3 Symptoms of Successful Entrepreneurs

by Chrys Bader

Since I moved to the Valley after graduating from YCombinator (YC) Summer '08, I've spent over a year observing startups in multiple stages. Some are well funded, some are brand new, some have just raised funding, and some are just an idea. I've noticed several trends that define entrepreneurs who are destined to succeed as well as several leading indicators of a startup's failure.

Successful entrepreneurs are relentless in their pursuits

I can't count how many times I've been taken aback by an entrepreneur's dedication to solving a problem, reaching a milestone, or achieving something everyone thought impossible. A good entrepreneur will baffle you with their relentless dedication in pursuit of a goal. I've been amazed by the number of times I've heard an entrepreneur make a claim that I thought was ridiculous, risky, or undoable, and then watch them accomplish it. It's inspiring. It has changed me from an entrepreneur who would only set the bar only as high as I could rationalize to an entrepreneur who is willing to chase the impossible.

Successful entrepreneurs move in packs

Successful entrepreneurs are like wolves. They survive in packs. Since graduating YC S08, several of our fellow YC startups have remained in touch while others have drifted and either died or disappeared. We're very close with the founders from our YC batch, and we share things with each other in the utmost confidence, which is not something most startup founders can do. It's almost like group therapy. Having a trust circle is an invaluable resource in the Valley's competitive battlefield.

The startups that are still alive are the ones who remained in touch. We've fundraised together. We've introduced each other to potential investors and deals. We've vouched for each other. We've constantly been exposed to each other's triumphs and defeats.  We've inspired each other's products. At least one feature you see in every remaining YC S08 product was inspired by another YC S08 founder.

If we ever feel a member of our pack lagging behind or straying in the wrong direction, we do what we can to get them back on track.  We've seen too many entrepreneurs fall to the wayside, and it hurts us to see them go.  And when they go, they usually remove themselves slowly and fade into the fog of war. In the words of Paul Graham, startups don't die "loudly and heroically... mostly they crawl off somewhere and die". And like wolves, they die alone.

Successful entrepreneurs crave knowledge and are eager to share it

An entrepreneur who is not starry eyed and dreaming is an entrepreneur that will fail.

Almost every time I meet with a successful entrepreneur, I see that spark in their eyes. Maybe they just had a vision or just read a great blog post.  Maybe they just solved a problem or they just learned about a new product.  Whatever it is, they are excited to talk about it.  Entrepreneurs are always searching for knowledge, and they can't wait to share it with you. You'll find that this is reflected in their products.

This passion for knowledge is what makes a pack of entrepreneurs so unstoppable. It's essentially a collective cognitive force that is determined to take over the world.  Some of the bigger packs are referred to as "mafias" in the Valley, e.g. the YC Mafia, Paypal Mafia, XG Mafia (ex-Googlers), etc.

To sum it all up, successful entrepreneurs live in a distorted reality that they create for themselves. They have a vision that they pursue like food during a famine. Satisfaction is rare and never immediate. To be a successful entrepreneur, you need to live in a world that doesn't exist yet: the world that you want to create.

Hunt for Jokers

Joker is considered as a wild card in the arena of gambling and is often used to complete a sequence of cards filling the 'required' gap. Role played by a joker, in the game of cards, resembles a lot with the role played by perfect startup employees. Most startups don't have huge pockets and hence can't afford the perfect employee for all the roles. Instead what they hunt for and prefer is a parallel figure of 'Joker' in the real world. Joker can prove to be a real bargain for limited startup funds and, in a long run, can prove to be a real asset to the company. How else do you expect a startup to compete agianst giants sitting out there in the market?

Real problem that exists with jokers, is their scarcity added with their career expectations and hence, finding a joker with a long term perspective, is the most difficult problem for a startup. Once you get hold of some jokers then other cards start making sense and hence over all chances of winning increase by multiple folds.

