Ten Enduring Success Factors for High Technology Entrepreneurship

Title: Ten Enduring Success Factors for High Technology Entrepreneurship

Date: 2006-01-18

Speaker: Tom Byers (STVP)

Link: Podcast

 

There is no opportunity unless there is a big problem.

Entrepreneurs aren’t born, they’re made.

Ready (vision). Aim (strategy). Fire (execution).

Founders have to evolve as people.

There are three kinds of CEOs: retriever, bloodhound, and husky. They have to evolve if they’re going to remain CEO.

Context is everything outside of the control of the entrepreneurs.

How do you turn a problem into an opportunity?

Great companies always get started in recessions.

There is a break between wealth and success.

Recommends the book Crossing the Chasm.

A business plan is a set of questions that need to be answered so that the whole business is in alignment.

Cash flow is very important for a small company.

What you spend money on is very reflective of an entrepreneur.

Pro V.C.: they have lots of money and expertise.

Con V.C.: it is really expensive money.

Rarely does an entrepreneur take the best price (most money vs. least amount of equity given up) from a V.C. It is all of the other stuff that matters the most.

Creativity is a necessary condition to be innovative but it is not sufficient without teamwork.

Selling is a noble profession.

Make it not about financial gain but about changing the world.