Express, an express company in the burgeoning city of Buffalo. An express company’s business was to ship things quickly but expensively. Messages, banknotes, and valuables were the primary goods transported by express companies. To hedge against the risks to his express company from the instant telegraph, Wells had invested in local telegraph companies, including Ezra Cornell’s. Sensing the opportunity in the West, especially as laying telegraph lines across a desolate country was a practical impossibility, Wells and Fargo proposed expanding their company, American Express, to the West. Their investors balked. So starting in 1852, Wells and Fargo set up a new company to provide express services to California. In addition to simple messages, Wells, Fargo & Co. ventured into the business of bringing gold back east. And since an express company was already entrusted with valuables, it soon made sense for Wells, Fargo & Co. to also offer banking services locally.

As most new businesses fail, saying start-ups have a very high rate of failure is by itself not particularly revelatory. But a start-up is not a small business. A start-up is designed from the beginning to either become very big or completely fail—the modern-day equivalent of an uncertain, cross-ocean voyage to the New World as opposed to, say, a predictable, moderately profitable seventeenth-century trading voyage from London to Amsterdam. Stakeholders in a start-up are more interested in increasing the potential magnitude of a spectacular outcome than in bettering the probability of modest returns. Thus, the financial ecosystem’s willingness to accept a high risk of capital loss made venture capital accessible to outliers and eccentrics.

Today, there are two kinds of revolutionaries: technological and political. And there are two kinds of backers of these revolutionaries: venture capitalists and philanthropists. The backers seek out the founders, the ambitious leaders of new technology companies and new political movements. And that is the market for revolutionaries. Equipped with this framework, you can map the tech ecosystem to the political ecosystem. You can analogize tech founders to political activists, venture capitalists to political philanthropists, tech trends to social movements, YC Startup School to the Oslo Freedom Forum, the High Growth Handbook to Beautiful Trouble, startups to NGOs, big companies to government agencies, Crunchbase to CharityNavigator, and so on.

Founders who fear that they may not be able to amass the resources required to pursue an attractive opportunity should also consider ways to constrain that opportunity. They can do this by reducing the scope of their effort—at least initially, until proof of concept is established and it becomes easier to mobilize resources. This approach is somewhat counterintuitive because startup dogma holds that growth is the prime goal for a new venture. Instead, with this contrarian approach, a startup should start small in order to get big.

Nagaraj and his new team were heading for a False Start—a failure pattern common to many early-stage ventures. A false start occurs when a startup rushes to launch its first product before conducting enough customer research—only to find that the opportunities they’ve identified are rife with problems. By giving short shrift to early and accurate customer feedback and by neglecting to test their assumptions with MVPs, they simply run out of time to fix all the flaws, thus turning Lean Startup’s “Fail Fast” mantra into a self-fulfilling prophecy.

According to analysis by Noam Wasserman, dean of Yeshiva University’s Business School, co-founder relationships are less stable—that is, more likely to end in breakup—when co-founders are family members or were close friends prior to launching a venture. There are many tempting reasons to start a business with your close friend or family member—for example, you share similar goals and values and already know each other’s strengths, weaknesses, habits, and quirks. However, compared to those who were previously colleagues or strangers, co-founders with close personal bonds find it more difficult to have tough conversations about roles and strategies. They’re afraid that the ensuing conflict might jeopardize their personal relationship.

As you move forward on your journey from where you are to where you want to be, you are going to have to confront your fears. Fear is natural. Whenever you start a new project, take on a new venture, or put yourself out there, there is usually fear. Unfortunately, most people let fear stop them from

Equipped with this framework, you can map the tech ecosystem to the political ecosystem. You can analogize tech founders to political activists, venture capitalists to political philanthropists, tech

About fifteen percent of all startups are created by company employees who find themselves in a spin-out situation, where an existing company chooses to dispose of a line of business that it has determined is no longer within their core mission or perhaps is not worthy of the additional investment needed to achieve real success and scale. Other employees, who become frustrated by their employer’s lack of support for an idea, product, or service that the employee believes could improve the company’s future, strike out on their own to turn that spurned idea into a new venture. And others, sometimes called discovery entrepreneurs, typically university scientists, start great companies using the new ideas that grew out of their years of research. The five-year success rates for spin-out and discovery entrepreneurs is about forty percent.

But surprisingly, people were significantly more likely to benefit from weak ties. Almost 28 percent heard about the job from a weak tie. Strong ties provide bonds, but weak ties serve as bridges: they provide more efficient access to new information. Our strong ties tend to travel in the same social circles and know about the same opportunities as we do. Weak ties are more likely to open up access to a different network, facilitating the discovery of original leads. Here’s the wrinkle: it’s tough to ask weak ties for help. Although they’re the faster route to new leads, we don’t always feel comfortable reaching out to them. The lack of mutual trust between acquaintances creates a psychological barrier. But givers like Adam Rifkin have discovered a loophole. It’s possible to get the best of both worlds: the trust of strong ties coupled with the novel information of weak ties. The key is reconnecting, and it’s a major reason why givers succeed in the long run. After Rifkin created the punk rock links on the Green Day site for Spencer in 1994, Excite took off, and Rifkin went back to graduate school. They lost touch for five years. When Rifkin was moving to Silicon Valley, he dug up the old e-mail chain and drafted a note to Spencer. “You may not remember me from five years ago; I’m the guy who made the change to the Green Day website,” Rifkin wrote. “I’m starting a company and moving to Silicon Valley, and I don’t know a lot of people. Would you be willing to meet with me and offer advice?” Rifkin wasn’t being a matcher. When he originally helped Spencer, he did it with no strings attached, never intending to call in a favor. But five years later, when he needed help, he reached out with a genuine request. Spencer was glad to help, and they met up for coffee. “I still pictured him as this huge guy with a Mohawk,” Rifkin says. “When I met him in person, he hardly said any words at all. He was even more introverted than I am.” By the second meeting, Spencer was introducing Rifkin to a venture capitalist. “A completely random set of events that happened in 1994 led to reengaging with him over e-mail in 1999, which led to my company getting founded in 2000,” Rifkin recalls. “Givers get lucky.

