[MUSIC] so, the first question why did you become an entrepreneur? And, is, anybody can, you know, go first,G? >> well, I started my entrepreneurial journey, you know, unconventionally, I actually dropped out of high school when I Was 16, so.
Actually what caused me to become an entrepreneur was a little bit different,my family was going through, littlehardships, I was trying to go ahead and help out.
And you know, basically, try it out myfirst job, and only job was, trying out for McDonald’sand, they rejected me.
So, I realized hey there’s somethingcalled the internet and looked at, what was going on,I mean just the, the euphoria of it and fell in love with the whole onlineadvertising space.
And you know, the, the beauty of theinternet is, you don’t need the the stigma that’s attached to kindabusiness as it was probably 50 years ago.
I mean, you can be a 16 year old in abedroom, and start a business that two years later,you can sell for $40.
And you know, that’s probably, wasimpossible 50 years ago, so, you know, partly, you know,survival helped me become an entrepreneur, but ontop of that, I love building stuff out ofnothing.
So, I’m passionate about it, as long asyou have it in your DNA, you can besuccessful.
>> [SOUND] So I, I became an entrepreneurpretty much out of necessity.
I had been working at a a publicaccounting firm.
Been passed over for partnership two timesand I could see that the third was coming up.
And the only reason was because I was awoman.
And at this point, there were zero womenin the partnership across the world.
And that just wasn’t okay with me.
But I had butted my head up against theglass ceiling enough times.
And at this point, had enough visibilityacross the the whole firm to, to know that I wasn’t personally going to be able tochange this organization from the inside.
So I left and turned around, and offeredthem my services For basically the exact same thing that they would have had if Ihad made partner within their structure.
And asked them to pay me three times as much They agreed [LAUGH] which was theamazing part.
Provided me a an office and let me keep myadministrative assistant.
For the first six months.
And I was totally billable from the very,very first day.
And that grew into a an organisation thathad employees across the world.
And and then, you know, kinda, once youget the bug, it just kind of starts takingover.
And so it’s sorta, like, well, you know,there’s a problem here.
I can solve it by doing this.
And, there’s a problem there, and I can go solve that by doing this.
And I love it.
>> [COUGH] Yeah.
So I, I guess the, the best answer that I can give is that I didn’t decide to become an entrepreneur.
And, and I mean that in two ways.
One, I’m actually not quite an entrepreneur.
I don’t really deserve to be called an entrepreneur, unlike all the other people up here.
I’ve always sort of helped entrepreneurs.
I joined the LinkedIn and Facebook before we raised venture funding.
Before the companies were built and so on.
So, very, very, very early in those companies.
>> You’re a risk-taker.
>> But, but, surely [LAUGH] but always sorta liked helping entrepreneurs.
They used to call that being a venture capitalist, but that means something else today, I guess.
The so the second way in, in which I mean that, and, and just really amplifying what Carol just spoke to is, I, I think a lot of the time people who end up being entrepreneurs, don’t really exactly decide to become entrepreneurs.
It’s not like being in an accountant,where you say, you know, I’m gonna go out and.
You know, take a test, and get a license,and go become an accountant.
You know, I’m gonna go, to entrepreneur school, and become an entrepreneur.
It’s a little bit more organic than that,a lot of the time, in my experience.
And it’s something that almost happens to you, and you get the bug for, like you said, usually because,something’s broken that you wanna fix.
Or because something doesn’t exist, that you think should exist.
And, you just decide, you know, I’m gonna do it.
And that can take lots of different forms.
But I think it’s a more organic process than a lot of other, so-called career paths.
>> I actually never aspired to become an entrepreneur.
I was working as a research scientist, and I thoroughly enjoyed that so I never aspired to be an entrepreneur, working as a manager, or working in business in, in the first place, but the thing that made an impact on me was that, I was actually reading the specification for Netscape 2.
0 some year, some years ago, somebody may remember thebrowser Netscape.
But I was reading the whole night, and I was taken by this, and it had an enormous impact on me.
So the next day, I actually quit my job,and started my first company.
And I had no idea what kind of business idea I was going to pursue I really didn’t have so much of a plan, but it was more this incredible passion I felt for internet.
I could just sense that internet was going to be really, really big.
And I felt there was too big thing too big of a thing to walk away from, so that’s actually why I started.
>> So in a life of an entrepreneur, now,you’ve been all living the life of an entrepreneur what is it you like about the life of an entrepreneur,and what is it you don’t like about the, the the path that you have chosen? Anybody, or you can just go to in any order you like.
I guess what I love about it is yeah.
It’s, probably goes both ways.
I love creating something out of nothing,and seeing that impact, it’s almost like you can seeit nurture.
And you can see the positive result as quick as you can, kinda make it, make it happen.
The down side of being an entrepreneur is that it’s not as you know, posh and stable as a typical company where you have enough things in place, where you don’t have to worry about the revenue.
You don’t have to worry about profitability.
You don’t have to worry about the individual things, so you end up losing a few hairs almost everyday.
So, part of being in a startup is you know, you have your good days and you have your bad days, but, you know, you fall down and you get up, and you keep going.
>> So in the corporate world, I used to be called a workaholic.
and, I’m a pretty passionate person and when I’m on a project, or working on trying to get something done.
I pretty much stay focused on, on that.
And and that used to be considered a bad thing.
And when I became an entrepreneur,everybody just started saying, oh, but she, she’s an entrepreneur, it’s okay.
And and, and so, I suddenly became socially acceptable, about the fact that my work life and my personal life had a very, very blurry line.
>> Borderline if you’re lucky.
[LAUGH] Yeah you know, the best thing about it is that it’s amazing, and all-consuming, and exhausting, and crazy, and the worse thing about it is that it’s amazing, and all-consuming, and exhausting, and crazy.
it, it will become your life, if you’re lucky, and you’re, and you’re doing it well.
And there’s trade offs in that, but you know, I feel like the last ten or so years of my life are more or less this vortex of non-stop startup ness.
Which is great.
I wouldn’t trade it for anything.
But it’s it, it, I think it almost becomes an either/or decision, at some point, if you’re lucky enough to be facing that problem.
>> I think for me the biggest is, the dream, you know, that you you can allow yourself to dream.
You can allow yourself to, you know,you’re going to create a company, you’re going to have an impact on the world, you know.
And it’s, at the end of the day, it’s really all up to you.
I think of that as a fantastic luxury,that there’s really no limitation.
It’s all about your capability, your creativity, and your hard work.
That end, at the end of the day,hopefully, you will be able to accomplish what you setout to do.
