You know, startups aren't all about ping pong and foosball - in fact it's a pressure cooker!
We have all heard about the rapidly growing "unicorn" businesses that generate billion dollar status overnight, Über et al.
But that's just the swan on top of the water...
In fact, there are lots of ups and downs, and it takes 7-9 years to reach unicorn success. Work/life/integration – you are always working, so you need to learn how to integrate work and life.
However, it is an inspiring time for entrepreneurialism and startups, which are changing economics and the business world as we know it. Successful startups cause a disruption in the business world. They have an understanding of what’s going on in a specific domain and develop solutions to customers’ problems.
Characteristics of successful businesses and those with the potential to become billion dollar businesses:
* Idea: Focused on something that will alternate customers’ future in a major way. Look to future trends to be more successful.
* Team: Should be diverse - different skill sets, experiences, etc. Do you have people who are coachable and can work together on a team?
* Accessibility of market: Don’t focus on markets that are too small.
Characteristics of successful entrepreneurs:
* Identify a problem that they are passionate about changing
* Vision/delusion for how they want to change it
* Bold and audacious about selling their vision
If you want to do a startup business, just keep doing it until it gets done. Don’t be afraid to step out of your comfort zone and push the envelope to be different.
About Michael:
Michael Baum is the Founder and CEO of
FOUNDER.org, a foundation working with leading colleges, universities and research institutes around the world to advance student entrepreneurship. His entrepreneurial journey has spanned 25 years, six start-ups, five acquisitions and the IPO of Splunk (SPLK).
Michael's projects have created more than 3,000 jobs, over 150 millionaires and more than $10B in shareholder value. He is a Computer Science graduate from Drexel University and earned an MBA from The Wharton School at the University of Pennsylvania.
Michael is also an inventor of several patents in big data, machine learning and financial transaction management. He is still chasing big ideas with student entrepreneurs around the world.
Challenged Issue:
In this podcast, we challenge the issue of if your business is not growing quickly enough or you’re wondering what you can do to the same success seen elsewhere.
Michael’s Actionable Tips:
* Who are your customers and what are their expectations for the future? Create a new future for your customers.
* Look at how you are going about this. If it does not seem delusional, then you are probably not pushing the envelope hard enough.
* Be able to sell your desire to change the status quo. It takes practice to do it right.
Top Quotes:
* “I’m working with young innovators right out of university that have ideas to build companies that are both going to have a positive impact on the world and be able to grow pretty quickly and need the input and expertise of people like me to help them along.”
* “In the valley, it has always been driven by the possibilities of technology and people’s passions to push that envelope.”
* “People are going to try something to make a life for themselves.”
* “I’m smart. I’ve got skills. I could do something on my own.”
* “If you want to create a sizeable company, you have to focus on a sizeable market.”
* “We find that customers are really great about articulating their problems.