One day in 1885, the twenty-three-year old Henry Ford got his first look at the gas-powered engine, and it was instant love. Ford had apprenticed as a machinist and had worked on every conceivable device, but nothing could compare to his fascination with this new type of engine, one that created its own power. He envisioned a whole new kind of horseless carriage that would revolutionize transportation. He made it his Life’s Task to be the pioneer in developing such an automobile. Working the night shift at the Edison Illuminating Company as an engineer, during the day he would tinker with the new internal-combustion engine he was developing. He built a workshop in a shed behind his home and started constructing the engine from pieces of scrap metal he salvaged from anywhere he could find them. By 1896, working with friends who helped him build a carriage, he completed his first prototype, which he called the Quadricycle, and debuted it on the streets of Detroit. At the time there were many others working on automobiles with gas-powered engines. It was a ruthlessly competitive environment in which new companies died by the day. Ford’s Quadricycle looked nice and ran well, but it was too small and incomplete for large-scale production. And so he began work on a second automobile, thinking ahead to the production end of the process. A year later he completed it, and it was a marvel of design. Everything was geared toward simplicity and compactness. It was easy to drive and maintain. All that he needed was financial backing and sufficient capital to mass-produce it. To manufacture automobiles in the late 1890s was a daunting venture. It required a tremendous amount of capital and a complex business structure, considering all of the parts that went into production. Ford quickly found the perfect backer: William H. Murphy, one of the most prominent businessmen in Detroit. The new company was dubbed the Detroit Automobile Company, and all who were involved had high hopes. But problems soon arose. The car Ford had designed as a prototype needed to be reworked—the parts came from different places; some of them were deficient and far too heavy for his liking. He kept trying to refine the design to come closer to his ideal. But it was taking far too long, and Murphy and the stockholders were getting restless. In 1901, a year and a half after it had started operation, the board of directors dissolved the company. They had lost faith in Henry Ford.

By definition, new ventures call for a company to envision what is unknown, uncertain, and not yet obvious to the competition. The safe, reliable, predictable knowledge of the well-understood business has not yet emerged. Instead, managers must make do with assumptions about the possible futures on which new businesses are based. New ventures are undertaken with a high ratio of assumption to knowledge. With ongoing businesses, one expects the ratio to be the exact opposite. Because assumptions about the unknown generally turn out to be wrong, new ventures inevitably experience deviations—often huge ones—from their original planned targets. Indeed, new ventures frequently require fundamental redirection. Rather than trying to force startups into the planning methodologies for existing predictable and well-understood businesses, discovery-driven planning acknowledges that at the start of a new venture, little is known and much is assumed. When platform-based planning is used, assumptions underlying a plan are treated as facts—givens to be baked into the plan—rather than as best-guess estimates to be tested and questioned. Companies then forge ahead on the basis of those buried assumptions. In contrast, discovery-driven planning systematically converts assumptions into knowledge as a strategic venture unfolds. When new data are uncovered, they are incorporated into the evolving plan. The real potential of the venture is discovered as it develops—hence the term discovery-driven planning. The approach imposes disciplines different from, but no less precise than, the disciplines used in conventional planning.

beaten and humiliated and experience indescribable suffering and anguish. Will become sin offering and die on job. To qualify: Must be male, minimum age 30. Father must be God, mother must be of house and lineage of David, must have been virgin when he was born. Adopted father must also be of house of David. Must have sinless blood and spotless record. Must have been born in Bethlehem and raised in Nazareth. Must be self-motivated, with aggressive personality and burning desire to help people. Must have tremendous knowledge of Old Testament and firm reliance on biblical principles. Must incorporate the foresight of Noah, the faith of Abraham, the patience of Job, the faithfulness of Joseph, the meekness of Moses, the courage of Joshua, the heart of David, the wisdom of Solomon, the boldness of Elijah, the power of Elisha, the eloquence of Isaiah, the commitment of Jeremiah, the vision of Ezekiel and the love of God. Wages: Holy spirit (without measure) to start. Additional payoff in intimacy with God and receiving revelation as necessary to complete job. Constant on-job training, supervision and guidance by top-level management. Benefits: Position will lead to highly exalted position in future if job carried out successfully. Workman’s compensation: Injuries sustained on job, including death, well compensated by promotion including new body. Management will highly promote name upon successful completion of job, and entire publicity department will be devoted to getting name before multitudes. Will assume presidency of expanding international venture (The Ministry of Reconciliation), as Head of Body of well-equipped members ready to move dynamic new product on world market. All in all, tremendous eternal potential for growth and rewards in return on initial investment of giving life. If qualified, management will contact you. No need to apply.

The best proof that entrepreneurship is a question of behaviour, policies, and practices rather than personality is the growing number of older large-company people in the United States who make entrepreneurship their second career. Increasingly, middle- and upper-level executives and senior professionals who have spent their entire working lives in large companies – more often than not with the same employer – take early retirement after twenty-five or thirty years of service when they have reached what they realize is their terminal job. At fifty or fifty-five, these middle-aged people then become entrepreneurs. Some start their own business. Some, especially technical specialists, set up shop as consultants to new and small ventures. Some join in a new small company in a senior position. And the great majority are both successful and happy in their new assignment.

Very innovative companies, such a Twitter, know how important this type of cross-pollination is to creativity in their businesses, and they make an effort to hire people with unusual skills, knowing that diversity of thinking will certainly influence the development of their products. According to Elizabeth Weil, the head of organizational culture at Twitter, a random sampling of people at the company would reveal former rock stars, a Rubik’s cube champion, a world-class cyclist, and a professional juggler. She said that the hiring practices at Twitter guarantee that all employees are bright and skilled at their jobs, but are also interested in other unrelated pursuits. Knowing this results in random conversations between employees in the elevator, at lunch, and in the hallways. Shared interests surface, and the web of people becomes even more intertwined. These unplanned conversations often lead to fascinating new ideas. Elizabeth is a great example herself; she is a top ultramarathon runner, professional designer, and former venture capitalist. Although these skills aren’t required in her day-to-day work at Twitter, they naturally influence the ideas she generates. Her artistic talents have deeply influenced the ways Elizabeth builds the culture at Twitter. For instance, whenever a new employee starts, she designs and prints a beautiful handmade welcome card on her 1923 antique letterpress.

There are around two million new businesses started each year in the United States. Fewer than one thousand receive VC funding (a chance of one in two thousand). Typically, fewer than one hundred of those portfolio companies will create really significant wealth (one in ten VC investments). These are steep odds, so venture capitalists have developed fierce survival strategies about how, and in what, they invest their funds. They seek as high a return on their investment as possible in as short a time as possible-hundreds of times their investment within three years, if they can get it. Remember that a VC firm typically sees one significant success out of ten start-up companies. Your start up company, if successful, must therefore make enough profit, and the VC must have enough ownership, to compensate the investment firm for their other nine failures. That puts a lot of pressure on you to deliver.

less than 1% of new businesses started each year in the U.S. receive venture funding, and total VC investment accounts for less than 0.2% of GDP.