Surviving is succeeding

Even the business tycoons get confused about the next steps at times. No one is an exception, even Yahoo and Microsoft have seen bad times (seeing bad times) and the basic tactic of winning in  long run is surviving the tough times - keeping your nostrils out of the water. Nothing is perfectly defined or nothing wins on day one, even though I believe in the philosophy - "Every battle is won before it's ever fought", but dialogues look good in movies and when said by Gordon Geeko. Being practical, every one remains scared of losing.

Darr Sabko lagta hai... Gala sabka sukhta hai, and if one considers himself winner on day one, then he is slowly turning into a sleeping giant like GM or Microsoft. You can't stop giving the extra effort - 100+20% and that's the extra push, which keeps you ahead in business, backed by a good strategy. Every company is tested at times and most of the companies collapse one day or the other. The trick to survive longer is to survive the tough times.

During tough times, smart companies keep themselves busy, either in R&D or in Sales and Marketing efforts... Doing the work is definitely better than not doing it..

Happy surviving the tough times....

How to Ask for Help — Without Looking Stupid

by Jodi Glickman Brown

You may be afraid of looking dumb, but to be afraid to ask for and get the help you need is inexcusable, especially when the stakes are high. Asking for help in the workplace is a good thing. In fact, asking for help the right way can show how smart you are: it demonstrates that you've got good judgment and shows that you know what you know and what you don't know. Moreover, getting help up front saves endless time, energy and resources on the back end.

1. Start your question with what you know. Do your homework first. Get enough background information to put your issue or problem in context. Give the other person an idea of what you've completed to date or what you know already and then proceed to explain what's outstanding, where or how you're struggling, or what you need help with.
2. Then, state the direction you want to take and ask for feedback, thoughts or clarification. Form an opinion on what you think the answer should be. Don't just ask, "How should I reach out to the brokers?" Instead propose a course of action and get your boss's feedback: "I'm thinking of sending out a mass email to the brokers but I'm not sure if that's the most effective format...what do you think of that approach?"
3. If you don't know the direction to take, ask for tangible guidance. Instead of asking "What should I do?" ask specifically for the tools you'll need to make that decision yourself, such as a recent example of a similar analysis or a template for a given task. Or, ask for a referral to someone who has worked on a similar initiative or project in the past.

In the vast majority of cases, you'll get a lot further in your career by asking the tough, smart questions.

Read the complete story at:

http://blogs.harvardbusiness.org/cs/2009/11/asking_for_help_the_smart_way.html

Official Google Blog: Investing in a mobile future with AdMob

Official Google Blog: Investing in a mobile future with AdMob
On November 9, 2009 Google announced an agreement to acquire AdMob, a mobile display ad technology provider, for $750 million. This acquisition will enhance Google's existing expertise and technology in mobile advertising, while also giving advertisers and publishers more choice in this growing new area.

• The deal will bring new innovation and competition to mobile advertising, and will lead to more effective tools for creating, serving, and analyzing emerging mobile ads formats.
• This deal will benefit developers, publishers, and advertisers by improving the performance of mobile advertising, and will provide users with more free or low-cost mobile apps.
• The mobile advertising space will remain highly competitive, with more than a dozen mobile ad networks. The deal is similar to mobile advertising acquisitions that AOL, Microsoft, and Yahoo have made in the past two years.

Mobile advertising is a rapidly growing and competitive space, and Google and AdMob are currently specializing in different areas. Though Google offers many forms of mobile advertising, its focus to date has been on mobile search ads, while AdMob's focus has been mobile display ads and in-application ads.

How to Make Money with Free

by Nathan Hangen

We live in a world of free. If you’re trying to make money, especially online, you might think that would make things difficult.

Every day, someone releases a new eBook, video, or podcast that not only contains tremendous value, but gives away many of the “tricks of the trade” that we used to have to pay for.

You’d think that the paid content business would be shrinking in the face of all this free information, but it keeps getting stronger. How can that be?

For instance, there are a lot of free materials that teach people how to set up a Wordpress blog or to use Twitter effectively. A quick search on YouTube will provide you with hundreds of videos that can teach you to do almost anything you want to know.

