Top Ten Entrepreneurship Lessons (so far…)

July 29, 2009

Recently I have been approached by a newly minted entrepreneur who has started asking me about my experience in building a company.  That started me thinking about some of the lessons that I have learned along the way.  These are not exclusive, of course, and I can probably come up with another 10, but I will let these stand…

1. There are 4 M’s in business: Marketing, Manufacturing, Management, and if you have those three… the Money will come.

2. Inventing is easy, building the product is hard… but building a successful business around the product is hardest of all.

3. Entrepreneurial experience in anything can be worth far more than corporate experience in your area.

4. There is nothing so motivating than “skin in the game.”

5. Always ASK QUESTIONS before making statements.

6. You are NEVER fully ready for primetime: Do it anyways!

7. Build ONLY what the customer needs, then double check

8. Cheap and free is often of better quality than moderately expensive

9. You have to kiss a lot of frogs to find your Management Team prince (princess).

10. Entrepreneurship is just an exciting string of near-death experiences.  Live it up!

10.5 NEVER GIVE UP–just change direction :-) !

nevergiveup

Entrepreneurship Tips

July 29, 2009

Yesterday I was a finalist at the MIT Entrepreneurship Forum and was one of the 6 companies that presented at the 2009 Start-Up Demo (http://www.mitwa.org/catalog/index.cfm?fuseaction=product&theParentId=119&id=828 ). As I was working on my presentation, I realized that there are a few tips and Tricks that I have learned along the way and that some of these can be of use to others on the entrepreneurial path. So I am putting them here for your enjoyment.

Networking Organizations:
• MIT Forum –best technology and education forum around
• NWEN –great place to meet fellow entrepreneurs and recruit team members
• SBA (Small Business Association)—free start-up resources from US Gov —the best use of your tax dollars!
• SCORE –part of Small Business Association—retired executive advisors for free!
• Toastmasters –international organization that helps people improve their communication and leadership skills. Key to any success
• Industry Associations
• (yours & customers)
• Linked-In –Facebook for professionals—use your network to find answers to your questions or to connect to a person who you need to find.

Online Resources to Discover:
• www.elance.com –best place to find good outsource labor in anything
• www.uspto.gov –best and most user friendly source of everything you need to know about IP
• www.officelive.com –free document sharing, customer management, project management, web management system from Microsoft!
• www.skype.com –cheap way to communicate online and offline
• www.freeconferencecalls.com –name says it all
• www.craigslist.com –best place to find anything
• www.zoho.com –great customer management system (better than Salesforce) that is free for the first three users.

Education:
• Entrepreneurship Classes –great use of the money—I would advise Devry
• Business Plan Competitions –free help, great practice, fantastic PR, potential $$$
• University Resources –every university has an entrepreneurship department with money to burn… (Your, Spouse, Friends)
• Harvard Business Review –a bible for business. Teaches me how to think business

Best Books:
• Getting to Yes –classic negotiation book
• The Power of Full Engagement –great self-improvement book
• E-myth Revisited –fantastic primer for starting a business
• Leading at a Higher Level –key book on situational leadership

Don’t seek RIGHT ANSWERS

May 5, 2009

Right answers are useless… if they are answers to the WRONG questions.  This one point, has been drilled in me for all the years I have spent in University of Chicago.  Time after time, whether it was a class on theology, literature, biology or art, the common core (those from UofC would appreciate the pun) through out all of these disciplines and all of the professors was that the most important thing we as students, citizens, humans can do, is to strive to ask the right QUESTIONS.

This point has never been driven into me more thoroughly and felt more painfully than in the past three years as I have been building my start-up.  Time after time, I looked for the right answers, in manufacturing, marketing, team building, contracts and so on, only to find that I have been asking the WRONG QUESTIONS. 

One major symptom of asking the WRONG QUESTIONS have been a mismatch in expectations.  Several times now I have drafted agreements with consultants with the intent of getting a particular value delivered through a specific deliverable, only to find out that we had differing expectations of what such value entails.  This is especially prevalent in contracts where the deliverables are vague.  I have heard many times that any deliverable should be STARY (specific, time-bound, attainable, relevant, and yours), but such clarity often eluded me.