D’aron the Daring, Derring, Derring-do, stealing base, christened D’aron Little May Davenport, DD to Nana, initials smothered in Southern-fried kisses, dat Wigga D who like Jay Z aw-ite, who’s down, Scots-Irish it is, D’aron because you’re brave says Dad, No, D’aron because you’re daddy’s daddy was David and then there was mines who was named Aaron, Doo-doo after cousin Quint blew thirty-six months in vo-tech on a straight-arm bid and they cruised out to Little Gorge glugging Green Grenades and read three years’ worth of birthday cards, Little Mays when he hit those three homers in the Pee Wee playoff, Dookie according to his aunt Boo (spiteful she was, misery indeed loves company), Mr. Hanky when they discovered he TIVOed ‘Battlestar Galactica,’ Faggot when he hugged John Meer in third grade, Faggot again when he drew hearts on everyone’s Valentine’s Day cards in fourth grade, Dim Dong-Dong when he undressed in the wrong dressing room because he daren’t venture into the dark end of the gym, Philadelphia Freedom when he was caught clicking heels to that song (Tony thought he was clever with that one), Mr. Davenport when he won the school’s debate contest in eighth grade, Faggot again when he won the school’s debate contest in eighth grade, Faggot again more times than he cared to remember, especially the summer he returned from Chicago sporting a new Midwest accent, harder on the vowels and consonants alike, but sociable, played well with others that accent did, Faggot again when he cried at the end of ‘WALL-E,’ Donut Hole when he started to swell in ninth grade, Donut Black Hole when he continued to put on weight in tenth grade (Tony thought he was really clever with that one), Buttercup when they caught him gardening, Hippie when he stopped hunting, Faggot again when he became a vegetarian and started wearing a MEAT IS MURDER pin (Oh yeah, why you craving mine then?), Faggot again when he broke down in class over being called Faggot, Sissy after that, whispered, smothered in sniggers almost hidden, Ron-Ron by the high school debate team coach because he danced like a cross between Morrissey and some fat old black guy (WTF?) in some old-ass show called ‘What’s Happening!!’, Brainiac when he aced the PSATs for his region, Turd Nerd when he hung with Jo-Jo and the Black Bruiser, D’ron Da’ron, D’aron, sweet simple Daron the first few minutes of the first class of the first day of college.

The evidence summarized in this matrix may be of some use to venture capital investors, as a general way to frame the riskiness of proposed investments. It suggests that start-ups which propose to commercialize a breakthrough technology that is essentially sustaining in character have a far lower likelihood of success than start-ups whose vision is to use proven technology to disrupt an established industry with something that is simpler, more reliable, and more convenient.

It happened in 2006 when the company’s COO and soon-to-be CEO, Randall Stephenson, quietly struck a deal with Steve Jobs for AT&T to be the exclusive service provider in the United States for this new thing called the iPhone. Stephenson knew that this deal would stretch the capacity of AT&T’s networks, but he didn’t know the half of it. The iPhone came on so fast, and the need for capacity exploded so massively with the apps revolution, that AT&T found itself facing a monumental challenge. It had to enlarge its capacity, practically overnight, using the same basic line and wireless infrastructure it had in place. Otherwise, everyone who bought an iPhone was going to start experiencing dropped calls. AT&T’s reputation was on the line—and Jobs would not have been a happy camper if his beautiful phone kept dropping calls. To handle the problem, Stephenson turned to his chief of strategy, John Donovan, and Donovan enlisted Krish Prabhu, now president of AT&T Labs. Donovan picks up the story: “It’s 2006, and Apple is negotiating the service contracts for the iPhone. No one had even seen one. We decided to bet on Steve Jobs. When the phone first came out [in 2007] it had only Apple apps, and it was on a 2G network. So it had a very small straw, but it worked because people only wanted to do a few apps that came with the phone.” But then Jobs decided to open up the iPhone, as the venture capitalist John Doerr had suggested, to app developers everywhere. Hello, AT&T! Can you hear me now? “In 2008 and 2009, as the app store came on stream, the demand for data and voice just exploded—and we had the exclusive contract” to provide the bandwidth, said Donovan, “and no one anticipated the scale. Demand exploded a hundred thousand percent [over the next several years]. Imagine the Bay Bridge getting a hundred thousand percent more traffic. So we had a problem. We had a small straw that went from feeding a mouse to feeding an elephant and from a novelty device to a necessity” for everyone on the planet. Stephenson insisted AT&T offer unlimited data, text, and voice. The Europeans went the other way with more restrictive offerings. Bad move. They were left as roadkill by the stampede for unlimited data, text, and voice. Stephenson was right, but AT&T just had one problem—how to deliver on that promise of unlimited capacity without vastly expanding its infrastructure overnight, which was physically impossible. “Randall’s view was ‘never get in the way of demand,’” said Donovan. Accept it, embrace it, but figure out how to satisfy it fast before the brand gets killed by dropped calls. No one in the public knew this was going on, but it was a bet-the-business moment for AT&T, and Jobs was watching every step from Apple headquarters.

less than 1% of new businesses started each year in the U.S. receive venture funding, and total VC investment accounts for less than 0.2% of GDP. But the results of those investments disproportionately propel the entire economy. Venture-backed companies create 11% of all private sector jobs.

My premise is that startups and emerging companies should adopt a new, simple approach—start small, stay lean, raise only the funding you really need, grow the business judiciously and then execute an early exit.

