Over the last month I’ve had the fortunate opportunity to both guest lecture in University entrepreneurship courses and keynote and Entrepreneurship Conference at Queens College. I’m also fortunate in that The MouseDriver Chronicles continues to serve as an inspiring story for students (and others) around the world who dream of someday becoming entrepreneurs. You know your book has staying power when hundreds of Universities are using the book and numerous professors have structured their entire syllabus around chapters of the book. Seriously. I’ve counted three so far. Now that’s cool. And a little bit scary.
And over the last month, I’ve found myself frequently passing along the same advice to students that I did back in 1999 when Kyle and I first took MouseDriver from a classroom at Wharton to the shelves of WalMart. Granted, advice is just advice and every situation, every idea, every individual is completely different. But I stand behind the points below, which I view as absolutely timeless if you’re starting a company while in school.
1. Take advantage of school resources: Never in your life will you have access to so many different resources that can help you validate your idea. Whether its research databases, experienced professors, wicked smart classmates, or simply the time and opportunity to work on different facets of your idea, these resources are an incredible asset and you should use to validate, refine and test your ideas. Think of the classroom as one giant research lab in which you can test different hypothesis and theories.
2. Find an Adviser: I’m always amazed at how often this advice is given, but yet is rarely adhered to. We didn’t find an adviser when we brought MouseDriver to market and we paid dearly. Understand that most experienced entrepreneurs and business folk WANT to give away their insights, perspective and advice. And they’ll usually do this out of the goodness of their heart because they find energy in motivating and inspiring others to take the entrepreneurial plunge. And don’t worry about finding somebody who’s been ‘successful’….just find somebody who has great experience and who is willing to share those experiences.
3. Be Patient: The chances of somebody starting a company and generating revenue the next day are slim to none. Yeah, it can happen, but like Google and Facebook, it’s just not normal to go from start-up to world domination in a short period of time. Realize that starting a company will take lots of work, lots of sweat and usually, a decent amount of time. And don’t worry if things aren’t going as fast as you’d like. Stay focused, keep executing and deliver on your goals.
4. Drop the ego and listen: This advice is coming from pure experience. Don’t assume that you know everything and don’t think that just because it’s your idea, nobody else can provide good insights or advice. The more your capable of listening…really listening…the better your chance at succeeding with your idea/company. Entrepreneurial egos are meant to be crushed…it’s just a matter of how you respond.
5. Live the experience: Realize that starting a company is like nothing you’ll ever experience. You’ll learn more about yourself not only from a business perspective but also from a personal experience if you choose the entrepreneurial path. And experiences are the gateway to knowledge. They help to educate, to inform and to shape individual values. Enjoy the ride, learn to laugh at yourself and cherish the experience. You may never have another one like it!
A bunch of other thoughts, words of wisdom, lessons learned, etc are posted on the MouseDriver Chronicles website. Feel free to check it out if you’re so inclined. And take a look at the old newsletter as well. They’re classic.
Questions, Comments, Concerns? Please feel free to comment on this post.
Great advice, John!
One addition I’d recommend to cut through the chaos is to describe, in 1-2 sentences, what “success” is, uniquely, for your company (not just “be profitable” but “sell 10k units within 12 months with 30% recurring orders”. All efforts should be focused, proportionally, on achieving that objective. Then, define how you would measure if you are trending towards success. Then, be flexible with your definition of Success (because you learn as you go), or define achievable milestones to get there more systematically.
Thanks Joe! I agree with your points above. Knowing your goals, and more importantly, what success in achieving those goals looks like is absolutely crucial. Without those success metrics in place, you’re flying blindly with no real clear direction of where you’re going. And flexibility is huge, especially early on. At some point, you’ve got to lock down strategy and execute, but knowing that things may change and building that into your expectations is critical.
Thanks for commenting!
This information is for Kelly and Tom regarding Launch Pad
Hi John. Great advice. I work with student start-ups, and nothing matches their excitement and enthusiasm. Highly recommend that seasoned entrepreneurs and founders take the time to talk to students (one-on-one and in class lectures) to give them personal advice and contacts. What you get back is priceless: a feeling of youth, excitement, enthusiasm and hope for the future of America … and our world.
BTW, the link to http://www.mousedriverchronicles.com has a typo and doesn’t work (“htto: vs. “http”)
Sean, thanks for checking out the post and thanks for your comments. It’s amazing how energized I get when I’m surrounded by the enthusiasm of young entrepreneurs. And it’s not only the energy the keeps me coming back. Sharing your insights with students forces you to revisit the basics, and in a sense, relearn some of those skills/tactics/theories that may have been thrown by the wayside over the years. Love that you’re working with student start-ups. Awesome!
And thanks for the typo heads up. Changing it now!
John