>> But, you know, one of the, things that all of us are, are talking about is that we’re doing it because we have some passion about what, what we’re doing, and with whom we’re doing it.
and, you know, one of the things that you’ll hear people give you advice about, over and over again, is stay focused on your passion.
And the reason is, if you hate what you’re doing, you won’t be successful and, as an entrepreneur, because, it requires too much extra effort.
And you have to really love it.
To to make the sacrifices that are necessary to be successful.
>> You also have be a little bit crazy to enjoy the ups and downs of it.
Because, there’s a lot of ups, there’s a lot of downs along the way.
But, I think [CROSSTALK].
And I think the other key thing is like,if you look at just how the business world works, you know, big companies get to run it.
But, in the startup, you get to change it.
And, you know, if you look at you know,companies like Facebook, Twitter, and just social media in general, that’s really transpired the way we communicate.
Big companies are now following onto that,so I think that’s the, the highlight of being an entrepreneur, is when you can make that big of an impact, and if you’re part of that genre, you can really go ahead and see why, you know.
You’re, you’re passionate about it, you’re making a change and, and it’s, and it’s a lot of fun.
>> I think I [INAUDIBLE] had [INAUDIBLE]have a phenomenal luxury.
When you’re an entrepreneur.
And that is to pick the people you’re actually are going to work with.
And I think that really makes a big difference.
You know, one thing to have this objective, or dream or desire.
But you can actually work with people that are phenomenally inspiring.
People that are fun to hang out with.
People that you really care about.
And regardless of where you want to go with the company, regardless what you want to accomplish,just a luxury that everyday you will go to work, you working with people that fundamentally are people that you like, and you want to hang out with.
I think that is a phenomenal perk, if you can put it that way.
>> So that’s a, it’s a great segue, to the next question and so we have some, we have both, pure entrepreneurs, and we have some venture capital experience here.
So, you can answer it from either perspective.
Do you think it’s better, in the construction of an entrepreneurial company, to partner, to have a partner,with someone that maybe.
Has complementary skills, or vision, or whatever, or is it better to go it alone? >> Well, I think it, it, it’s a frustrating answer, but it depends on the person.
[LAUGH] And, and, and you know,, it, it’s there are people who are absolutely solo creators who have a very individual drive, and that’s the way they function.
There are people who, you know, thrive and need a partner.
I think, you know, the funny thing about,about startups is, this whole thing is driven by exceptions.
You know, you, you can, you can create any rule you like, you know, oh, you know, startups where the husband and wife are the founders.
That always fails, well except for Cisco,you know, startups where, I mean, it, it, no matter what you pick, there are always exceptions, so, it’s very hard to generalize out of those things.
You know, I been involved in companies where there were kind of co-founders, anda founder and co-founders, and just a founder, and I think all of them can work.
The most important thing, if you’re starting something yourself, I think it’s to ask yourself, what’s the right thing for you? And just like with a lot of the other things that we’ve been talking about, it should really be a sortof organic process, I think.
If you sit down and say, all right, today I need to go out and find myself a co-founder,that’s probably not gonna succeed.
>> I think it’s all about, you know, it’s a couple of ways to look at it.
Part of it is, finding your dream team,and, you know, you, they’re all your co-founding employees,and that’s really essential, for any startup.
Your first five people, make it or break it, to actually seeing if it’s gonnasurvive.
Your first 20 people, make it to see ifit’s gonna be a large company or not.
And, you know, when you get to thatstandpoint, you gotta go ahead and realize who your right partner’s gonna be, and partner can be beyond co-founder, it’sreally VC.
And you know? Just a short plug for Stanford.
Stanford’s actually an investor ingWallet.
So, I think we got You know? We picked the right investors, for theright reasons.
And partly, it’s because you know? They can actually add a tremendous value.
I mean, if you look at my first company, Iactually took no funding whatsoever.
I bootstrapped it.
Mainly because nobody wanted to fund me.
I was 16, 17, 18.
So, no offense on that.
But you know, what I learned on the secondtime around, is when I actually raised venture capital is it,it matured me as an entrepreneur.
It actually brought a differentperspective on how to grow a large company, how to actually sustain certain things thatyou do, international expansion and so forth,and.
Picking that right partner is key, becauseif you pick the wrong one, you know, VCs can either add a lot of value, or they cantake a lot of value out.
So, that’s the caveat, no offense, butthat’s that’s the big formula into finding the, the rightmagic in that partnership.
So, you know, the other part is whether ornot to do it alone or in a team, is also basedon.
If you need outside money, you know, how,how are you going to get it? And in the venture world, one of the conventions, is basically, never invest ina single entrepreneur.
And the bottom line is, if theentrepreneur get’s hit by a bus.
You know, what do we have? So, if you have at least two people on ateam then, and one person gets hit by a bus, then at least, theoretically, there’ssomebody to kind of go forward.
And so typically, by the time you see them any entrepreneur company coming forth to aventure capital firm.
You’ll see that they have you know, gottento a point where they have the, at least the outwardappearance, of being a, a team.
>> It doesn’t always work that wayafterwards, right? >> Right.
[LAUGH] Angel’s Kind of go back and forth.
And and since I happen to straddle bothcommunities.
You know, there, there are lots of angelsthat will fund a, a single entrepreneur.
And then tell them, you have to go find,you know, other co-founders.
but, you know, I, it depends on how muchmoney you need.
>> I think the question when, you, youneed a co-founder [INAUDIBLE], perhaps the most importantthing is, who you choose as co-founder? And in the heat of the moment or in the excitement of, of actually hatchingan idea, I think that it’s easy to find somebodythat is your soul mate right there and then,right? They all excited, oh let’s do this, andyou know, and, and and they all worked up,about it.
But if you and a co-founder are lookingfor somebody that can help you build a company long term, I think it’s veryimportant to, to dive below the initial excitement,right? What is that person’s long termcontribution? And what is that person’s long-term commitment and, and aspirations for theproject? And I, when I’ve seen [COUGH] some startups are failing and succeeding.
I see a lot of start ups fail because the, the, the founding team was the wrong,founding team.
And the pep, and, and the founding teamdid not have long term aligned objectives.
And perhaps one was, was wanted to workreally hard for a long time and the other one decidedto, it was fun for a year or two but then later the person was not willing to workas hard anymore.
They didn’t then have a share holderagreement that regulated, for what ever reason, was going to happen down the road,creates a lot of tension, right? Then one person, that was a part of thefounding team has a large, stake with the company, but he’s really moving on to do something completelydifferent.
So, that can create a lot of, issues and, and problems for, for a, a company Ithink.
>> And just just to add on that I thinkthat it’s pretty crucial when you actually findthat person or find that your dream team is to find the right DNAthat has the, the hunger because partly even whenhiring, you know, my third company.