An accurate budget must be built on a base of thorough research. You must do research on your community to find out what it will cost to get a church off the ground. You need to solidly answer questions such as:, What will the cost of living in this community be?, What will my salary be? How about salaries for additional staff?, How much will it cost to rent space for the church to meet in?, How much will it cost to operate a business in this city (office rent, phones, computer equipment, copy equipment, and so on)? Talk with other pastors in the community. Find out what their start-up costs were and what they are currently spending to maintain and operate the church. Other pastors can be a valuable resource for you on many levels. The worst mistake you can make is to start the budget process by viewing economic realities through a rose-colored lens. If you speculate too much or cut corners in this area, you’ll end up paying dearly down the road. Remember, God never intended for you to go it alone. There are people and resources out there to help you prepare. Ask others for help. God receives no glory when you are scraping the bottom to do His work. So don’t think too small. Church planting is an all or nothing venture. You can’t just partially commit. You have to fully commit, and often that means with your wallet. Don’t underestimate the importance of having a base of prayer partners. You need prayers as desperately as you need money. You need prayers as desperately as you need money. An unhealthy launch may occur when a new church begins as the result of a church split, when a planter is disobedient in following God, or when there is a lack of funding or solid strategy. Finding the right teammates to help you on this journey is serious business. The people you bring on to your staff will either propel you down the road toward fulfilling the vision for your church or serve as speed bumps along the way. You should never be afraid to ask potential staff members to join you—even if it means a salary cut, a drastic position change or a significant new challenge for them. When you ask someone to join your staff, you are not asking that person to make a sacrifice. (If you have that mentality, you need to work to change it.) Instead, you are offering that person the opportunity of a lifetime. There are three things that every new church must have before it can be a real church: (1) a lead pastor, (2) a start date, and (3) a worship leader. Hire a person at the part-time level before bringing him or her on full time. When hiring a new staff person, make sure he or she possesses the three C's: Character, Chemistry & Competency Hiring staff precedes growth, not vice versa. Hire slow, fire fast. Never hire staff when you can find a volunteer. Launch as publicly as possible, with as many people as possible. There are two things you are looking for in a start date: (1) a date on which you have the potential to reach as many people as possible, and (2) a date that precedes a period of time in which people, in general, are unlikely to be traveling out of town. You need steppingstones to get you from where you are to your launch date. Monthly services are real services that you begin holding three to six months prior to your launch date. They are the absolute best strategic precursor to your launch. Monthly services give you the invaluable opportunity to test-drive your systems, your staff and, to an extent, even your service style. At the same time, you are doing real ministry with the people in attendance. These services should mirror as closely as possible what your service will look like on the launch date. Let your target demographic group be the strongest deciding factor in settling on a location: Hotel ballrooms, Movie theaters, Comedy clubs, Public-school auditoriums, Performing-arts theaters, Available church meeting spaces, College auditoriums, Corporate conference space.

Peter Drucker challenged executives to capitalize on “unexpected success.” He wrote: When a new venture does succeed, more often than not it is in a market other than the one it was originally intended to serve, with products or services not quite those with which it had set out, bought in large part by customers it did not even think of when it started, and used for a host of purposes besides the ones for which the products were first designed. If a new venture does not anticipate this, organizing itself to take advantage of the unexpected and unseen markets … then it will succeed only in creating an opportunity for a competitor.

A Start Up is an institution designed to thrive in the soil of extreme uncertainty

TaskRabbit has 25,000 contractors, about 10 percent of whom rely on it for full-time income. Founded five years ago, the company has almost $38 million in venture backing. Arun Sundararajan, an NYU business professor who studies emerging digital economies, said it's not possible to determine whether the complaints are from a vocal minority or represent widespread dissatisfaction. "It seemed like (the new model) was a necessary shift for TaskRabbit to grow, but they may have underestimated the extent to which providers and clients felt a sense of ownership over doing things the old way," he said. "In any marketplace, the people who are trading start to feel engaged with the process they have learned.

Successful entrepreneurial ventures are about serving customers and their needs and resolving their pain. Not just any customers. Target customers. It

STARTUP THINKING New technology tends to come from new ventures—startups. From the Founding Fathers in politics to the Royal Society in science to Fairchild Semiconductor’s “traitorous eight” in business, small groups of people bound together by a sense of mission have changed the world for the better. The easiest explanation for this is negative: it’s hard to develop new things in big organizations, and it’s even harder to do it by yourself. Bureaucratic hierarchies move slowly, and entrenched interests shy away from risk. In the most dysfunctional organizations, signaling that work is being done becomes a better strategy for career advancement than actually doing work (if this describes your company, you should quit now). At the other extreme, a lone genius might create a classic work of art or literature, but he could never create an entire industry. Startups operate on the principle that you need to work with other people to get stuff done, but you also need to stay small enough so that you actually can. Positively defined, a startup is the largest group of people you can convince of a plan to build a different future. A new company’s most important strength is new thinking: even more important than nimbleness, small size affords space to think. This

There’s a country that does something a little like this. Its young people, including its very best educational prospects from all different backgrounds, spend two or three years training and solving problems in a nonhierarchical environment and get together every year. Many then collaborate to start companies. This country leads the world in venture capital investments per capita (over $170, versus $75 in the United States in 2010).1 It has more companies on the NASDAQ than any non-US country except for China, despite having a population of less than eight million.2 Its quarterly gross domestic product (GDP) growth rate was above 5 percent in 2011 and it’s in the top thirty globally in per capita GDP, above Spain and Saudi Arabia, among others.3 This country is Israel, where eighteen-year-olds complete two- or three-year tours in the military, getting to know each other in highly selective military units. They operate at a high level of autonomy and responsibility and then travel the world for months before heading to college and/or grad school. In Dan Senor and Saul Singer’s book Start-up Nation, this network and training ground is credited as helping give rise to a culture of risk taking and entrepreneurship. By the time Israelis graduate from college, they’re in their midtwenties and mature; in many cases, they’ve already been in operating environments and borne life-and-death responsibilities. This cocktail of experience gives rise to a mixture of both courage and impatience. As one entrepreneur put it, “When an Israeli entrepreneur has a business idea, he will start it that week. The notion that one should accumulate credentials before launching a venture simply does not exist. . . . Too much time can only teach you what can go wrong, not what could be transformative.”4 Another observer commented, “Israelis . . .  don’t care about the social price of failure and they develop their projects regardless of the economic . . . situation.”5

Under such a state of stimulation, any task that requires concentration becomes much harder to perform. As a result, you will procrastinate. You delay writing that book you’ve always planned. You put off starting that new venture, or you’ll postpone that key project you’re in charge of.

