Another important lesson is that successful people don't have much higher batting averages than everyone else, they simply try to hit more balls, and eventually one will be a strike.
Hewlett and Packard started a number of unsuccessful companies before they started HP, Seth Godin invented the first fax board for the Mac, invented a version of the wireless music player and much more before he became successful.
This seems to be a common trait among a lot of serial entrepreneurs. Get them drunk, ask them about their previous attempts and prepare for a lot of great stories.
I just bought and read a very interesting but slim tome called "Go for No" An interesting opinion of the book is that the most successful people are those who not only take on (1st level) or accept (2nd level) or want (3rd level) or truly desire failure (4th level) - it's those who organize others to take on risk or failure (5th level).
As someone who is probably just barely 2nd level and logical to a fault, I am starting to open my eyes and see that the 4th level is a characteristic that I see in all of my successful friends (and almost everyone I've read about- from Sylvester Stallone with "Rocky" (the story behind how he got the first one made) to...)
It's really a great small book, and I fear that I am undercutting their ideas by elaborating (too much). However, I am typing in their valuable content (apologies to the authors if they come across this) in the hope that you will be inspired. And be able to rate honestly, which level you are at now.
Incorrect model: Success <--- Me ---> Failure
Correct model: Me ---> Failure ---> Success
"Most people get to the sign marked 'failure' and they figure they're heading in the wrong direction, turn around and head back home. They think that success must be back the other way, but it's not! It'sstraightahead!"
"The best way to desensitize to a word is to use it, and the best way to desensitize yourself to an action is to do it."
Level 2 explained verbatim:
"Develop the willingness to fail, which means they come to accept failure as a natural by product of the process of seeking success."
Level 3 explained verbatim:
"Having the wantingness to fail goes beyond mere tolerance and acceptance of failure as a part of life..Wantingness means developing the desire to fail with the inner faith that personal and financial growth will follow"
Level 4 explained verbatim:
"The people who ascend to Level Four are those who have come to the conclusion that if failing is good, then failing faster is better!
And not just failing faster, but if one is going to increase their failure rate, do it going after BIG goals that are worthy of the effort"
"Instead of avoiding rejection, what if we made the decision to seek rejection? Instead of avoiding no or perhaps simply tolerating it, what if we went out of our way to actually goforno!"
If these failure-tome nuggets strike the tuning fork in your head, please buy the book!
I really like Norm Brodsky's Inc column and find it consistently insightful. I thought this one was very good and blogged about it when it came out http://www.skmurphy.com/blog/2008/10/26/norm-brodskys-guidel... In particular his definition of successful resonated with me:
"By successful, I mean a business that lives off its own cash flow, provides a good living for its owners and employees, and generates the profit it needs to keep growing."
This is a great read.
I'm currently trying my hand at my very first internet related business. I'm an aspiring hacker (I figured out programming is what I love) but before this I started a traditional business. It was a lifestyle business and I did it mostly just to "learn how to build a business", so the point is, I can attest to every one of these insights. Business is all about the data. That's definitely something a hacker can appreciate! The operational cost of running a traditional brick-and-mortar business is what usually does the company in. Fees for everything, permits, bills, bills, bills, equipment, employees, insurance, taxes ... it really literally kicks your ass....
So like this article encourages ... please pay attention to your numbers!
This a solid no-nonsense list that applies well whatever your startup about is about, be it in biotech or software. "#10. The life plan has to come before the business plan." was recently discussed here: http://news.ycombinator.com/item?id=411693
"Rather, what we have in common is a certain mentality, a way of thinking that allows us to overcome many obstacles and take advantage of many opportunities as they arise. I call it the knack."
Does this remind anyone else of that Dilbert episode (yeah back when it was a TV show, too) where Dilbert loses The Knack?
Number 4 is great advice for web startups. Just because it's easier to take shortcuts in programming than it is in construction, doesn't mean it's any less sacrosanct.
Hewlett and Packard started a number of unsuccessful companies before they started HP, Seth Godin invented the first fax board for the Mac, invented a version of the wireless music player and much more before he became successful.
This seems to be a common trait among a lot of serial entrepreneurs. Get them drunk, ask them about their previous attempts and prepare for a lot of great stories.