Yet, there are still people making plenty of cash selling products explaining how to do any and all of those things.

How do they do it?

Building relationships

People buy from those that they know and trust.

Sure, there are people in the yellow highlighter brigade who can sell ice to an Eskimo, but it isn’t easy to do. (And you may not even want to.)

Most of us can’t write the ultimate sales letter. We also can’t afford to hire a $20,000 copywriter. So how do we do it? We build relationships.

When you establish a “winning difference” or USP, you can start attracting the people who really dig what you do.

If your stuff is good, I guarantee you can find at least one evangelist to recruit others to come check you out. They’ll spread the word for you, which attracts more evangelists, and means that you will have ever more people stopping by.

Nurture relationships with your readers and evangelists and your small army will continue to grow.

The benefit of free

 

Content marketing is all about giving away some of your best stuff for free. Not just your “pretty good” content, but content that will improve and add value to the lives of your readers.

As they learn more, their game will improve and they’ll keep coming around for more. And they’ll want to reciprocate by either buying your paid products or spreading your message.

Most people won’t buy from you unless you’ve proven to them that you know what you’re talking about. Great content is one of the best ways you can do that. When you give content away for free, you earn trust and anchor your business in the mind of that reader. If they use your stuff, and it works, they’ll keep coming back for more.

They’ll pay for souvenirs

I first heard this idea from Seth Godin when he gave a speech about book marketing, but the concept applies to nearly every online business.

He said that people buy souvenirs, not products. In the music industry, Nine Inch Nails does this by selling collector’s editions of their albums. In the blogging industry, we can do it by selling a physical version of a product, limiting quantities of digital products, or by publishing a book.

If your blog creates a great experience, think about what kind of souvenirs you could offer that would let them hold onto that experience.

They'll pay for access

Particularly if you've used your blog to build your reputation and authority, you can also sell different levels of access to you.

The people who truly love what you do want other ways to access your knowledge. Your raving fans will start by picking up every digital product you offer. From there, many will want more exclusive access, such as a consulting service, a mentoring or coaching program, or a monthly membership with exclusive access to you.

If you empower people to do what they most want to do, they’ll want to buy something in order to feel closer to you. (And, of course, it goes without saying that you’ll deliver value that’s in line with the prices you’re charging.)

JB Glossinger does a great job of this with his Coach Cast. Brian and Sonia do it with Teaching Sells.

You’d have to sell thousands of eBooks to make a living as a blogger, but it might take only a few hundred premium members to do the same job.

Free samples have been part of marketing and selling since long before the Internet. Give great value and follow a few proven models, and you’ll discover not only does “free” not hurt you, it can actually be a great boost for your online business.

About the Author: Nathan Hangen writes about web entrepreneurship at NathanHangen.com, and about how to use social media to fuel your brand at Making It Social. Follow him on Twitter @nhangen.

Everyone is clueless

This post is copied from Seth Godin's blog

The problem with "everyone" is that in order to reach everyone or teach everyone or sell to everyone, you need to so water down what you've got you end up with almost nothing.

Everyone doesn't go to the chiropractor, everyone doesn't give to charity, everyone has never been to Starbucks. Everyone, in fact, lives a decade behind the times and needs hundreds of impressions and lots of direct experience before they realize something is going on.

You don't want everyone. You want the right someone.

Someone who cares about what you do. Someone who will make a contribution that matters. Someone who will spread the word.

As soon as you start focusing on finding the right someone, things get better, fast. That's because you can ignore everyone and settle in and focus on the people you actually want.

Here's a video that David sent over. I am thrilled at how much this guy loves his job, and I'm inspired by his story of how he turned down Pepsi as a vendor. He turned them down. But everyone wants Pepsi! Exactly. Once he decided he wanted someone, not everyone, his life got a lot better.

Is MNS on the verge of being banned?