If you could go back to Trehaug, would you want to?” “What?” “Last night you said you couldn’t go home. I wondered if that was what you really wanted to do.” He followed her silently for a time, then added, “Because if it was, I’d find a way to take you there.” She stopped, turned and met his eyes. He seemed so earnest, and she suddenly felt so old. “Tats. If that was what I really wanted to do, I’d find a way to do it. If I left now…well. It all would have been for nothing, wouldn’t it? I’d just be Thymara, slinking back home, to live in my father’s house and abide by my mother’s rules.” He furrowed his brow. “ ‘Just Thymara.’ I don’t think that’s such a bad thing to be. What do you want to be?” That stumped her. “I don’t know. But I know that I want to be something more than just my father’s daughter. I want to prove myself somehow. That’s what I told my da when he asked why I wanted to go on this expedition. And it’s still true.” They’d come to the next trunk and Thymara started up it, digging her claws into the bark. The same claws that had condemned her to a half life in Trehaug might be her salvation out here, she thought. Tats came behind her, more slowly. When Thymara reached a likely branch, she paused and waited for him. When he caught up with her, his face was misted with sweat. “I thought only boys felt things like that.” “Like what?” “That we have to prove ourselves, so people would know we were men now, not boys any longer.” “Why wouldn’t a girl feel that?” Her eyes had caught a glint of yellow. She pointed toward it, and he nodded. At the end of this branch, out over the river, a parasitic vine garlanded the tree. The weight of hanging yellow fruit sagged both vine and branches. It swayed and she saw the flicker of wings. Birds were feeding there, a sure sign the fruit was ripe. “I don’t know if the branches will take your weight.” “I’ll find out.” “Your choice. But don’t follow me too closely.” “I’ll be careful. And I’ll stick to my own branch.” And he was. She ventured out onto the branch, and he transferred to one beside it. She crouched, digging her claws in as she ventured toward the vine. The farther she went, the more the branch sagged. “It’s a long drop to the river, and shallow down there,” Tats reminded her. “Like I don’t know,” she muttered. She glanced over at him. He was belly down on his branch, inching out doggedly. She could tell he was afraid. And she knew that he wouldn’t go back until she did. Proving himself. “Why wouldn’t a girl want to prove herself?” “Well.” He gave a grunt and inched himself along. She had to admire his nerve. He was heavier than she was, and his branch was already beginning to droop with his weight. “A girl doesn’t have to prove herself. No one expects it of her. She just has to, you know, be a girl.” “Get married, have babies,” she said. “Well. Something like that. Not right away, the having babies part. But, well, I guess no one expects a girl to, well—” “Do anything,” she supplied for him. She was as far out as she dared to go, but the fruit was barely within her reach. She reached out and took a cautious grip on a leaf of the vine. She pulled it slowly toward her, careful not to pull the leaf off. When it was near enough, she hooked the vine itself with her free hand. Carefully she scooted back on the parasitic vines had very tough and sturdy stemwork. She’d be able to pull it from here and pluck as much fruit as she wanted. Tats saw that, and she credited his intelligence that he stopped risking himself immediately and backed along the branch. He sighed slightly, watching her. “You know what I mean.” “I do. It didn’t used to be like that, with the early Traders. Women were among the toughest of the new settlers. They had to be, not only to live but to raise their children.

As Myanmar's business area proceeds to develop and extend, it has become progressively significant for organizations to grasp purchaser conduct and inclinations. This is where statistical surveying organizations like AMT Statistical surveying come in. AMT market research services in India , devoted to giving significant bits of knowledge and information to organizations hoping to prevail in the cutthroat Myanmar market. With their inside and out information on the neighborhood market and shopper patterns, AMT Statistical surveying can assist organizations with pursuing informed choices that will prompt development and achievement. One of the vital advantages of working with a like AMT Statistical surveying is the capacity to assemble significant information on purchaser conduct. Through reviews, center gatherings, and other exploration techniques, AMT market research services in india can furnish organizations with an itemized comprehension of what purchasers in Myanmar are searching for in items and administrations. This data can then be utilized to foster designated advertising systems and item contributions that address the issues of the neighborhood market. Notwithstanding purchaser conduct research, AMT Statistical surveying likewise gives significant bits of knowledge into market patterns and contest. By examining industry information and staying up with the latest with the most recent advancements in the Myanmar market, AMT Statistical surveying can assist organizations with remaining on the ball and recognize new open doors for development. Quite possibly of the market research agency in Myanmar is the absence of solid information and data. With restricted admittance to statistical surveying and purchaser experiences, numerous organizations are left speculating about what their clients need and need. This is where statistical surveying organizations like AMT market research services in india can have an enormous effect. By giving precise and dependable information, AMT Statistical surveying can assist organizations with settling on informed choices and keep away from exorbitant missteps. Whether it's starting another item, venturing into another market, or fostering a promoting effort, the experiences given by AMT Statistical surveying can assist organizations with accomplishing their objectives and prevail in the cutthroat Myanmar market. In general, statistical surveying is a fundamental part of any fruitful business technique in Myanmar's developing business sector. By working with a respectable and dependable statistical surveying organization like AMT Statistical surveying, organizations can acquire important bits of knowledge into shopper conduct, market patterns, and rivalry, assisting them with pursuing informed choices and remain on the ball. So assuming you're hoping to prevail in Myanmar's clamoring business scene, consider joining forces with AMT Statistical surveying to take your business to a higher level.

As Myanmar's business area proceeds to develop and extend, it has become progressively significant for organizations to grasp purchaser conduct and inclinations. This is where statistical surveying organizations like AMT Statistical surveying come in. AMT market research services in india , devoted to giving significant bits of knowledge and information to organizations hoping to prevail in the cutthroat Myanmar market. With their inside and out information on the neighborhood market and shopper patterns, AMT Statistical surveying can assist organizations with pursuing informed choices that will prompt development and achievement. One of the vital advantages of working with a like AMT Statistical surveying is the capacity to assemble significant information on purchaser conduct. Through reviews, center gatherings, and other exploration techniques, AMT market research services in india can furnish organizations with an itemized comprehension of what purchasers in Myanmar are searching for in items and administrations. This data can then be utilized to foster designated advertising systems and item contributions that address the issues of the neighborhood market. Notwithstanding purchaser conduct research, AMT Statistical surveying likewise gives significant bits of knowledge into market patterns and contest. By examining industry information and staying up with the latest with the most recent advancements in the Myanmar market, AMT Statistical surveying can assist organizations with remaining on the ball and recognize new open doors for development. Quite possibly of the market research agency in Myanmar is the absence of solid information and data. With restricted admittance to statistical surveying and purchaser experiences, numerous organizations are left speculating about what their clients need and need. This is where statistical surveying organizations like AMT market research services in india can have an enormous effect. By giving precise and dependable information, AMT Statistical surveying can assist organizations with settling on informed choices and keep away from exorbitant missteps. Whether it's starting another item, venturing into another market, or fostering a promoting effort, the experiences given by AMT Statistical surveying can assist organizations with accomplishing their objectives and prevail in the cutthroat Myanmar market. In general, statistical surveying is a fundamental part of any fruitful business technique in Myanmar's developing business sector. By working with a respectable and dependable statistical surveying organization like AMT Statistical surveying, organizations can acquire important bits of knowledge into shopper conduct, market patterns, and rivalry, assisting them with pursuing informed choices and remain on the ball. So assuming you're hoping to prevail in Myanmar's clamoring business scene, consider joining forces with AMT Statistical surveying to take your business to a higher level.

