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A must read for the Entrprenure wanna be
2008-05-01 14:02:00
A must read for the Entrepreneur wanna be:I have worked with Founders from a lot of varied backgrounds, pure academics, research scientists, and the very rare experienced business person, all have there own philosophy on how to start a business and run a business, I have an important statement "You do not know it all" and "your point of view is not the only correct one". I have sat around numerous meetings early mornings, late nights and long haul flight meetings and listened to them declare there point of view with a level of arrogance only Kings and Queens and the President of the USA should only be making, oops !!!I forgot to mention the venture capitalist as well, well you are spending his money to test your pet theory and fix your problems, so the £xx0m you have spent so far of his money can give him the right also. I used to be in this camp my way is the only way, but I have learned that I usually hire smart people , who are better at some things than I am, and pay them a good...
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There is hope for us all still
2008-04-25 14:41:00
Interesting post from Fred, I have always recognised that running a start up can look for the outside a mess, but hey we are trying to do in 3 years what a normal company does in 20 years....so take heart and keep pushing onward, have a great weekendFrom Messes To SuccessesBy fred wilsonI was emailing with a top technology blogger yesterday and he said about one of his competitors in tech blogging, "they are such a mess". To which I replied, "yes, but our biggest messes have often turned into our biggest successes." And then I realized that I had made a rhyme and that I would have to blog it.When I look back at my 20+ year history of venture investing, it's certainly true that the biggest successes have been big messes at some point in their life. My most successful venture investment at Euclid, Multex, almost went bankrupt before the Internet came along and provided a cheap way to get it's service to its customers. Geocities, which was our most successful investment at Flatiron, ...
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Running a successful business
2008-04-18 12:13:00
Running a Successful Business Running a business is a bit like doing a jigsaw puzzle. The pieces must fit together perfectly in order to complete the puzzle. If you are missing a piece, or if you have to pound the pieces together, you can't complete the puzzle. .Create a Culture The first piece of the puzzle is the corporate culture. It needs to be created and communicated throughout the entire operation. There are many tools available to help write a mission or vision statement, but I think it's often best to keep it simple -- one or two sentences -- and describe why the business exists. What is the core value or the daily purpose? Write it down and share it with everyone! Next, create an employee manual that reflects the culture. Again, there are many websites and consultants who can help with employee manuals. In this case, I do recommend getting outside council as the policies and procedures described in the manual should be legally sound and abide by your state's employment l...
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Concerns on the short term performance of the Venture capatalist
2008-04-14 14:19:00
I have been looking at the "Credit bust" and the Big banks performance and what there impact on the VC market and debt finance for early stage / Start up companies will be ,and I have seen a number of articles on the stagnation of the VC market and the IPO / AIM, anyone have any comments, I have experienced neither , but it could be sector dependant.Private equity ?to stagnate? By Nick BrittonThe private equity industry is heading for tougher times, according to a survey of business leaders conducted by consultancy McKinney Rogers. Respondents expect the market to show zero net growth over the next 12 months and grow ?only a little? for two years after that. The credit squeeze is cited as the chief cause, with 71 per cent of respondents believing it will have a large impact on the industry, while some 68 per cent think that general economic uncertainty will affect private equity?s growth.Regulation of one kind or another, including Sarbanes-Oxley and MiFiD, is expected to contribute...
More About: Venture , Performance , Short-term , Short , Term

Corporate Culture some thoughts
2008-04-09 09:56:00
Where does it come from and why do we need it?Some CEO's believe they can define the corporate culture of their company - we argue that they can't.The reason for this is that corporate culture - like any other type of culture is a product of behaviors, norms, values, history and leadership style. If you want to develop a certain corporate culture it doesn't help you writing it down in a powerpoint presentation - you have to live it out.Just look at your family. The culture you have in your family isn't written down - it is something you learn to fit into as a child by looking at the other family members and other families. It is no different with organisations. If you have to write down your culture it usually means you don't have it. KLM has a slogan for the time being: "KLM - The reliable airline". An airline is only reliable if you as a passenger has experienced them as reliable. In that case there is no need to write it down. On the other hand you have experienced the airli...