It’s, it’s you know, you would assume Iwould have the pick of the draw in, in, in hiring the best talentand, fortunately, there is that pool there, but it’s really, really hard whenyou can look someone in the eye and say is this person hungry or is thisperson just expecting a great outcome.
Because any start up regardless, if itdoesn’t guarantee an outcome and, it’s really, really hard to go andfind out that the consensus DNA isn’t gonna go ahead anddo what it takes to make the exit happen, or make thepositive outcome happen.
And probably 1% of the people I interview,I can see that hunger, 99% just don’t haveit.
So it’s really finding that 1% especially in that first five employees, especiallywhen the first 20 employees because if you don’tyou’re gonna set yourself up for disappointmentsand failures.
>> So this is one of, one of the questionsthat I personally can relate to have you everexperienced a black day? Now I describe a black day as all despairand no hope.
And so if you have could you tell us aboutit share the you know kind of anecdotallyshare it with us.
And then tell us you know how you’ve dealtwith it internally cuz it’s certainly difficult and how did youdeal with it, with your company.
So, I think everybody, probably has astory.
It may not, but.
>> I, I, I think, for any successfulentrepreneur, you have to have a few black days cuz they ground you andthey also, [COUGH] teach you a lot.
That something [UNKNOWN], that somethingschoolers actually.
>> You had more than one? >> I’ve had my fair share.
[LAUGH] And, probably more than, more thanI wanted.
But, I think, the the primary one thatsticks to mind is, I was 16, six months into mybusiness.
Dropped out of high school, was doing twoto $300,000 a month in revenue.
And started hiring the right people.
And I didn’t have any formal contracts inplace with the primary engineer person that I had that wasmanaging the, the, the, the technology.
And I just got a threat from them that ifI didn’t give them a third of the company, theywould shut me down.
And again, 16 and a half years old, I didnot have any idea.
So, I was trying to play poker.
And, obviously it didn’t work in my favor.
And they actually did shut me down.
And, obviously when you’re underfunded,you don’t have a board, you’re 16, nobody’s really gonnatake you seriously.
So, imagine all the odds against you andimagine completely being out of business for afull week.
So imagine no Facebook for a week.
Imagine your email not working for a week.
No, imagine whatever service you’rerunning is gone from the Internet, and the Internet’s a 24/7business, right? So that happened, and it took me a week to go, to go ahead and recover from thatuntil I recovered from the servers until I got the rightpeople to turn them back on and you know it was amess.
It was a mess and what I realized isthere’s a couple of things you gotta do.
Number one never keep yourself vulnerable.
If you’re an entrepreneur always have abackup plan.
Always have someone else that’s gonna haveyour back.
Or you better make sure you have thatskill set on yourself, because if you don’t youre gonnahave situations like this.
Number two, always surround yourselfaround people who wanna make you win, and see you win, and you know, make sureyou have the right rock stars with you because if you don’thave those right people, you’re gonna have you know, so many of thesehorror stories over and over.
And, you know, I learned a lot from that.
And I wasn’t cheap on employees.
I wasn’t cheap on any of the structures Ineeded to do from thereon.
And, you know, a year and two months afterthat point is actually when I sold the companyfor $40 million.
So yeah, that was probably the most black day of any teenager’s life that you couldimagine.
But you know, it ended up becoming a positive outcome, because I learned a lotfrom it.
And a lot of it, you know, for at least myentrepreneur journey came from making these mistakes, and actually seeing these disappointments cometo life.
Because, you know, they ground you, andthey teach you a lot and they prepare you for, for thefuture.
>> So I, I think that there are two kindsof, of black days.
There’s the black days that are defined as when there are truly, all despair and nohope.
And I, we’ve all had those days in ourlives, in different ways.
[COUGH] You know, this is just part oflife.
So, these things happen.
I think start ups in my experience usuallytakes one of two forms, either you had some greatmomentum and it suddenly stopped or its just sloweddramatically and you don’t see how you’re gonna find your way backout of that.
Or a people issue.
and, you know, those take all kinds offorms.
But, there’s also a lot of black dayswhere there actually is some hope in there, if, if you look atit closely.
And so in terms of how, how you deal withit.
I think trying to find that, that, thathope and, you know, trying to find a kernel of, of what’s gonnaenable you to turn this around.
Whether it’s something specific andtactical or something emotional is reallyimportant.
You know, personal example of that whichhas been talked about a lot is when we launched the News Feed atFacebook in the fall of 2006.
And, we had a product that we had a lot of conviction around, and felt was agreat product.
Which was a great product, we just did areally, really, incredibly terrible job of actuallylaunching it, and preparing people for it.
Or not preparing people for it.
And the reaction was you know,unbelievable.
We had 10% of the user base activelyprotesting against us.
10% of the user base, a million peopleactively protesting.
We got a phone call from the Palo AltoPolice Department saying turn it off right now because there’sgonna be a protest rally in Downtown Palo Alto on Monday and we can’tput up the infrastructure to support a protest rally in this city, soyou have to stop it.
Camera crews coming up the windows of theoffice, peering into the office.
To you know, [COUGH] try to get picturesof people.
Just really, unbelievable amount of, of,of of you know, bad feeling and pressure coming from the entireoutside world, but what was so meaningful about that moment for me, was that was themoment when I fully understood for the first time just howimportant this was to people.
That people cared about this so much thatthey would get this upset about it in largenumbers.
Say, my god, this is, there’s somethinggoing on here.
Which is really, really rare and reallyspecial and, and we have problem that we need to dealwith.
But you know, underneath that all, there’ssomething very powerful here we can harness, you know if we do it inthe way.
So there are situations in life whether inyour start up or the rest of your life wherethings are just bad and there, and there’re justno there’s nothing you can do about if but getthrough it.
But a lot of times there is actuallysomething more in those situations, so I’d encourage everybody to at least ask the question is there something else to thisstory.
>> I’ve actually like to answer thequestion in a slightly different way I’m a little bit older than most of theother panelists so I’ve think I’ve had more black days but what’s gottenme through them is that I picked up the phone, and and talkedto an advisor.
And and the advisor, helped me put thesituation in perspective, and, and one of the attributes about areally bad black day, is the reason why we call it black, is thatthings went from grey to black.
>> The black days, they’re really black.
[LAUGH] Yeah, I mean, all you can see isbad, and negative, and and you’re normal personality of positive and seeingthe silver lining and all, suddenly just left yourbody.
And and it was that ability to reach outand and have prospective brought back in and its’amazing.
When I look back through my life nad Ilook at those black days, it was literally less than 24 hours before I wasable to reframe that as this is when the universe changed, rather than,this is a black day.
