“Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma – which is living with the results of other people's thinking. Don't let the noise of other's opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
Steve Jobs
So…what are you waiting for?
In my work I spend a lot of time with entrepreneurs and wannapreneurs. Either one can fall victim to the problem of seeing the world from a particular lens. The ones that are successful are aware of their lens. They're careful to let go of perceptions that get in their way. The least successful ones can't see that there's a lens in front of their eyes.
Perception is EverythingThere are plenty of things we see as truths that aren't. A truth is really just a belief. We just *think* it's the Truth with a capital T. But really, it's a belief. And that means it's changeable. Why is this important? Sometimes what you think is a truth is really just masquerading as an excuses. Here's the thing.
I'm tired. Really F*&%ng tired.
I'm tired of people (including moi) using the something masquerading as the truth as a shield for an excuse for not living up to themselves. All of that potential that we keep dammed back, held hostage by beliefs. Yes there are limitations but they're not nearly as restrictive as our beliefs would have them seem. There's a whole lot more space there.
Does this sound like you? Some of these sure have sounded like me on occasion.
I'm too old to start a business. To date. To start over in my career.
I'm too weak to complete a marathon. To end that toxic relationship. To be brave.
I don't have time to write that book. I don't have time to take care of myself.
I could never bring in enough money on my own. Ask for investment funding.
I don't have enough money to properly market my business. To take that international trip.
I can't market myself. I can't save money. I can't do what I love and make money.
Cut it out.
Just stop telling yourself, your spouse, your investors anyone these "truths."
They're just excuses.
That's all they are.
I know I'm not the first to say this. I'm just the one saying it to you now. The next time you think something is a truth check to see if it's really just an excuse in disguise.
Now go get cracking on living up to your potential.
You're welcome.
"If you're not prepared to be wrong you'll never come up with something creative." Sir Ken Robinson
Although this quintessential Ted talk by Sir Ken Robinson is focused on education, it's also highly relevant to entrepreneurship. Being open to being wrong allows us to take chances, to fail, to learn. It also gives us the chance to find new and creative solutions to problems which is critical for entrepreneurship. Our education system encourages being right and learning facts rather than taking chances and following our natural instincts. It takes courage and a good bit of effort to go against this educational training.
If you're an entrepreneur or would like to unleash the one waiting inside of you this is a much watch.
Not getting paid for your work is a dirty little secret in the entrepreneurial world. One of the reasons it's not a popular topic is because as humans, it can feel embarrassing. It can feel like a failure. Like something we need to hide. As a long-time business owner over the years I lost money by clients who didn't pay. I've fallen into the trap of either not having a contract or more often–not being willing to enforce a contract. Once I learned how to make sure to always get paid for my work my business flourished. Now I have amazing clients who pay me.
I discovered a foul-mouthed but amazing video through Ash Ambirge's brilliant post. Although this talk
given at Creative Mornings is aimed at graphic designers, it's still relevant for startups and small businesses. If you're like many entrepreneurs, you probably started your business because your were passionate about the work. Creating contracts and making sure you get paid isn't something you likely enjoy doing or do well. This equation of loving your work but not loving the business/financial side of things can be a dangerous combination. Hoping, praying and crossing your fingers isn't a strategy. It's certainly no way to run a business.
Here's a Strategy:
1. Create strong contracts
2. Have the inner will/confidence/guts to make sure you get paid
Now go watch Mike Monteiro of Mule Design and his lawyer give you all the advice you need to make sure you get paid for all the good work you do.
2011/03 Mike Monteiro | F*ck You. Pay Me. from San Francisco Creative Mornings on Vimeo.
Just a wee rant about a lil something in startup land that I like to call The Field of Dreams Fallacy. Yes, I am making a funny face. I'm still learning how to use video editing software. So can we just agree to ignore the still at the beginning of the video and pay attention to the content?
Alright?
Alright.
Here we go.