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Sage words on not trying to know everything
2008-04-01 11:01:00
A friend shared this with me...sage words indeed I don't know. Why is it so hard for people (including both entrepreneurs and VCs) to say these three words?This past week I had two distinctly different meetings with entrepreneurs. They both were successful serial entrepreneurs. Both were exceptionally smart. Both had good ideas.The first entrepreneur, however, thought that they were expected to know the answer to every question. There wasn't a question I asked that he didn't have a definitive answer to. He knew what their pricing model would be. He knew why Google would never compete with them. He knew what their consumer churn would be three years out (despite the fact that they hadn't launched yet). Whenever I tried to discuss the different risks in the business, he told me why they didn't exist. The second entrepreneur, had a different approach. He definitively stated answers when he had them, but when he didn't know he said so. When asked about his pricing model...
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Things seem to be changing for the fairer sex in business
2008-03-28 09:28:00
The New Gender Gap in Education-BeckerUntil the mid 1960's, female high school graduates were less likely than male graduates to go to college, and female college students were far more likely to drop out than were male students. The direct reason for this difference was that many younger women married and then dropped out of school - mainly to start having families. Perhaps a more basic reason for this gender difference in education was that women did not participate in the labor force so much in those days, and hence many women did not believe a college education was useful.All this has changed radically since 1970. Female high school graduates are now no less likely to enter college than are male graduates, and a much larger fraction of girls than boys finish high school. These two facts imply that considerably more women enter college than men. The fraction of college students who are female is further increased by the greater propensity of women who enter college to finish and...
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Angel or Friends and Family investment strategies
2008-03-25 10:06:00
Angel or Friends and Family investment strategiesWhat's the best/preferred structure of investment money pre-VC investment. We're in the beginnings of raising angel capital (~500k) and were wondering what, if any, considerations we should make regarding the investments to allow for VC later. Should we take convertible loans or issue straight preferred stock? What are the other options that are out there for investment structure? Is it too much of a hassle to handle future investments when there is an "angel group (say 5 doctors banded together)" versus a singular angel?Assuming that you are planning on raising VC money some time in the future, there are two different typical structures for the first angel financing: (1) convertible debt and (2) preferred equity.Convertible Debt: This is the easier approach of the two. In this case, the investment is in the form of a promissory note that converts into equity on the terms of a ?qualified financing? (where qualified financing typical...
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Whats in the future for all us Business leaders
2008-03-13 14:26:00
I always get a buzz from reading some of the futurists ideas, I have helped a few with their research in the past, this article is a snap shot of some of the thoughts from a leading thinker in this space Ray Kurzweil, a lot of it is not to far off. Enjoy the read the original article was from Future Winners International Ltd, it has a proven track record of providing senior executives with the ability to continuously re-engineer their enterprises with a supporting organisation structure and culture which is nimble and adaptable.Adapt or DieI seldom recommend a book in this newsletter ? especially one published as far back as 2005! I however recommend unreservedly that you should get your hands onto ?The Singularity is Near? by Ray Kurzweil even if only to read the first two chapters.Ray is possibly the world?s most famous serious futurist. In these two chapters he combines fifteen studies of the evolution of life from the big bang until the present. These studies were compiled by hi...
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When pride get's in the way, yahoo,google,microsoft
2008-03-12 14:16:00
It is easy as a founder of a company to get too emotionally involved in your start up, have a read at this article about Jerry Yang and his fierce rival, Microsoft . I found this article in the http://www.growthbusiness.co.uk/ news letter and it was by Michael Jackson who is the chairman of Elderstreet Investments, a leading technology venture capitalist which he founded in 1990. He was formerly chairman of Sage, the FTSE-100 accounting software group with which he was closely involved for over 20 years, since its unquoted days. When pride gets in the wayWhen Yahoo founder Jerry Yang received a call saying that his fierce rival, Microsoft, wanted to buy the company, his initial reactions were outrage and rejection, writes Michael Jackson. Yet Yahoo has underperformed in terms of share price and trading performance, and the offer by Microsoft was generous, being significantly higher than the previous day?s share price.The bid prompted Google to start talks with Yahoo. While it?s obvio...