And, I’ve now gotten to the point, where, whenI hit black days, I’m like, oh, the universe isabout to change.
and, and I actually, now, try to very actively be that special advisor for ourportfolio companies.
and, I, I hope I’m the one that when they get in trouble, that I’m the one that theycall.
>> Yeah, I think, yeah, one example ofblack day for me would be a complete R&D deadend.
So this was this, fingerprint researchcompany that I started, [INAUDIBLE].
So this was a very ambitious project, andinitially we thought it was going to be fairly easy.
We were going to revolutionize howfingerprint matching algorithms were done.
[COUGH] But it turned out to be much, muchharder than we thought.
And on the way we actually found a text book saying that this was actuallynot possible.
This was theoretically an exciting ideabut in practice it wouldn’t work.
But here of course that made us moreexcited, and we wanted to, to go on.
But as time goes moving on, we were reallynot getting any progress.
And, and I had, we had spent I think threeand a half years, and I spent several millionin funding this.
And it was to the point that the engineers on the team, they didn’t believeit anymore.
And, everyone else was questioning whetherit was possible to move forward.
And, I had a wake up call one day whenone, one of my friends that I, who I trust reallywell, said you’re, you’re so stubborn, why is it that everyone else inthe world believes that this is impossible, even your engineers work inthe R&D team, and still you believe.
That this is doable, you know? And then I started to ask myself, am Idelusional? [LAUGH] Am I completely irrational? Am I just trying to pursue a dream that isreally not ever going to happen? And that was a really tough moment for me.
And I was really mulling this over and Iwas thinking, the only rational thing, actually, is tothrow in the towel, right? Everyone around me told me that that wasgoing to be the case.
But the thing that made me not throw inthe towel, was that, when I was really feeling reallythinking through it, deeply.
I realized that, if I threw in the towel now, I will never be able to forgivemyself.
I will always continue in my life askingwhat if I didn’t throw in the towel.
And when I came to that realization Idecided that you know whatever it takes okay, Iset aside this amount of money, and whateverit takes, this amount of money, I’m able to setaside.
And I’m going to go all the way, all theway to the absolute point where there’s no hope whatsoeverthat this is, is going to, to be successful.
Then I’m willing to, to throw in thetowel.
But I know for sure that I have doneeverything I can.
And after that, it wasn’t so blackanymore.
Because then I, then I kinda felt good.
Then, I had a kind of a plan.
And, what happened was that we actuallyhad, had to, to get a completely new R&D team.
So I moved the whole R&D to the US.
And slowly [INAUDIBLE], we were able toturn around.
And we were able to get the breakthroughsthat we were hoping for.
Three years later.
>> Do you ever reach a point where you[COUGH] like, all right I’ve done everything I can that’s itI’m throwing in the towel.
>> I was very close at this point, right? [LAUGH] But I decided that okay, whateverit takes this is the money that I’m willing tospend.
>> This is how far I am willing to pushit.
And I was thinking about selling lots ofthings I had and whatever.
You know, I wanted to bring it to thispoint.
And once I had that, made that mentaldecision.
>> I was kinda ready to go.
And then it wasn’t that black anymore.
>> I think the, the flipside of that is, Ithink a lot of people, when they’re walking to what theywanna do, they walk in with fear.
And they walk in with failure.
So, you know, they’re basically saying,okay, I got this great idea.
I wanna go and work on it and then they’respending 80 to 90% of their energy on the fact that it’s gonna fail already versus that 10% oh, okay maybe it won’tfail.
Right? So, I think it’s great when you can go andset aside okay this is my plan and this is my point of how far I’m gonna takeit and I’m gonna give it my all.
I’m gonna spend that 100% of my time inmaking it happen.
The flip side of that is when you, whenyou haven’t even started it.
When you have nothing [LAUGH] to even goahead and, and, and, and, and do it and you’reconsuming yourself with.
[COUGH] Where all this negative energywhere you’re like oh my god am I gonna fail, and if I fail my family’sgonna think this my-.
Friends are gonna think this end.
>> I think that’s really where, whenyou’re starting off as an entrepreneur, you gotta clear your, youknow, clear your head on that and just walk into, fail,failure’s not an option and you’re gonna give it all your all fromday one.
>> Actually I think that’s one of the big characteristics of a, a reallysuccessful entrepreneur.
Is that they actually never recognize thatthey could fail.
>> It’s part stubborn, part ambition.
>> Yeah, I, I have a feeling.
I have a feeling that Jorun was neveractually gonna reach that point where he said, you know what, I’vedone everything I can.
Enough of that.
It, it was, there was no money left.
You know, there was nothing left.
Right? >> [LAUGH] [UNKNOWN] will go raise somemore money.
>> Every, every, every, every, every greatentrepreneur that I’ve ever worked with, when they hit that point, somehow managedto go find some more money.
>> You know, just to, cuz I’ve maybe, Idon’t know if I’ve seen more black days than anybody else,but boy I’ve seen my share.
[LAUGH] And over time I’ve actually come to look at them as opportunities,leadership opportunities.
You know, you can, you know, everybodylooks at the, at you, the leader of the company, and, andeverybody’s down and, you know, they’re looking at you and, and you’re down butit’s an opportunity to say, let’s do something, let’s takeaction, let’s, you know, create a plan.
And if you prevail, you actually buildtremendous bonds in that leadership team and, and the teaminside the company.
So and, you know, if you can kinda stepout of the blackness just for a moment and say is there anopportunity here there really actually is.
I mean that’s, that’s kinda one of thethings I’ve seen but keying off of Car-Carol’s comment the next question Ihad was what are the characteristics of anentrepreneur? What are the, I mean, and there’s many, Imean, I, I certainly have as I teach the s, this subject matter andI’ve come up with lists of 20, 30 you know, different words, th,tha, what do you think of the characteristics that are, that arecentral to the, to the character of anentrepreneur? [BLANK_AUDIO] [LAUGH].
>> All right, I’ll start.
>> So I think the details actually vary alittle bit my market.
But to abstract out from that to what someof we’ve all been talking about.
I think that the most important thing isthat it’s something that comes from passion for whatever it isthat you’re doing.
Whatever it is your building, whatever itis your making, whatever problem it is your solving, whatever new thing it isyou’re bringing into the world.
That can manifest itself in lots ofdifferent ways.
There’re a few people out there, for whom that passion, is actually the act ofentrepreneurship.
And those are people who I think generallyare called serial entrepreneurs.
But for, for those people, it’s, it reallyis like entrepreneurship itself, is the thingitself that they’re passionate about.