Warning: Spoilers ahead! Don't read if you don't want to know who's zooming who on the TechStars series.
I watched the show live but DVR'ed it as well so I could watch it again. As you probably know already, TechStars feels like family to me so seeing their name on my DVR list rocks. These guys make the me even more proud to be a member of the tech startup community. The show is really well done and pretty realistic. Props to Bloomberg.
As for my list of shows–yes, I am a romantic at heart who loves romantic comedies and Glee. Who doesn't love a little singing and dancing? Now that that's out of the way. On to my thoughts on the second episode of TechStars on Bloomberg TV.
Let's focus on themes from tonight's show. As the program gets started, this show focused a bit more on some of the potential pitfalls the companies might fall into. So, the themes reflect that. In case you haven't seen the show here it is.
1. Rookie Confidence
The show highlighted this theme nearly from minute one. Many entrepreneurs have tons of confidence when they start their first entrepreneurial venture. You need to have this in order to push through the tough times and take the risks required. Confidence is good, cockiness can get you into trouble at times as the episode shows. As the mentors said a number of times, having humility is super important. Having humility keeps you grounded, realistic and helps you build strong relationships with others. All of the TechStars graduates I know are really humble and down-to-earth so I'm betting some humility will show up soon in these teams as well.
2. Names Matter
Wiji was praised having "great product, humility, boundless passion and energy and something that's really fucking cool" according to mentor Roger Ehrenberg. Which is absolutely true. They're great guys who are wicked smart and created cool technology (I've seen it in action). And, everyone universally hated their name. David Cohen put it on his Top 5 All-Time Worst Names list while Ehrenberg thought it sounded like a disease "Oh, my Wiji."
Yep. Names matter. You've seen all the brouha-ha about the name of Netflix new spin-off Qwikster right? Getting the name right can be tricky but critical. Luckily, the team recognized this and went back to their original name which is pretty solid. Based on the amount of research I had to do to locate these companies using their current names I'm pretty sure we'll see a number of name changes along the way as well.
Bloomberg Fact: A third of the companies change their name at some point during the program.
3. Know Your Market
Team Home Field was contemplating a switch from a focus and passion for sports to building a media business–an industry they don't know–on the advice of their mentor Fred Wilson. I hear they're doing well so I'm curious to see where they go with this. By the way, eats Reece Pacheco (the CEO of this team) the screen like it's for dinner. He's very compelling to watch.
Both Urban Apt and To Vie For (who has a great name by the way) were also facing the challenge of working in an industry they didn't know well. Being an outsider to an industry can definitely allow you to find fresh new approaches to old problems because your lens isn't jaded or rigid. But if not careful, you can shoot your business right in its bottom line. Thinking you can change an industry from the outside sometimes comes from naivete. Other times it's more arrogance. And sometimes, you really can. You have to learn the balance between a fresh perspective and relevant knowledge of the market. I think some of these teams have the chance to do this.
I love what David Tisch (loosely) said about this: You have to know how to do it and why you're the one to do it."
4. Gaming is a BIG Trend
At least two of the companies talked about it tonight (To Vie For and Socrated). Although they knew adding this dimension would help their company, neither was very experienced with it. This prompted Gary Vaynerchuk to really, really, really, really, really, really highly suggest Socrated get an advisor on their board who has experience with companies like Zynga. That was 6 really's if you're counting. One of my favorite moments of the show. I asked Tisch what he thinks about this trend on the Facebook chat after the show
His answer is spot on. Looking forward to see how these companies use gamification to support their overall goals.
Front Runner So Far?
Wiji. Just to reinforce that? They got to visit their dream mentor and were featured on ABC News today for their Minority Report like view of the future. Super proud of these guys. Looking forward to seeing some of these other companies really start to rock. Although it's not the same as being at the Boulder Theater with everyone, I'll be on my couch next Tuesday cheering at the TV whenever Jason and team comes on the screen.