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Suppliers and relationships
2008-02-29 14:53:00
I was in Oslo this week to meet with one of our strategic suppliers, this was our first face to face meeting, so it was a bit of getting to know each other and feeling each other out, it was an interesting visit. The key things I want to bring out was that they were open and transparent, they did not waste time in getting to the crux off the matter and they were interested in how they could help us get better pricing and product. The were open on how they could save us money and how it helped them as well in there business,they were honest on there capabilities not over stating there position. I wish more companies would take up this model as it would make there business life more "profitable". They went out there way to make our trip as productive and hassle free as possible, with assistance on local travel etc...yes if we sign a deal it will be a multi-million dollar contract, but it goes to show that " Nice guys2 in business have there place, and I would rather be known as a Nice...
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Construction your Board
2008-02-28 14:32:00
Here are some thoughts on choosing board members. Avoid "big names" For the most part, they are useless.Select people who will attend each and every meeting, who will pay close attention to the businessSelect people who have an affinity for your business, who understand your challenges and your opportunitiesAvoid putting someone you can control on your board. In tough situations they will have a fiduciary duty to do what's right and you won't be able to control them when it matters most to you.Don't let conflicts get in the way of selecting the ideal board member. Conflicts will be disclosed and can be managed. Many times the people who will understand your business best are conflicted in some way. There are ways to deal with this problem.Make sure to have an experienced accountant/auditor on your board and have them run the audit committee. That is no place for amateurs.Make sure to have at least two or three CEOs of comparable companies on your board. Make sure they are on the...
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Dragons' Den bad value for money ?
2008-02-22 10:36:00
Dragons' Den bad value for money, say small businessesNearly 65% of small businesses say that they would turn down an offer from TV programme Dragons? Den if they didn?t think it represented good value for money.According to a survey of just under 750 business owners, accounting software company Kashflow found that businesses would prefer to turn to banks or private backers for a more reasonable rate or split of the business.Of those who would accept, 36% said it was because of the experience the dragon could bring to the company, while 27% said they would use it to try and grow their company.A further 24% said they would only accept for the positive public relations opportunities.Ling Valentine, owner of LINGsCARS.com, is a small business owner who decided to turn down the Dragon?s offers of investment.She said: ?I had two joint offers from dragons Bannatyne and Farleigh, but they wanted too much [of my business.] I refused both of their offers.?LINGsCARS.com has more than doubled...
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Capturing the Tribal Knowledge
2008-02-21 09:24:00
When you start a new company, there is a lot of IP and "know how" generated quickly in the opening months of operations, I have always had a problem with the generation of documents to capture the knowledge and not just let it reside in the heads of your best workers "Tribal Knowledge ", writing reports is a time consuming process both for the writer and the reader...maybe the Wiki will be the way forward...read on..if you are interested...Seven Strategies for Implementing a Successful Corporate Wiki By 2009:At least 50 percent of organizations will use wikis as important work collaboration tools -- will you be in that number?By Brad KenneyJan. 25, 2008 -- Gasoline prices and the goal among many organizations to keep retirement-age workers active and involved are encouraging more employers to offer telecommuting options to employees.Businesses must enlist technologies that will help workers stay connected while they collaborate on internal projects. One tool to receive greater consid...

Don?t Let the Peanuts Run Your Life
2008-02-20 22:36:00
Some brain food from David J PollayDon?t Let the Peanuts Run Your Life I love peanuts. I like them salted or unsalted. I like them sweet or savory. You can put them in my dinner or in my dessert. I never met a peanut I didn?t like. It is a joy to eat peanuts!It?s also a challenge to eat peanuts. Peanuts pack a caloric punch. Too many peanuts per day and you have to loosen your belt. One day I decided to reduce my peanut intake. I resolved not to eat peanuts after dinner, or for a late night snack.So the next night I had dinner. And sure enough, I had a thought to eat some peanuts. But I reminded myself that I had decided not to eat peanuts. So I did not eat peanuts.And then it happened. An hour later I was standing in my kitchen with salt on my lips, peanuts in my mouth, and another load ready to go. But I did not remember opening the cabinet, reaching down to the bottom shelf, grabbing the peanut jar ? OK, the peanut tub ? and putting a handful of delicious peanuts in my mouth. It w...