Some people are like that, a lot of peoplewho are good entrepreneurs aren’t really like that, and don’t even necessarily sort of self identify asentrepreneurs.
And and just self identify that yeah I’mdoing this thing.
You know, it’s just this thing, that, thatI, not even that I want to do, it’s just like yeah, this isjust like what I do.
I, I do this.
I have to do this.
And so I do think the details vary alittle bit by market but the best abstraction that Ican, or the best example, template, that, that I canthink of for that particularly for the areas that I focus onis Martin Luther.
That’s sort of the template that I always hold up for somebody who’s a greatentrepreneur.
And the reason that I say Martin Luther inparticular is, you, you need to sort of be you know, justa little bit crazy, completely convictedthat, you know, your, your idea and your way is the way the world needs togo.
But not sort of to the point of, ofirrationality and self destruction.
You know, there’s a difference betweensomebody who is an evangelist and, and a, and a creator, and somebodywho is a martyr.
And you know, I, I hear people talk about, you know, Joan of Arc as anentrepreneurial architect sometimes.
I would argue that’s a little to muchmartyrdom, and a little.
>> [LAUGH]>> Too little impact.
so, you know, getting the balance on thatright is very tricky.
But, it’s that, just, conviction that’scompletely transcendent to everything and is just something thatthe, that the person does, must do.
It’s just, you know? It is what it is.
That’s sort of the, the architect in my,in, in, the, the archetype in my mind.
>> I think one characteristic you gottaswallow really, really hard is you gotta embrace rejection, andsometimes the hardest thing to do as a human being but if you can swallow it and understand how to you know,deal with it.
You’re gonna probably solve 80% of yourproblems.
And if you just look at my career path nobody wanted to fund me, at a clickagents.
I was doing millions of dollars in revenueand millions of dollars in profit.
But nobody wanted to fund me, because I wasn’t part of the, the.
Com, you knoweuphoria.
And, and the way things looked, at leastback in the heyday.
And then at Blue Lithium I had threedifferent venture capitalists pull away from doing a deal with me at thelast minute.
So imagine like doing high fives with youremployees and realizing oh, we’re gonna get millions of dollars in for thecompany and then getting it pulled.
I even had one very famous venture firm inthe valley.
Told me that I was gonna miserably fail atBlue Lithium, and that I should listen to them and, you know, divert my attention to something that’s actuallygonna work.
So, and I wonder where he is now.
But, I’d love to have a drink with him.
But, you know, if you look at that andthen just kinda look at even the you know,other industries.
You know, look at Garmin.
That you know, the founder of that companytried 88 times til he got an investor to actuallysay yes.
And then if you look at J.
Rowling as, as an author, she’s the most respected,most I mean she’s a billion dollar, billionaireauthor and she got rejected 7 times [COUGH] from herfirst book.
So, all of that comes down to the humannature of realizing what you’re pain tolerance isfor embracing rejection and so long as you can grow a thick skin, drownout the noise, and focus on that objective, Imean, you will prevail.
[BLANK_AUDIO] >> And, I think, I think the way I look atan entrepreneur is really thatentrepreneurship is really a way to express yourself.
In the same way an artist is creating a,or painting a painting, or composer writes, writes music, I thinkfundamentally, an entrepreneur creates a company, that’s a great organization, in away to express himself or herself.
so, so there’s an underlying passion, and its underlying desire to contribute insome way.
To get their voice heard.
To, to, to, to add to the world, and make the world in, in a tiny way a littlebetter.
I think that, perhaps there’re threequalities that I would, on the top of my head, think of that is important qualities, andI think one is that you’re very optimistic,you know.
If, if you have a, if you see the worldthrough a positive lens, every person you meet is a potential partner, or andemployee, or a pers, or a client right? If you have a negative perspective thatevery person you meet is a competitor or some, or, or there’s andobstacle towards your success.
So have that positive mind-mindset I thinkis hugely im, important because then you seethe opportunities that you will, that, thatcomes your way that you perhaps didn’t even thinkabout initially.
The second one is the same thing as Jay was talking about, that ability toabsorb rejections.
The ability to absorb disappointments,setbacks because it is going to be a long way.
It is going to be a way with a lot ofsetbacks.
And to, to withstand that, I think is es, essential to be successful as anentrepreneur.
And perhaps, this last thing is a way to impact people around you, because as anentrepreneur, typically you, you have to create aphenomenal team around you for the company to besuccessful.
And you don’t need to be the, the, the, the, the light of the party, you don’tneed to have phenomenal people skills, but atleast there’s something with you that, that you’re able to inspireother people.
Perhaps you’re the best developer.
That, you, that when you’re extremelypassionate about what you do, what con, you have this strong conviction that other peoplesee, they like, and they want to follow you.
So I think there is an element of havingability to, to, influence and attract, and inspire other people, asa key ingredient i, in that.
So being positive, absorbing rejectionsand and, and affecting people in, in one way oranother.
>> Carol, you have anything to add? >> The only thing I wanna [COUGH] just addto this conversation is in, in my mind, there is a gigantic differencebetween an inventor and an entrepreneur.
And and in Silicon Valley, we tend toblend the two.
and, and I think that’s a big mistake.
There are lots of people who can create interesting technologies, but theycan’t deliver.
And and so for me, the entrepreneurshippart shows up in their ability to deliver.
And and, and that’s a very vague term, butanybody that’s been an entrepreneur will understand that, that iswhere the rubber meets the road.
>> It’s a, it’s a great point.
I think a lot of where that deliveryhappens, just as Joren said is around people,people, people, people.
The people you can rally to work with you,and help you.
The people who you can inspire.
Who are going to be you’re customers, or,or your users, or your other constituents that we’re goingto inspire to invest in you, exactly.
that, that ability to not just createsomething, but to inspire others with, with yourcreation, I think is the thing that propels you forward from that initial ideation toactually succeeding.
>> I think entrepreneurship is kind oflike, it’s like an art.
And there’s probably three stages of it.
And I mean this in, in, in,wholeheartedly.
There’s probably the first stage whereyou’re the creator and you’re the inventor and you’re trying toprove of concept.
The second stage is you’re the manager.
You’re actually trying to go ahead andscale the company.
You’re actually trying to build.
You’re actually trying to go ahead andprosper in that regard.
And the last part is you’re the, theexecutor.
You’re actually executing against, apotential outcome.
And that itself is a different strategy.
So all three require a completelydifferent approach and it’s up to you as an entrepreneur to see if you can moldyourself as the company grows.
So you know exactly how to go ahead andact.
‘cuz you can’t act like the creator when you’re already at a company that’s alreadydoing $100 million in comp- in revenue andyou’re trying to go ahead and have a potentialexit.