Props Go To…
All of the teams. I applaud these teams for allowing a camera to follow them around documenting their TechStars experience. Startups are hard at their foundation. Add a challenging program like TechStars and a camera on top of that? That's gotta be a pretty intense experience. I'm grateful they were willing to put themselves and their companies out there so we can learn from them. Well done all.
Boulder is an outstanding place to live because of it's an entrepreneurial enclave. Being nestled up right against the Rocky Mountains doesn't suck either. Last night was a big one for my fair city with the premier of the TechStars show on Bloomberg TV.
TechStars feels like my family. Even though I'm not a graduate of the program, some of my clients are and I count many friends among their number. But that's not why it feels that way. There's something special about it that not every company has.
TechStars is more than a company.
It's a movement.
It's a community.
I commend David Cohen, Brad Feld, Jared Polis, Nicole Glaros, Andrew Hyde and the many mentors for creating such a strong community where the attitude is welcoming, generous and always fun where they never take themselves too seriously. Although they had turned down opportunities to film the program before, they finally took Bloomberg TV up on the opportunity during the inaugural NYC class this past winter. The result is a 6 week series.
Techstars hosted a fun night of mayhem at the Boulder Theatre to commemorate the premier. I was lucky enough to be able to attend. It was a lively evening of sound bites and on camera drama. Just before the premier we had a chance to see the hilarious short I'm a VC written by Jason Mendelson featuring the Foundry Group. If you haven't seen it before or are like me and never get tired of seeing Seth eat sushi out of a car window, here it is.
This tongue planted firmly in cheek short film is something I could watch over and over again. Um, and actually have. If you look closely you can catch cameos by some of Boulder's local entrepreneurs. After that it was on to the first episode of TechStars.
Some of my favorite moments:
- "You're not here because of your ideas. We didn't fund your idea. We funded you." David Cohen and "At the core of what we're doing is picking people. We're betting on people." David Tisch. This is such a key element to the TechStars program and to entrepreneurship. It's also one of the things people are most likely to neglect to consider when forming their startup. Which is a bad idea. People first. Then the idea.
- When one of the companies likened David Cohen to The Oracle in The Matrix. My favorite movie of all time and a pretty apt way to describe him from my experience.
- Mentor whiplash. Not the first time I've heard that term but always makes me smile in recognition when I hear it. I'm hoping they talk more about it this season as learning how to be discerning with all the advice you get to discover patterns that emerge and make decisions to move your business forward is critical for entrepreneurs.
- Any moment when David Tisch is onscreen. That man is the king of the sound bite. I had heard that he is bright and very direct in his assessments. I also learned that he's funny. I can't wait to see more of him this season.
After the show premiered David Cohen and Brad Feld held a Q&A session. Their answers were incredibly insightful and of course, funny. Sadly I missed getting one of the funny moments of the night camera. It's right after the clip below. Let's just say the answer involved something about porn and knowing an entrepreneur when you see one. You had to be there.
Anyway, here's the clip which has some great advice for inspiring entrepreneurs who want to apply to the program. Apologies for the shaky camera work and any ensuing nausea. My arms were getting tired from holding up the camera at that point. Watch it for the advice.
Organizers Jon Rossi, Dave Mayer and Matt Bernier did an amazing job of assembling a strong group of entrepreneurial folks to serve as mentors and judges during Startup Weekend Boulder 5. Although it was virtually impossible to record every single piece of insightful information these folks offered I tried to capture some of the best below. Good advice for all entrepreneurs and startup dreamers.
Micah Baldwin, Graphic.ly
Duleepa Wijayawardhana, Empire Avenue
Nicole Glaros, TechStars
Eric Marcoullier, One True Fan
Ari Newman, Jive Software
Niel Robertson, Trada
Jon Rossi, Startup Weekend Boulder
Chris Vieville, Snap Engage
John Wright, Quick Left
My own advice
When coming up with a name make sure it's available on all the necessary outlets (URL, Twitter, etc.) and grab it quickly. Make it easy for people to find you.