Pangea Day
2008-02-19 09:31:00
What Is Pangea Day ?I thought I would do my bit for the film producers of the world, I.e you and me today and introduce Pangea Day to you:Pangea Day taps the power of film to strengthen tolerance and compassion while uniting millions of people to build a better future.In a world where people are often divided by borders, difference, and conflict, it's easy to lose sight of what we all have in common. Pangea Day seeks to overcome that - to help people see themselves in others - through the power of film.On May 10, 2008 - Pangea Day - sites in Cairo, Dharamsala, Kigali, London, New York City, Ramallah, Rio de Janeiro, and Tel Aviv will be videoconferenced live to produce a program of powerful films, visionary speakers, and uplifting music.The program will be broadcast live to the world through the Internet, television, digital cinemas, and mobile phones.Of course, movies alone can't change the world. But the people who watch them can. So following May 10, 2008, Pangea Day organizers ...

Some food for thought "Game Theory"
2008-02-18 14:46:00
Game Theory an IntroductionGame theory is a branch of applied mathematics which is used in the social sciences (most notably economics), biology, computer science and philosophy. Game theory attempts to mathematically capture behavior in strategic situations, where an individual's success in making choices depends on the choices of others. While initially developed to analyze competitions where one individual does better at another's expense (zero sum games), it has been expanded to treat a wide class of interactions, which are classified according to several criteria.Traditional applications of game theory attempt to find equilibria in these games?sets of strategies where individuals are unlikely to change their behavior. Many equilibrium concepts have been developed (most famously the Nash equilibrium) in an attempt to capture this idea. These equilibrium concepts are motivated differently depending on the field of application, although they often overlap or coincide. This metho...
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Interesting article on doing business in China
2008-02-14 14:19:00
Post found in the http://www.chinavortex.com/Working the Gray Areas in China If I were to wait until the Chinese government said I could do something, I?d never be able to make money.?This is a line I have heard on many occasions from different Chinese entrepreneurs.In China, there are many areas which are not strictly illegal, but they?re not legal either. Most of the time, these involve fields which are too new for the government to regulate. Any government is a slow-moving giant; they are not renowned for their quickness and being smart. In this business ecosystem, the advantage lies with the fast-moving entrepreneur who can identify a need and move in quickly.By the time the government has figured out the industry and begins to regulate it, the major players are already established. This is how the online gaming industry started in China with Shanda, and how Giant Interactive became successful with its pay-for-play online gaming model.When Americans and Europeans go to China, the...
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Presentation Delivery
2008-02-14 08:56:00
Deliver a Presentation like Steve JobsBy Carmine GalloWhen Apple CEO Steve Jobs kicked off Macworld 2008, he once again raised the bar for presenters everywhere. While most deliver information, Jobs inspires the audience. After analyzing his latest presentation, I?ve extracted the 10 most motivating elements to incite listeners.1. Set the tone. ?There is something in the air today,? Jobs projected to the crowd to open the Macworld conference. By doing so, he set the tone for his presentation and hinted at the key product announcement?the ultrathin MacBook Air laptop. While every presentation needs an angle, it doesn?t have to be unveiled right away. Last year, Jobs waited until the 20?minute mark. When the time was right, he noted, ?Today Apple reinvents the phone.? Once you identify your angle, make sure to weave it throughout your presentation.2. Demonstrate enthusiasm. It?s impossible to deny Jobs? passion for computer design. Next time you?re crafting or delivering a presentatio...
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An Insite into the first year of a start up
2008-02-13 09:44:00
The 1st Year is the HardestIn Om of GIGAOM's article on his first 365 days as an entrepreneur, he is quoted as saying "a founder?s life is filled, mainly, with attempting new things, recognizing one?s mistakes, and making adjustments. ?Each day was different, each situation unique? we all learned how to deal with whatever came our way.? Which is why he is always drawn to baseball analogies. Pitch. Analyze. Adjust. Like a pitcher on the mound. Which, ultimately, is just what a founder is ? the person who puts the game in play. The full text of Om?s piece begins here:The longest year, the shortest 365 daysAfter eighteen hours stuck in the middle seat on what seemed to be an unending journey back home, I arrived yesterday in San Francisco, whip lashed by a monster jetlag, and an email box full of messages. And all I wanted to do was meet up with the GigaTeam, and have a quiet drink to celebrate an important milestone in our brief start-up life: our first anniversary.On July 5th, we tu...
