There’s No Magic Secret To Entepreneurship. ” Just Get It”.

Everyone always asks me, “What’s the secret to building a business as a successful entrepreneur?” I often get questions about venture capital , hiring, bringing a product to market, and more. Everyone always thinks that it is some insane formula, that is a big secret. Psst… there is no holy grail or secret. It’s just really simple: Surround Yourself with Individuals That Get It. By Get it, I mean understanding the vision of the Web 2.0/ Internet Market, The Current Market You’re In, and most importantly your company’s vision. Within one meeting, you’ll tell if someone “gets it” or doesn’t “get it”.  This is something you learn naturally, not in a textbook. Here’s some signs to look for as to whether an individual “gets it”:

A Key Hire

You don’t need to educate them on anything. They’re up to date on the industry and what’s going on specifically in the case of their role. ie- If you’re a developer, you understand the Web 2.0 way of things. After a short description of your product and vision, they start chiming in, as if they’ve been with you all along. I will tell you, it is priceless.

A Co-Founder

Co-Founders have a special bond. They have the distinct ability to be in sync with each other. Both of you have the same vision, and working together allows it to become more powerful.  Frank and I have never once had an argument that ended in a childish manner or the two of us hating each other. Things might have gotten heated, but we looked at the facts, and decided what is best for the company. Don’t argue, solve.
An Investor

They believe in where you’re going. They don’t see innovation as scary or as a major risk, but the reason they want to invest. Scoble mentions VC’s laughing at Seagate’s original 5 mb hard drive as “too large and un-needed”. The VCs who eventually invested weren’t scared, but motivated by this innovation. They also believe in the founders and Mgmt team. One of the best pieces of advice I’ve ever received recently came from Dan Rua at Inflexion Venture Partners: There’s three things an investor looks at: Magic (the product), Markets (how big of a market, and Management (the people and their ability to make the vision come true). I think the third is by far the most important. It’s the jockey, not the horse. Of course you need the other two, but it comes down to Management. My brother asked me: Why Can’t Someone Just Copy What You’re Doing? I said, it’s simple: Our DNA is unique. Unless the competition hires us away, which would never happen, then it won’t be the same. The management of a company is the DNA of the company.

Biz Dev

They understand you’re company’s vision, and more importantly, how the synergies between their company and yours can improve both visions. They want to innovate. They want to give value, not just take value and run.  Giving is a beautiful thing.

Your Competition

Didn’t expect this one, did you? :-).  Healthy competiton is a must have as a startup. Competition forces innovation.  Your competitor needs to get it, and innovate as well.  This pushes a company so much further. Think about it… Would you really innovate as much, if you knew your competitor was a dinosaur that hasn’t been innovating and trying to one up you? (Holding my tongue back on a comment I could make here. If you’ve been talking with us, you’d know what I’d say)

I’ve been meaning to write this post for quite a while.  Whether someone gets it or not, is the simple litmus test I apply to any decisions I make as CEO.  If you get it, I want to work with you.

PS- I’m finally back to blogging. The past 10 days have been hectic.  A very large decision coming up for me in the next two weeks.  Its outcome can only further Publictivity.

[tags] web 2.0, enterprise 2.0, office 2.0, publictivity, getting it, blogging, robert scoble, seagate, venture capital,entrepreneurship,seagate, al shugart [/tags]