And finally…
Don't play at it. Play full out and do it for real.
This weekend, at the invitation of Jon Rossi, one of the organizers, I attended the fifth iteration of Startup Weekend in Boulder, my first. The intense, rapid ramp-up version of startup life this event offers was intriguing and because Startup Weekend concept was incubated by Andrew Hyde in Boulder I wanted to see it for myself. I'd heard that Startup Weekend Boulder has evolved since it's earlier more chaotic, less organized days and they were right. The organizers (including Dave Mayer and Matt Bernier) were extremely organized and managed the event well so the only chaos was on the part of the teams, which…is expected given the nature of this kind of event.
The event kicked off F
riday night in the TechStars bunker with advice from local entrepreneurs Micah Baldwin (Graphic.ly), Eric Marcoullier (OneTrueFan), Niel Robertson (Trada), and Chris Vieville (Snap Engage). The event was sold-out with people coming to the attend the event from as far away as South Africa and Nova Scotia. To pay? To create a startup? Over the weekend? Yep. That's dedication. The passion of the participants was clear when more than half the group pitched an idea–some even pitched two. A wide range of ideas were presented from a digital currency to geo-location for baby-friendly bathrooms to crowd sourced life coaching and even a steak toaster. That one had us all salivating for steak but it didn't get picked. In the end, eight were chosen among the 37 original ideas, teams were assembled through an organic self-selection process and the real work began.
On Saturday the chaos that's an inherent part of an event like this bubbled up as some teams changed and at least one nearly pivoted. Here is Tamara of SIMclip talking about her team.
In the end eight teams were ready to present on Sunday to a panel of judges and a crowded room of participants and supporters. Betting on startups is pretty much the only thing I might bet on I came up with a list of my favorites. I was pretty proud that that the judges agreed with 2 of my 3 choices. Here they are the top three teams for Startup Weekend Boulder 5.
1st Place: SIMclip
Solves the problems of not enough money and time by making it easier to use digital coupons. This was one of my picks as well because it's got a specific audience with a pain point AND is expected to be a 44 million industry by 2014. I was also really impressed with how well the team understood the market and came up with a product and future feature sets based on their research. Really well done.
2nd Place: ID Weeds
Helps the medical marijuana industry manage inventory through a web based management system that allows dispensaries to communicate surpluses between peers. This was one of my other picks. Given the nature of their industry they will need to work on impression management but the team and the idea is solid. There are currently 717 dispensaries in Colorado alone and it's projected to be a 100 Billion industry.
Wish You Nu
A site that collects wisdom from people around with the world answering the question “What do you wish you knew when you were 20?” This was not one of my picks even though it's very inspiring and will definitely have impact. The only reason I didn't pick it was that they didn't present a business model and well, as a business person with an eye for the bottom line this is critical in my book. After the event I found out they have some ideas for building revenue so I'll be eager to see what they do.
The rest of the teams included: Bridge My Path, Doody Duty, edyou, Sixth Gear and Snap Games–all really interesting ideas with strong teams. I hope all the participants continue to follow their startup passions whether it's one of these ideas or a new one. I will be keeping my eye out for all this great local talent.
And as for you…
Ever considered having your own startup or have an idea you want to see executed?
Startup Weekend Boulder 5 is going on as I write this. I'm actually blogging from the TechStars Bunker where the event is being held. The din of the 8 teams busily working on designs, demos and pitches surrounds me. For so much intense work going it's actually pretty calm and quiet.
If you don't happen to know, Andrew Hyde created Startup Weekend over a midnight conversation with the intent to get smart entrepreneurial types in together to create a small project over a weekend. It's now grown to over 233 events as a 54 hour high intensity marathon focused on building a web or mobile app that could turn into a viable startup.
I'll be writing more after the event ends. For now you can get a glimpse into some of the teams and watch a mid-event update from Jon Rossi, one of the organizers of Startup Weekend Boulder.
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