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Relationship a big lever in business
2008-02-12 14:30:00
Relationship a big lever in businessMaking relationships with, employees, customers and partners is a must to building a lastign business, knowing a person for who the are and not just what they do, allows you to operate at a deeper level as trust and understanding of each other improves.Some interesting quotes about relationships:Virtue is not left to stand alone. He who practices it will have neighbors.Forget injuries, never forget kindnesses.Respect yourself and others will respect you.When anger rises, think of the consequences.Do not impose on others what you yourself do not desire.It is more shameful to distrust our friends than to be deceived by them.It is not the failure of others to appreciate your abilities that should trouble you, but rather your failure to appreciate theirsTsze-Kung asked, saying, 'Is there one word which may serve as a rule of practice for all one's life?" The Master said, "Is not Reciprocity such a word? What you do not want done to yourself, do not ...
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Founders be aware
2008-02-11 10:41:00
Founders pushed outGeorge Osborne happily announced this week if he were chancellor, a national Dragons? Den style system would be introduced to help entrepreneurs find investment for their businesses.Unless you?re spectacularly wealthy, or happen to have stumbled upon an extremely cash generative idea, you?ll probably need some kind of outside cash injection to grow your business rapidly.Dealing with investors is often a major challenge for entrepreneurs and one, it seems, that continues long after you?ve signed over an equity stake.New research from the European Leadership Programme (ELP) found only one in every 10 company founders are allowed to remain as chief execs following venture capital investment.To address that figure another way, for every 100 businesses that receive significant VC funding, 90 entrepreneurs are pushed out of the driving seat.Of the entrepreneurs surveyed, 35% said high expectations of investors was the main factor in a split.?Many companies bring in a ne...
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Ideas are the life blood off your company
2008-02-08 09:37:00
The moment new ideas stop being used in a company the company has died, this is an article that may help you get thoese creative processess functioning again.Ideas Don?t Always Have to DieIdeas do not always survive. Sometimes they are forgotten, discarded or never make it beyond the initial stages of discussion. There are plenty of reasons why ideas die.For instance, an idea might die when:?the idea is attacked by a certain number of people.?the idea isn?t responded to with enthusiasm or passion.?the cost of trialing the idea is too expensive and there are other priorities demanding funds.?the idea is deemed too risky.?there is no one in a senior position to champion the idea.?there is a lack of feasibility attached to the idea at the initial stage.?there are power struggles between those promoting the idea and those opposing it.?the idea is thought to be too similar to an older idea or the same as something already in place.?there is a change of circumstances, or strategy is adjus...
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what you should be focused on as a founder
2008-02-07 09:04:00
What a Startup Company Founder ?s Priority List Looks LikeLeading a startup company is nothing like leading a big, established company. Startups are focused foremost on survival, while big companies direct their efforts toward growth or in the worst case, slowing decline.It?s natural that many entrepreneurs start companies with a task list that looks a lot like it did at their old job. After all, they?re likely coming from an established career in a big company. Big companies (usually) have the critical infrastructure in place and as inefficient as they may be, workers are free to look much farther down the road.Startup Founders don?t get the luxury of looking too far down the road. They don?t get to spend inordinate amounts of time on product development or internal policy making. For this reason, a startup Founder?s priority list looks a whole lot different.Job #1: Get Money in the DoorA Founder?s most important question is ?do we have enough money to make it past our next mileston...

An Interesting post for a Wed....
2008-02-06 09:16:00
"Everything you should know about me as an entrepreneur you could learn from my OB/GYN"Sherry Couch of BizNiche brought a big smile to my face. She made a pitch in her Email which blew me away:) see it below.?Everything you should know about me as an entrepreneur you could learn from my OB/GYN?? Sherry went on to write: I am very good at conceiving an idea.I can commit to something mind, body, and soul for at least nine months.I have the ability to over come adversity, such as eating healthily while puking all day.I can adapt quickly to changing and expanding situations.I stay focused and motivated even with a lack of oxygen to my brain.I am creative: Did you know with satin pajamas and satin sheets you can roll over in bed even with an extra sixty pounds.I am patient?ever known anyone ten months pregnant?I am cool under pressure: I gave birth to a ten-pound baby without a C-section or a properly functioning epidural and did not curse out my husband.I am resilient: I went back to wo...