LOW: Churn Churn is the percentage of people canceling their subscription each month, and it’s the Achilles heel that kills (or plateaus) SaaS apps. If you can keep churn low, growth is much easier. If churn is high, it’s a force that’s very hard to outrun. Focus on revenue churn. To calculate this, divide the gross MRR that canceled in a given month by the starting MRR for that month: As a general rule, for most bootstrapped B2B SaaS businesses: Gross churn > 10% = Catastrophic Gross churn 8–10% = Not Good Gross churn 6–7% = Meh Gross churn 4–5% = Fine Gross churn 2–3% = Good Gross churn < 2% = Great With this caveat: if you are focused on high-priced contracts, say, above $25,000, your churn should be lower than the chart above. In that case, I’d categorize fine churn as 2–3%, good churn as 1–2%, and great churn at or below 1%. Churn is such a critical metric because it helps you calculate when revenue will plateau. At some point, the number of new customers you acquire will equal the number of customers you churn out each month. This causes your growth rate to effectively hit zero. You’ve hit your maximum number of customers (and revenue) that you can achieve without changing something in the business.

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Once you’ve narrowed down your list of potential approaches, you can use any prioritization framework to sort them. I’ve found the ICE framework helpful for this purpose. ICE stands for: Impact: If this works, how big will the potential impact be? Confidence: How likely is this to succeed? Ease of implementation: How easy is this to execute? ICE is often used to prioritize feature development, but it’s also a good tool for prioritizing marketing. To do this, list potential approaches in a spreadsheet and rate them on a scale of one through 10 for each of the above characteristics. I’ve seen people use several methods to get the score. Score = Impact x Confidence x Ease: This gives you a score with an exponential impact. In other words, the higher you rate any one area, the more confident you need to be. Score = (Impact + Confidence + Ease)/3: This gives you an average of these three scores. However you rank those facets, using the ICE framework is a way to get your approaches into a spreadsheet and figure out which are the best to start with. You can list things by high-level approaches (content marketing, PPC) or by individual tactics (ebook, blog post, guest posting, YouTube ads, Facebook ads). You can also start by ranking high-level approaches, then start a new tab in the spreadsheet to break down the top approaches by individual tactics. Then tackle the highest-rated approaches and tactics first.

It’s Taking Customers Too Long to Find Value. If customers aren’t seeing value in your product, it could be a matter of education. The standard approaches are to send onboarding emails to orient them to your product (see Val Geisler’s Dinner Party Strategy) and to hire a customer success manager to walk new accounts through the onboarding process (assuming their price point makes this worthwhile). When you have a high price point, hiring someone to help with onboarding can go a long way toward helping your customer find value. Essentially, you’re trying to help new customers find your minimum path to awesome (MPA). Basically, the moment when everything clicks and your customer says, “This is amazing!” For a social media scheduling app, maybe it’s when they load the first few posts and realize they can sit back and let your product take care of the rest. For an email product, it could be the minute they get a form installed on their website and start seeing new subscribers. It’s not always easy to find the MPA. Your product might be so complicated that there are many paths to seeing value. In that case, the burden is on you to educate your customers about how to get the most value in the shortest amount of time. One way to shortcut the process is to interview customers who are actively using the product and ask them when they first realized how your product would help them. With Drip, we even built a custom internal dashboard to track where trial users were along the path to awesome. Had they created their first email list? Installed a form on their site? Activated that form? I could watch individuals or groups of users go through those steps during the trial phase and see a leading indicator of how many were likely to convert into paying customers.

Taking a Founder Retreat The two biggest things that have helped me in my journey as a founder are masterminds and founder retreats. Without those, I sincerely don’t think I would be as successful as I have been. My wife Sherry has a PhD in psychology. She started going on annual retreats after we had kids, where she got away for 48 or 72 hours without podcasts, movies, or books—just herself, a notebook, and silent reflection. When she first started taking retreats, it didn’t sound like my thing. I’m always listening to a podcast or an audiobook. I’m constantly working on the next project. But after seeing her come back from these retreats energized and focused, I decided to give it a try. I booked myself a hotel on the coast and drove out for the weekend with no radio, no project, no kids, and no distractions. Over the course of that two-and-a-half-hour drive, things began to settle. I started feeling everything I hadn’t had time to feel for the past year. In the silence, I had sudden realizations because I was finally giving them quiet time to emerge. During that retreat, it became obvious that my whole life had been about entrepreneurship. Ever since I was a kid, I have wanted to start a business. I’ve always been enamored with being an entrepreneur and the excitement of startups. I realized that I was coming to this decision of what to do next because of the idea of wanting to get away from the thing that had caused me to feel bad—as though startups were at fault rather than the decisions I made. At that time, my podcast had more than 400 episodes, which had been recorded over eight years. That wasn’t an accident. It existed because I loved doing it. I showed up every week even though it didn’t generate any revenue. During my retreat, I realized that being involved in the startup space is my life’s work. The podcast, my books and essays, MicroConf—all were part of my legacy. Instead of selling it off and striking out in a new direction, I decided to double down. Within a couple months, I launched TinySeed. Then I leaned into the next stage for MicroConf, where we transitioned from a community built around in-person events to an online and in-person community, plus mastermind matching, virtual events, funding, and mentorship. I also began working on this book. As a founder, it’s important to know yourself. Even if you started out with firm self-knowledge, the fast pace and pressure of bootstrapping a business—not to mention the pressures of the rest of your life—can make it difficult to see your path. A founder retreat is a way to reacquaint yourself with yourself every so often. After my first founder retreat nearly a decade ago, I started going on a retreat every six months. Now I do one a year, and it’s one of the most important things I do for myself, my business, and my family. If you’re considering a retreat, several years ago Sherry wrote an ebook called The Zen Founder Guide to Founder Retreats that explains exactly what questions to ask yourself, the four steps to ensuring you have a successful retreat, the list of tools she recommends bringing along, and how to translate your insights into action for the next year.

We entrepreneurs like to be hands-on, but sometimes the best way you can Repeat success with your new venture is to identify the people who can run something for you. The great thing about finding those DIY-ers back in Start is that they’re generally people with an entrepreneurial spirit. If they have never been entrepreneurs before, now may be the time you help them become one.

Who has the specific set of skills to take over the core company or to lead the new venture? Constantly profiling to find the gems within a company has been my key to success with the next company.