You gotta be a completely different CEO.
So, partly, it’s, it’s, it’s, it’s, youknow? The problem that, that I see in mostentrepreneurs is that they get way too emotional withcertain things.
Whether that is owning certain amounts, orcontrolling certain amounts.
But I think the best thing about being anentrepreneur is being able to adapt to the different changes that you’re able to do in the various stages ofentrepreneurism.
>> On the other hand though I, I wannamake sure that people are clear about the fact that entrepreneur does not necessarilymean founder.
I mean there are lots of people that wereextraordinarily entrepreneurial at Google.
Or at Intuit, or at Cisco, and at Yahoo.
I mean, pick the company.
I mean, being entrepreneurial is a stateof mind.
It, it isn’t, you know, the fact thatyou’re the, the founder.
>> How, how do you, in this character, issue, how do you feel about you know,risk seeking, risk avoidance kinda thing thatwould, a lot of people describe entrepreneurs as asrisk seeking.
Do you, how would you, how would youcomment on that? >> So I, I, I think your ability to live in a risky environment is pretty importantas an entrepreneur.
You know the, the whole concept of youknow, can you sleep at night? Becomes a, a, a big one.
And, and if your gonna put your health atrisk, being a entrepreneur probably isn’t theright thing for you.
and, you know, there’re times in your lifewhere you can’t afford to take a risk.
You have too many other individuals inyour life that are depending on you.
and, and so I think there’s some, youknow, kind of reality checks that you need to have aboutyour, your risk levels.
Having said that, most of the entrepreneurs that have been incrediblysuccessful are the ones who took risks at extremelyinappropriate times in their lives.
And and so Ted, to Matt’s point.
You set a rule down and somebody’s gonnathink of an, an exception to it.
So, but, but risk being willing to livewith risk >> Right.
>> is, is a big one.
>> That’s a big distinction.
The distinction between being okay withliving with risk, being risk tolerant, and being riskseeking.
>> You know I think it’s, it’s kinda crazyto be risk seeking per se, I think greatentrepreneurs tend to be change seeking, and when you’retrying to change things, [COUGH] risk is inherently a partof the process.
You have to be okay with that.
but, people sort of seek out risk for thesake of seeking out risk.
Maybe you’ll get lucky, [LAUGH] but thatdoesn’t seem like the, you know, the, the way to make thingshappen to me.
>> Actually, you know, in, in many cases Ithink especially when they’re starting up the company, you,you don’t see the risk.
>> No, absolutely.
>> I mean, you’re so clear about yourvision of the future.
>> That the to, to G’s point, failureisn’t an option.
>> [CROSSTALK] That’s right.
>> Blinded by the vision right? >> Yeah.
>> So yeah.
>> But I agree with that, you know.
Because a lot of times when you talk aboutentrepreneurship, a lot of people start talk about the risk,or taking risk.
>> And, there’s something with that, thatrubs me the wrong way, because I don’t thinknecessarily entrepreneurs are taking risk.
At least I don’t look at myself as takingrisk.
On the, on the contrary, I feel that Icontinuously try to minimize risk.
But what I do try to do, is pursueopportunities I see.
But I don’t look at myself as a risktaker.
I’m willing to live a risk, I’m willing totolerate, to, to live with risk.
>> But I’m, I, I’m not the risk taker, Iminimize risk, for what, whatever ability I’m, I’mcapable of doing, you know? So it’s more, I think that’s a bigdistinction.
>> But, but, but in reality the, the fact that you’re willing to operatewithout a net.
>> By definition [CROSSTALK] moves youinto the risk.
>> I’m perhaps a bit more risk tolerant.
Once you say that you’re a risk taker, I feel that you’re, you’re stepping over,over a line-.
>> That I’m not comfortable.
>> Well, I also think there’s two types ofrisks that entrepreneurs take.
I mean, there is also two types ofentrepreneurs.
I’m, I’m you know, there is a type of entrepreneur that say, okay, I’m gonnachange the world.
So I’m gonna go with the crazy idea, andnobody has done it before, and I’m gonna try to go aheadand prove myself right.
>> I love those.
>> I’m not one of those [LAUGH] I, I’m oneof the, I’m the, I’m on the second category, which is basicallysaying okay, I recognize that there’s enoughpeople doing this, and I understand this may be a crowded space but I’m gonna copy exactlywhat they’re doing, but I’m gonna go ahead and catch up to them, by executing thembetter.
And then, I’m gonna innovate.
And if you kinda think about that, that’show, majority of all the successful companies in SiliconValley have, have actually started.
I mean, if you look at, you know, kind of,Friendster and MySpace, you know, MySpace was just copying Friendster, but it could scale,right? And then, if you kinda look at MySpace andFacebook.
I mean, Facebook yeah, is very differentnow, but it had the same functionalities.
At a certain point too, and, you know, that’s really where I think the, the, myrecommendation to entrepreneurs is that, don’t putyourself, I mean, again, I know you love the firstcategory but I kind of fear, that if people try togo ahead and prove something that haven’t been proven before, you are walking in to a, a, a room, that isn’t alreadydisqualified yet.
So, you know, that, that-.
>> So, some, some of that happens withdepending on industry.
So, i mean, for instance, the areas we’vemade the most amount of money, is in medicaldevices, or not.
And and the reason why our companies havebeen successful and have made us a lot of money, is cuz they didsomething totally new and different and >> I like that, too.
[LAUGH] So, I mean, you know.
>> There, there’s room for both.
>> Sure [CROSSTALK] but I think there’s,all I’m saying is there’s a lot of risk in putting something in acategory that hasn’t been proven.
I mean just based on, enough data that supports, you know, new investments thathaven’t been proven versus going after a category thatis already out there and you’re competingagainst it.
There’s always gonna be a leader, there’salways going to be an incumbent, that, I mean that’s just thenature of business.
All I’m saying, at least for me as anenterpuneur, I reside in the latter, where I’m not gonna take that risk of coming up with somethingcompletely different.
And you know, be left to kind of, youknow, cold shoulderish in the marketplace,versus kinda going in with it and, you know, replicating something, andthen innovating it by out-executing them and, you know, afterI’ve reached a certain point.
>> John? >> But I think when it comes to risksometimes I’m not sure if I’m understand all the discussion either because, what are you risking,right? There’s an under, underline assumptionthat there’s spec, something specific thatyou’re risking.
And I think that people have differentaspects of what is worthwhile risking, or what isworthwhile not risking, right? So the, so, if you don’t have a goodunderstanding of what you’re risking, then thediscussion becomes very abstract too.
And I, and I, the way I look at it isthat.