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Bridge finance whats you don't think about
2008-02-05 08:51:00
I have been busy the last few days, I spent last week in Germany and this week getting ready for Investor meetings....I read this article below in a blog by Rob Shurtleff -http://www.shurtleff.org/ ...a good read...going for bridge finance always feels like the last straw..I have done it before and it was....Bridge notes can provide investors with a discount in exchange for putting up money along the way to a major financing. Bridge notes can allow an individual or small fund to get into a deal when there might not be room in a round being funded by larger institutional investors. Bridge notes leave price negotiations to independent (often times angel investors personally know the entrepreneur) experienced investors. I have recently been asked to evaluate two investment opportunities that came from friends who are active angel investors. As is common, both of these deals were structured as bridge notes. Both of these deals suffered from the condition we call ?A Bridge to Nowhere?.Li...
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Something to think about, not for the hard men of business
2008-02-01 08:50:00
YOU WANT TO GET ALONG THE ROAD OF SUCESS ? SAY THANK YOU.No one thanks anyone anymore. It's disgusting. And rude. And arrogant. Just say thank you! Say thank you!Say thank you to the postman.Say thank you to your boss.Say thank you to your employees.Say thank you to your son or daughter's teacher.Say thank you to someone who just made photocopies for you.Say thank you to the person who just bought you lunch.Say thank you to whomever puts up with your insanity on a daily basis.Say thank you to your parents.Say thank you to the guy who just ripped your movie ticket stub.Say thank you to the woman who just served you.Say thank you to the person who just spit in your face!Just say thank you. Make it a habit to say thank you constantly, and you might start to realize that people are constantly regarding you more highly than ever before.Take a moment to write a thank you note to every one of your clients. To every one who has ever sent you a gift. To every one who has helped you in some...
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Six Things You Don?t Know About Gordon Whyte
2008-01-31 17:02:00
Some people think the blog world is all give and take, as in I don?t ?give? a _______ about this and ?take? this and ________.Well, it is about sharing opinions, but it?s not about ranting. What makes blogging interesting is knowing the people behind the comments they make. You don?t see the disclaimer ?these views are not representative of this blog, the management of the blog or any affiliates therof.? Owning your comments as an individual is what makes blogs different and unique.So, I just got tagged by Phil Gerbyshak, from Slacker Manager with a game going around the blogging community where you are asked to share six things that people don?t know about you. It?s a push to share something new about yoursef and then you get to ?tag? three more bloggers.Six things on me?1) My First job was to sieve soil for a geotechnical company...dirty and dusty...2) I love to cook for friends over a weekend, and never use a recipe3) I Play guitar and Mandalin...and just picked up the Banjo...4)...
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Business Models
2008-01-31 17:02:00
There's been some discussion in the tech blogosphere about startups and their need to have a clear business model, and some confusion from entrepreneurs about why it's ok for some businesses not to have known business models when they are expected to show three year pro-formas and be grilled about their model during any investor pitch.I generally believe that for many technology companies, you need not necessarily have any idea how you will make money when you get started, and if you show good progress on the product and customer adoption, you need not make any commitments to a business model for some time. You do need to intimately understand where you sit in the proverbial value chain and what your position there means for your company, but you don't need to know precisely how you will extract value. In fact, I'll go farther and say that focusing on business model too early can hurt a company's prospects. When asked about Google's lack of a clear business model when he backe...
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Going Global from small beginings
2008-01-25 09:13:00
Say you?re the CEO of a company ranging from say $30 million to $250 million a year and you?ve never being able to figure out a way to go global. That?s unfortunate but not fatal. You still have time. And in view of what?s happening to the domestic U.S. economy, now would be a great time to start figuring out how to export or possibly even invest abroad. There?s huge demand in the world for the kinds of niche products that many American manufacturers make, ranging from water filtration systems to bolts to jet engines. Based on my years of reporting on the subject, here are my tips:?It?s a mistake to simply hire a vice president for international, probably someone who is foreign-born or who has experience internationally. Some CEOs think that?s the answer but it?s not. The v.p. for international will go on a series of trips and rack up big expenses. He?ll come back from a trip and tell you that there?s a market for your products in, say, Germany, if only you?d customize them or adapt...
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