But the flock of Silicon Valley unicorns had grown so large that Benioff himself had become nervous. The kind of rapid expansion that venture capital made possible wasn’t sustainable without discipline. In the middle of the decade, Benioff had issued a warning: “There’s going to be a lot of dead unicorns.” Neumann had begun pitching WeWork as a new breed of SaaS business: “space as a service.” The idea was that companies of all sizes would no longer handle their own real estate portfolios but would instead turn over the management of their physical space to WeWork, transforming the company into something like a real estate cloud—a “platform.” This was a goal shared by every ambitious start-up of the decade, no matter how specious the claim. Facebook, Uber, and Airbnb identified as platforms, as did Beyond Meat, the pea-protein burger maker (“plant-based-product platforms”); Peloton, the indoor exercise bike company (“the largest interactive fitness platform in the world”); and Casper, the mattress company (a “platform built for better sleep”). It was no longer good enough for companies to simply be what they were.

Venture capitalists and investors have bought into the media-driven narrative that younger people are more likely to build great companies. Vinod Khosla, a cofounder of Sun Microsystems and venture capitalist, said, “People under 35 are the people who make change happen . . . people over 45 basically die in terms of new ideas.” Paul Graham, the founder of Y Combinator, the famous start-up accelerator, said that, when a founder is over the age of thirty-two, investors “start to be a little skeptical.” Zuckerberg himself famously said, with his characteristic absence of tact, “Young people are just smarter.” But, it turns out, when it comes to age, the entrepreneurs we learn about in the media are not representative. In a pathbreaking study, a team of economists—Pierre Azoulay, Benjamin F. Jones, J. Daniel Kim, and Javier Miranda (henceforth referred to as AJKM)—analyzed the age of the founder of every business created in the United States between the years 2007 and 2014. Their study included some 2.7 million entrepreneurs, a far broader and more representative sample than the dozens featured in business magazines. The researchers found that the average age of a business founder in the United States is 41.9 years old—in other words, more than a decade older than the average age of founders featured in the media. And older people don’t just start businesses more than many of us realize; they also succeed at creating highly profitable businesses more often than their younger peers do. AJKM used various metrics of success for a business, including staying in business for longer and ranking among the top firms in revenue and employees. They discovered that older founders consistently had higher probabilities of success, at least until the age of sixty.

Had a frothy venture capital sector not been so obsessed with the search for eccentric and visionary founders, WeWork might still occupy only a smattering of buildings in Brooklyn and lower Manhattan. If mutual funds hadn’t rushed into startups, WeWork might have never had the funds to start expanding to surf pools. If Saudi Arabia’s economy hadn’t fallen under the control of a new startup-loving prince desperate to diversify its oil wealth, Masayoshi Son might never have written Neumann a check. If bankers hadn’t been so focused on the prestige and fees from leading a big IPO, perhaps sober advice could have prevailed before a major public embarrassment. When all the forces worked together, people thought as a herd. Optimism supplanted critical thinking. Smart minds were bent so that a real estate company looked like a software company. It was the same effect that allowed mattress companies to look like tech companies. Ride-hailing firms weren’t just glorified taxi services, but were meant to compete with established retail giants. When everyone stood to get rich, everything had infinite potential.

For established firms, the opportunity to anchor a new initiative with an internal customer can amplify the delusion of leadership. It is a double-edged sword that should be handled with care. On the plus side, an internal customer creates an opportunity to jump-start scale and show activity. The risks, however, are (a) that the internal customer is taken as an unbiased signal of market demand; (b) that the business generated by the internal customer is used as a source of revenue for the venture, rather than leveraged to attract and align early stage partners; and (c) that the artificially low barriers to serve and support the internal customer mask the need to realign the firm’s own internal ecosystem in ways that serve and support external partners and customers

Over the years, I’ve found that great ventures are set apart by a handful of factors: technical excellence, an outstanding team, reasonable financing, and laser focus—on either a large, existing market or a rapidly growing new one. Finally, a standout venture needs that paradoxical combination of persistence, patience, and urgency. Few young companies possess all of these qualities, especially at the start. The winners develop them over time.

In fact, the culture of innovation is so pure and so stridently noble that it often sounds like advertising. You hear about the startup that is going to help with sanitation in African cities; the one that’s going to print out prosthetic hands for disabled children; the one that’s procuring clothes for homeless children. “We’re with people who are curing cancer in a different way, and changing banking technology, and helping folks who can’t see anymore,” says a woman in a short YouTube video about MassChallenge. Inno is going to solve global warming. Inno is coming up with new treatments for autism. Inno is so inherently moral that there is even a UNICEF Innovation team; dial up its homepage and you will encounter the following introductory sentence: “In 2015, innovation is vital to the state of the world’s children.” The fog of righteousness surrounding this concept is so thick it allows all manner of absurdly altruistic claims. “Can startups help solve Boston’s Biggest Problems?” asked an email I received last spring. Of course they can! The group that sent it, CityStart Boston (“Leveraging the Innovation Community to Tackle Civic Issues”), announced plans to mobilize “the entire Boston startup ecosystem” to “collaborate to develop viable ventures designed…” Wait! Stop here for a moment, reader, and try to guess: in what way is the startup ecosystem going to collaborate to solve Boston’s biggest problems? If you guessed “to enhance innovation in Boston’s neighborhoods,” you were right. Startups are going to collaborate to enhance startups.

I was accidentally at the forefront of a movement that was taking shape—what Li Jin, former partner at Andreessen Horowitz and founder of Atelier Ventures, calls the “passion economy”—“a world in which people are able to do what they love for a living and to have a more fulfilling and purposeful life.” At the time I created Gumroad, online creator platforms were still new, but the rise of no-code solutions has made building and charging for podcasts, video and audio content, online courses, virtual teaching, and virtual coaching almost seamless, so that starting a business around something you love has never been more attainable. You probably have something you enjoy, something that on its face has nothing to do with your “real” job. Maybe it’s marathon running or ceramics or electronic music or another passion that you pursue in your free time. Whatever it is, building a minimalist business around the people you love to spend time with and the ways you love to spend your time depends on being part of a community. You may already be thinking about how to solve the problems of a current community you participate in, or you may simply be planning to join a community based on something you love. Either way, finding your people is really important at the beginning. Not just for the sake of your business but also for the sake of your own well-being. Taking writing and painting classes in Provo reminded me that my community wasn’t just the people in front of me; it was also a wider group who wanted, like me, to “turn their passions into livelihoods.” The real communities I was a part of didn’t care about growth at all costs; that kind of accelerated expansion would have cracked them into a million little pieces. Instead, their priority, like mine, was connecting to each other in ways that allowed for the space, time, and freedom to explore their interests and to eventually transform their passions into businesses in meaningful ways.