You, you have a certain amount of time, onthis planet.
Tomorrow you can be hit by a truck.
And do I, do I want to live my life doing something that I don’t feelfulfilled with? That’s a bis, big risk that you live thewhole life and being miserable, right? So, so, dep, it depends a little bit onwhat it is that you really want to do.
And what you are willing to risk.
And in that perspective I think, Iunderstand that risk is associated withentrepreneurship, but I don’t like the notion, risk is put on a entrepreneur saying that this person is arisk taker.
>> Let, let, let me move to one more issueof this entrepreneurial character that Ithink is, is interesting to discuss.
You know, in my thinking over the yearsabout what motivates entrepreneurs, I’ve kind ofcome with three categories.
Change the world, build a great company,get rich.
>> [INAUDIBLE] Okay.
>> Yeah, so, so, what is the [COUGH] Ithink all three’s fine.
But some people are driven more by onethan by other.
So how would you describe, you know, thosethree words for yourselves in terms of how you, how you kinda slot yourself orprofile yourself relative to those things.
And do you think those are relevant toentrepreneurial motivation? >> I mean, I would say I mean, I, I neverdid anything for the money.
And I think that anybody.
That walks into an entrepreneurshipendeavour to get rich, has already failed.
And I mean, monetary exits, cash that youmake is, really, comes after all the hard work, and you can’t eventhink about that from day one.
And if the minute you do, you’re gonna start making, you know, short-termdecisions that are gonna go ahead and affect your business decisions that you should bemaking.
So, for me it’s always been, been aboutbeing successful.
And, and proving to myself that I can doit again and, that I know the formula.
And so long as I know the formula, I wanna challenge myself, for the nextopportunity.
And you know, sure.
The money that comes along it’s likekeeping score.
But that’s about it.
>> And I, I think, the, the change theworld idea.
Or variants on that, like for me, the wayI would articulate it personally, is sort of, you know, be involved with the most interesting things I can be involvedwith.
is, that’s it.
And all the best entrepreneurs I know,tend to look at the building of a great company, andthe making of a lot of money, as means to the end of accomplishing the goal that they aretrying to accomplish.
You know, the idea that, i want this to bestructured as a company, because a company is the best vehicle toaccomplish what it is that I’m trying to accomplish.
If there were a better vehicle, I woulduse that other vehicle instead, but this is the best vehicle, sothat’s what I’m gonna do.
that’s, the mentality that resonates mostwith me and, I think, you know, can get you to, to the biggest and,and most exciting places.
>> I think, changing the world is such abig term.
But I think, definitely there’s a part ofme that, perhaps, try to contribute, somehow,in my little way.
So I think and, and the reason why I thinkthat is important because, I think everyone you’re looking for somekinda meaning or purpose with what you do.
That you actually see that what you do hasa positive effect.
And that I think is important of, of, ofmy drive.
In addition to that, I think it is goingback to what I talked about earlier.
Working with people that you care about, working with people that you’re reallypassionate about, and indirectly that is really building an organization that you, that you take pridein.
>> Carol you have anything prepared? >> So you know, I think the the kind ofthe core motivation and where the company is in its growth process, is gonna motivate where the money sources arecoming from.
And so, if you’re trying to change theworld, but there’s no clear.
Path to making money.
The type of investor that you’re going to attract, is going to be very different,than one that you come in and say, you know [SOUND]here, here’s the plan, I’m gonna do this.
This is gonna happen, and and you’re gonnaget your money back in three years at, you know, xpercentage.
Well, having heard that speech a lot oftime, I’d never believe it.
But, but the point is it, that it, it attracts a different type of investor, andand so.
Part of the game and, and one of the thing that craters any startup is notbeing properly capitalized.
And so, part of the game is figuring out, where are the right pockets of money foryour startup.
And, I think, I think, you need tounderstand, when do you need to attract money because of passion, when doyou need to attract money out of greed.
And and where do you need to attract moneyout of the philosophy of, of building a a bigger,stronger company.
>> So one of the questions, I think isgenerally interesting, certainly do the students that I teach is, where dogreat ideas, great insights, come from? And, if you’re willing to share, what’shot now? [LAUGH][SOUND].
>> I, I would say social gaming, andsocial media, is probably from a sector.
Probably one of the interesting sectorsthat, that, that I see right now.
I mean, hence I’m in it.
But in terms of ideas and execution, Imean, part of my philosophy is that idea, when you get it,is 1% of the journey.
99% of it is all execution.
So, I know a lot of people that get wound up because they see a hot idea, or a hotsector, and you know, they basically, I mean, Ieven get crazy emails saying, hey, I have the nexttrillion dollar idea.
[LAUGH] I don’t even know if that ideaexists, but, still, in terms of people’s mindset, they think this idea is gonnamake them rich, or this idea is it.
That’s, that’s 1% right there, you know,and 99% of how you actually execute from startinga company, making it into something, and goingthrough the ups and downs that you’re gonna have to gothrough.
Is really the outcome that you shouldfocus on.
>> Yeah, I refuse to even answer thequestion because it’s not what anybody should be thinking about ifthey’re thinking about starting something.
You need to be thinking about, you know,what you wish were hot tomorrow, not what’s hotnow.
The you know, my job, is to spot what’s hot now before anybody else spots what ishot now.
But that’s a different topic, that’s beinga venture capitalist you know, the entrepreneur’s job, is to do the thingthat they wanna do and so I wou, I wouldn’t worry about what’shot now, actually, the only, the, the only extent to which I wouldworry about what’s hot now.
Is, if you really wanna do something, andyou look, and say you, know know, this is really hot right now, that’s probably abad sign but, beyond that, just forget it.
Don’t, don’t, don’t, you know, don’t, lookat it as a positive or a negative.
Just ignore it, just ignore everything andjust do, do what you wanna do.
>> I strongly support what you are saying,Matt.
I, I totally agree.
And I, I think that sometimes there’s alittle bit of a fear in you’re chasing what is hot,you know? And, and, and that, I think that is a, abig mistake you do, that you try to come up withsomething that is hot.
You know, it must be something that you’repassionate about.
It must be something that you.
You can really see, that this will have animpact.
That, this will really create value.
And, and where to look, I ha, you know, Ihave no idea really, but I love internet.
I think internet is fantastic, andparticularly when you think about [INAUDIBLE] mobilephones.
And I think that, well, some people say that all innovation on the internet isdone.
Some people say that so, so, social mediaand.
And social network is the last biginnovation on internet.
I don’t think that’s true, whatsoever.
I mean, we are the first generation thatgrew up with computers.
Internet has just come up in, in the la,late in the last few years.
Social media didn’t [INAUDIBLE] until one,one year ago.