Another symptom of asking the WRONG QUESTIONS is getting what you want and when getting it, realizing that it is not what you need.   Early in this process I have contracted a vendor from India to build me the early version of my website.  I negotiated a great deal and set up to explain what I thought I needed the website to look like.  That was done, only to realized that it did not look professional–since I was the one guiding the process. After all there is a benefit to having a vendor who’s core competence it is to translate your end needs into correct intermediary steps.

Finally, there is the ultimate issue:  the fact that IDO NOT KNOW WHAT WE DO NOT KNOW!  I do not know about you, but I have had many AHHHHHHHH! moments in my life.  Not the AHA moments.  The AHHHHHH!-if-I-only-knew-then-what-I-know-now moments.  While I can easily avoid such moments in video games by saving often… no such button exists in my life.  Which brings me to the RIGHT QUESTION!

The right question, I am finding, is not what, why, and how but WHO:  Who in my network can better ask the right questions than I?  Often when we find ourselves in new, unfamiliar situations, we seek to figure it our on our own, our culture eats, drinks and breathes self-sufficiency.  But have you ever seen a baby walk straight for the first time?  We all need a network of those who, in the words of Stephen Covey, “have strengths that make our weaknesses irrelevant.” 

That is a nice sentiment, don’t you think?  However… an insidious question creeps in… How can one distinguish between those who can ask the right questions and those who just think they can?  I am still looking for the RIGHT ANSWER to this one…

Adventures in Capitalism

May 4, 2009

When I was a kid growing up in a Soviet Union and I was mad at my parents, I called them… “CAPITALISTS!!!”  Those were fighting words back then, certain to get me grounded.  It is therefore that much more ironic and iconic that, in my thirties, I find that I myself embarked on an adventure in capitalism as an entrepreneur and a founder of my first venture, Golden Wellness, Inc. 

 My path to becoming an entrepreneur, is a long and winding one, but the essence of it is that it has brought me not wealth of money (though that would not be too bad), but a wealth of understanding about who I am, who I can be, and how I can change the world for the better.  The first and central piece of understanding stems from the fact that United States, with its  this economic system, as imperfect as it is, when coupled with democratic institutions, as imperfect as they are, allow dreamers like me, as imperfect as we are, to form, stretch toward and realize our dreams.

At Golden Wellness, we empower independence for people with physical limitations through safe, accessible & effective fitness products and services.  In 2006, out of frustration at not finding the right equipment to train people with disabilities, I came up with an idea for a fitness equipment that would be safe, accessible, comprehensive, and compact, everything that existing equipment is not.  The result is the Fitness Arch, an innovative patent-pending piece of fitness equipment that can be used with a chair, wheelchair, scooter and even a fitness ball to do total body strength, cardiovascular, flexibility and balance exercises in both sitting and standing positions without the fear of falling. 

 The Fitness Arch, made mostly out of steel pipe, is not just a pipe dream anymore!  We have launched the Fitness Arch in December of 2008 and have since sold our first few units!  This, of course is just the beginning and the challenge of forming and running a start-up is far, Far, FAR harder than inventing a fitness machine. A fellow entrepreneur once remarked to me that Entrepreneurship is defined as “a string of near-death experiences.”  I agree and yet nothing makes me feel more alive!

I have formed Golden Wellness in October of 2005.  I remember the day when I stepped into Wells Fargo Bank and asked to open a business account.  Excited and scared I transferred the first $100 into the account.  “So what’s your business?” asked a bank teller.  “A successful one!” I retorted. 

I wish it was that easy to make the business successful but through the ups and downs of starting my own business, I have learned to look at the business as an classroom and each setback and each victory as lessons in life.  Such a mission would not have been possible under any other economic and political structure and I consider myself blessed to live in this not-so-perfect union!

In this weekly blog, I hope to document my adventures in capitalism finding the lessons in the experience while bringing some laughter and some food for thought to others who want are stretching for their own dreams and their own adventures in capitalism.


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