2. MIGRATE YOUR PRODUCT LEK had to move away from ‘standard’ strategy towards analysis of competitors. This led to ‘relative cost position’ and ‘acquisition analysis’. Your task is to find a unique product or service, one not offered in that form by anyone else. Your raw material is, of course, what you and the rest of your industry do already. Tweak it in ways that could generate an attractive new product. The ideal product is: ★ close to something you already do very well, or could do very well; ★ something customers are already groping towards or you know they will like; ★ capable of being ‘automated’ or otherwise done at low cost, by using a new process (cutting out costly steps, such as self-service), a new channel (the phone or Internet), new lower-cost employees (LEK’s ‘kids’, highly educated people in India), new raw materials (cheap resins, free data from the Internet), excess capacity from a related industry (especially manufacturing capacity), new technology or simply new ideas; ★ able to be ‘orchestrated’ by your firm while you yourself are doing as little as possible; ★ really valuable or appealing to a clearly defined customer group - therefore commanding fatter margins; ★ difficult for any rival to provide as well or as cheaply - ideally something they cannot or would not want to do. Because you are already in business, you can experiment with new products in a way that someone thinking of starting a venture cannot do. Sometimes the answer is breathtakingly simple. The Filofax system didn’t start to take off until David Collischon provided ‘filled organisers’ - a wallet with a standard set of papers installed. What could you do that is simple, costs you little or nothing and yet is hugely attractive to customers? Ask customers if they would like something different. Mock up a prototype; show it around. Brainstorm new ideas. Evolution needs false starts. If an idea isn’t working, don’t push it uphill. If a possible new product resonates at all, keep tweaking it until you have a winner. At the same time . . .

3. MIGRATE YOUR DNA New products require new capabilities. Equally, new products can result from the unique character and living expansion of your firm. No two species are identical. Neither are two ventures. The mix of founders and early employees is unique. Nobody will ever do things quite the way you do. The more different you can make your firm, the better. Intelligently, of course, ★ hire and promote people who have similar attitudes to the target market; ★ hire people who get on well with each other and go the extra mile for customers and colleagues; ★ hire people who have a high ratio of smarts to cost - younger or from neglected talent pools; ★ hire risk-takers, experimenters, explorers, oddballs, and those with a restless spirit; ★ train on the job; team novices with senior role models; concentrate on the few things customers like most, that can be done with least effort and cost; ★ make your venture bright, quirky, colourful, distinctive, fun and highly commercial - thrilling customers at a high profit for the firm. Encourage smart experiments at every level, in every way, at every time. Make it a way of life in your firm. Then, sooner or later, your star will emerge. LEK did not start by migrating its product. First we migrated its DNA, then we created products we were uniquely able to sell. This goes against the grain, but it works!

Mark Allin and Richard Burton started Capstone, their book-publishing venture, with high hopes. False modesty aside, they knew they were excellent editors, with a great track record at two publishing giants. I could vouch for Mark Allin’s profit-making abilities, since he gave me the idea for writing The 80/20 Principle, my bestselling book. Richard and Mark envisaged Capstone as a star venture, the leader in a new category of ‘funky business books’. They convinced me that this idea was plausible and I became their financial backer. I reckoned that I had an ‘each-way bet’ - either their star business would materialise, or, at worst, they would pick a few great winners, making Capstone highly profitable. The business appeared to start well. They commissioned a stream of trendy books from interesting authors. The product looked great, with distinctive trendy designs. Mark and Richard were full of ideas and enthusiasm, confidently projecting sales that would give us good profits. The only thing was, the forecasts never materialised. Whenever we looked at the numbers we were constantly disappointed. I kept injecting cash, and it kept vanishing. To this day I don’t know why their books didn’t sell in quantities we could reasonably expect.The favoured explanation was the weakness of the sales force - inevitably, it was difficult to acquire distribution muscle from scratch. Maybe they just had bad luck in not commissioning any smash hits. Whatever the reason, Capstone was a financial black hole. I remember a rather difficult meeting at my home in Richmond some three years after the start. Richard and Mark asked for a further loan to commission new books. I had to say no. We had to face facts. Capstone was not a star; the category of ‘funky business books’ had not established itself. Capstone was a rather weak follower in the business-books arena. Capstone had none of the financial attributes of a star. If it looked like a dog, behaved like a dog and barked like a dog, it probably was a dog.

You have to state why and how your business is going to be the leader. If the niche already exists, so too does a leader. Displacing an incumbent leader is always possible, but it is difficult. It’s not something to bet on, unless you have a source of competitive advantage that is totally compelling. Typically, star-venture start-ups create their own niche. If the niche proves viable, the venture starts in the wonderful position of ‘born leader’. To create a viable new niche is tough. The large majority of attempts to create a niche fail. Why? Two conditions must be met: ★ There must be a gap in the market. All existing players must have overlooked the gap, or judged it too small, too unprofitable or too implausible. For sure, this is possible. But it is not very likely. ★ There must be a market in the gap. The gap must be large enough to support at least one new venture (yours) profitably. This, too, is not probable.

Though it goes against everything we like to believe, everything we read in papers and books, the curious truth is that executives have much less influence than they and we like to believe, once a firm’s positioning is set. One executive versus another is almost completely irrelevant, unless he or she makes a brave and dangerous decision to try to transform a firm’s positioning. This is rare. Even when the attempt is made, it fails more often than it succeeds. The one time when individuals can dependably make a difference and put themselves in a great position is: ★ when they select the positioning for a new or young venture; ★ when they realise that success comes from creating a star firm (this is the only general and reliable reason for business success, since nearly all stars are very successful, so long as they stay stars - and, crucially, the other way round: nearly all very successful firms are stars); and ★ when they determine to start a star venture.

It is also important that you have total belief in yourself and that what you are doing will help you accomplish your goals. You will need to put in a lot of effort and spend plenty of time reflecting on yourself, your life, and the direction you are heading. However, by this point, you will have accepted that the only way to achieve anything of value is through hard work and dedication. Before you start working on a new project, make sure you are fully aware of what you want to achieve. Thinking about it is not enough—get a pen and notepad and write it down. If you are unsure of your aims, delay getting to work until you are sure because, if you don’t know where you are going, you will end up wasting a lot of time and energy. Also, when you fail to plan, failure is inevitable. You run the risk of developing a reputation as someone who is always starting new ventures and never completing them. You then get trapped in a vicious cycle that ultimately will erode your self-esteem and confidence. There is only one solution to this problem—choose your goals according to your abilities. Once you are confident that you can succeed, go for it. “Trying” is a recipe for disaster, whereas “doing,” is decisive and assertive.