Choosing the Entrepreneurial Path

Title: Choosing the Entrepreneurial Path
Date: 2007-02-07
Speaker: Reid Hoffman (LinkedIn)
Link: Entrepreneurial Thought Leaders
Consulting backgrounds and MBAs are negative predictors for successful entrepreneurship.
Pick something that not everybody else thinks.
Value comes from being contrarian.
Entrepreneurship is trying to find which way the surface is before running out of oxygen.
Raising money is not success. It just makes the hurdle at the end higher.
Most entrepreneurial ventures fail.
Success rate is between ten and thirty percent.
Work as if you’re going to succeed but plan on the fact you might actually fail.
You want to get to your failure points and measure them as early as you can.
Sometimes you’re going to be lucky and sometimes you’re not.
Anything that is new involves some amount of risk.
Business is about the simplest possible problem that you can solve and works and scales.
Financing strategy is essential.
In consumer Internet it is distribution, distribution, distribution.
Value of what you built without distribution is approximately zero.
Don’t try to solve all your problems at once.
Get to the biggest risks as soon as you can.
Banks by definition are slothful, very slow and terrible competitors.
What happens when everybody becomes a publisher (the Internet)?
Everybody who has assets to invest uses personal referrals.
Your manager will probably have more to do with your happiness than your spouse.
Entrepreneurship is very important because every modern career is heading towards entrepreneurship.
Working for one company for the rest of your life is gone.
The skills you learn for entrepreneurship are applicable to any career.
Beaten paths are much longer.