So, within that space, there’s justphenomenal.
And phenomenal opportunities, to, tocommit innovative products and services, and I’m sure that we justscratched the surface of what the, wha, what the po what, what they’re going to see goingforward.
[INAUDIBLE] >> You know, there, there are so manyproblems in the world.
and, you know, kind of the core areas thattend to trigger people’s passion, is that they’re trying to solve a problem, orthey’re fantasizing a a different world.
So you know, the current state of thetransportation industry drives me nuts, and anybody can do beam meup Scotty, I’m, like, so there.
You know, I’m concerned about health and I know that there are, like, several corethings that I need to do.
Exercise and sleep And, and what I eat are the three, you know, big things that’llimpact my health.
So you know, anybody that can make thateasier, and simpler and, you know, I can eat anything I want, and never puton a pound, would be fabulous.
I mean, you know, you could, I mean you start working through you know, what’swrong in the world? Where are the big problems? What are the big trends? I mean, we have a huge bunch of peoplethat are crossing the 50 year old line, and the world is differentwhen you’re 50.
And and so, how do we meet those needs? We have a a younger generation that is moving into a global world, not a villageworld.
How does that impact? I mean, pick an area, and and you candiscover that there are problems.
And the minute you discover the problems,you start fantasizing about how to solve itand, bingo.
>> You know, pe, people talk about thisidea of changing the world a lot.
I think, a lot of the times, what theyreally mean is, is changing your world.
You know the, really great things thatpeople create and build, and turn into bigcompanies.
I think they usually come from verypersonal places.
>> and, so, you know? You have to, sort of, find what’s personalfor you, and what is it about your life that youwanna change? And I think it, it could be subtle, but inlots of ways.
That extension is, is, is a driver forpeople.
When you start thinking about problems atsort of grand levels of abstraction, I think you risk getting intosort of dangerously unemotional territory.
This is hard, right? [LAUGH] It’s really hard to do this.
You have to really, really, really wannado this all day and all night 7 days a week for the next, assume it’sgonna take 20 years, you know.
And completely disrupt and interfere withand screw up the rest of your life.
So, it better be really, really, reallypersonal.
So it’s great to wanna change the worldbut I think a lot of times when people talk about changingthe world they’re really talking about.
Changing themselves, and, and changingtheir world, and changing their world around them and that may sound selfish, but, youknow, emotions are important.
We, when, when we talk, when I, when Italk about it in class, I always talk, I use the wordauthentic.
That there’s an authenticity.
>> That great ideas come from personalexperience, the ability [COUGH] to be unhappy withsomething, see an opportunity to change it and apply that and then, that’s, you know, that, thatyields ideas.
And on the, on the what’s hot now question, which I, you know, always ask,it’s a.
Kind of like the, the, the Groucho Marxquote, which is, you know, who’d wanna be a member of a clubthat would have me? and, you know, what’s hot now? If I knew that, I would be sitting, youknow? I’d be out doing it instead of sittinghere talking about it, right? [LAUGH]>> But, but, but, you know? The, the thing that I wanna make sure thatThat at least I’m communicating is that entrepreneurshipis not limited to technology.
Entrepreneurship happens in all walks oflife, and in all business segments.
And there are investors that will supportthat.
We happen to have a particularly highconcentration of technology based investor in Silicon Valley but thatdoesn’t mean that, that is the world and >> Yeah, they built Starbucks on a greatcup of coffee, there’s nothing [SOUND], yougot to love that.
>> Who would have thought.
>> Let’s we have five minutes left let’sopen it up and see if there’s any questions from the audience for all or any particular panelist[INAUDIBLE].
>> Great people.
When you go back, sort of start up modeyou don’t have much credibility behind you, not many people know you to havethis, what you think is great idea.
How do you actually hire these A players,like what are some practical sort of steps fromthe knowledge, you know, now of how you wouldgo out and try and influence these people tocome onboard? Well, there’s there’s probably there’s twocategories of rock stars.
There’s the first category of the thefamily employee sweat equity rock star.
And then secondly the rock stars you hireat a second stage of the company.
I think you’re asking about the primarystage and just a quick story on my side, is when Istarted Blue Lithium I actually Found a company inBelarus, of all places, through the internet, and you know, theyhad a great technology.
I actually went down there, visited them, and they were just scrappy entrepreneursbuilding code in, you know, an apartment building, you know, next to about 18 differentcomputers.
And I love that.
I love the scrappiness, the bootstrapness,and you know, when I look them in the eye and said, what do you wantfor your company? And they basically said a half a milliondollars.
And I said okay, how about if I can giveyou more than that? And when I can go ahead and.
What, well, in a different way.
And the way was you know, for them to bindmy vision of what I wanted to create.
And, you know, you got to understand whenyou’re trying to look for that rupture, you got to have people thatwant to take that risk.
And when they take that risk they aregoing to go ahead and work their ass off for it.
And that, that risk where they ended uptaking a stake in my company so wall paper, rather than a half a milliondollars three years later became 15 milliondollars for them.
So, if you look at it in that context there are enough people out there who arehungry.
It’s not that many, but there’s enough outthere, and when you can find them, you know, everybody’s after the same journey and everybody’s after the samegoal.
>> So, I total agree with, with a lot ofthat.
One thing I would amplify and give it alittle bit different view on, there’s lot’s ofdifferent ways to be hungry.
And some of the ways to be hungry can bevery destructive for your company.
Some of the ways for people to be hungry can be incredibly powerful for yourcompany.
I think you really want to find people notwho are low ego, which is what people always talk about, but rather who have a strong ego and a desire to sublimate thatcompletely.
Into what it is that the company is doing.
Which is a different thing, but is a veryimportant distinction.
So how do you do that? You have to be really careful to findpeople who are, you know, nobody will ever be as deeply passionate about what thecompany is making as the founder, perhaps.
But you need to find people who arereally, really passionate about.
What the company is doing, as opposed tothe fact that the company hot, or the companyis, you know, in an interesting space, or thecompany has funding from good investors, or whathave you.
That’s hard to do.
I think there’s some tactical ways you cando it.
You know, at some of the companies I’vebeen involved with, we’ve had people.
Take title deflation or coming of thecompany which is a somewhat contrary while the management theory said,that’s a very bad thing to do.
But actually I think it’s very good Litmustest to why is this person here? Why are they coming here? There’s lots of other ways you can do thattoo.
But the, those subtle differences can.
Have a huge impact on how things go.
>> I think we, I think we’re actually alittle past our time.
But let me say thank you to all thepanelists.
I assume that some of you will beavailable for some people to come over and say hello toafterwards.
Thank you very much.