There are few politicians in the country who simply don't understand the basic concepts of macro economics like brand image of the country in international arena or happiness index of the society, because what they care about is their 1 lakh votes. This is the current state of MNS, a local political party in Maharashtra, India.

Rediff quotes - "The 13 Members of Legislative Assembly of the Maharashtra Navnirman Sena on Monday, 9th Nov 2009, created a ruckus in the Maharashtra assembly, after Samajwadi party MLA Abu Asim Azmi started to take his oath in Hindi, in spite of their demand that all legislators take the pledge in Marathi.As soon as Azmi began taking the oath in Hindi, the 13 member-strong MNS contingent rushed towards Azmi, snatching the mike away from the podium"

Today's shameful act by MNS MLAs has not only shown disrepect to the Marathi / Indian culture but to the law and order of the country. The way our leaders of MNS behaved today in the parliament made us feel ashamed in front of the entire world but I think we should not lose hope from our country's law and order. I hope there would be strict actions taken against these MLAs and the political party. This poses a follow-up debate - Is MNS on the verge of being banned?

Raj has threatened the legislative assembly saying, "If any MLA does not take the oath in Marathi, the House will see what happens,". Is this acceptable in any economy where law and order exists. Are these guys Indian Talibans?

Some views from people I know and which I found intriguing:

• MNS should be banned by Supreme Court and if not then PMO or President, else I will go and start shooting these street gundas
• If action isn't taken against Raj Thackeray and MNS then we will never feel like a democracy again. If action isn't taken on this incident then how can we ever feel like the law exists
• I love this city and we all do so how does it matter if we say Bombay or Mumbai
• This is a cosmopolitan place and we should all be able to live peacefully together

We would love to hear your views on this shameful act of MNS...

TATA TiE Stree Shakti (TSS) Workshop and Awards on 12 December

The TATA TiE Stree Shakti (TSS) Workshop and Awards will be held on 12 Dec ‘09 at Trident Bandra Kurla. It is a forum for women entrepreneurs to create trust-based partnerships through active networking. The objective of TSS is to create a platform of belonging for women entrepreneurs.

Enterprising Indians, Women Entrepreneurs and Intrapreneurs, Homemakers wanting to start their own business and Anybody who wishes to support and encourage women entrepreneurs in their network can attned this event.

Speakers are Shikha Sharma (Axis Bank),  Neelam Dhawan (HP) – (to be confirmed),  Dr. Mirai Chatterjee (SEWA) - (to be confirmed),  Vinita Bali (Britannia),  Rama Bijapurkar,  Sanjay Jha (Head of Dale Carnegie),  Dr.Anjali Mukherjee,  Veena Deepak,  Devita Saraf (to be confirmed).

20 of the Best Resources to Get Your Startup Off the Ground

 1. The Entrepreneur.com Startup Kits: Entrepreneur Magazine’s website has a gem for entrepreneurs: startup kits. There are kits for everything from starting a restaurant to a consulting firm, complete with articles, guides, marketing tips, and more.
2. eHow’s Introduction to Entrepreneurship: Collaborative knowledge resource website eHow has hundreds of thousands of great articles, including a strong set of guides and resources for how to open a business, how to incorporate, raising money, and bookkeeping.
3. About.com Starting a Business Hub: Another resource you should not miss is About.com’s Entrepreneurs Hub. They’ve curated some of their best content for starting a business, including checklists, a small business startup kit, and detailed articles on naming and calculating the cost of your startup.
4. Library of Congress’s Entrepreneur’s Reference Guide: Yes, the U.S. Library of Congress has an entrepreneur’s reference guide, while it’s dated (1999), it also lists a lot of great books that are updated yearly. It covers practically every topic related to starting a small business.

Click on the link below to read more --

 20 of the Best Resources to Get Your Startup Off the Ground

Rediff Losses Widen Even As It Invests In ‘Improving Customer Experience’

This article was originally posted in contentSutra

Nasdaq-listed Rediff.com (NSDQ: REDF) India Ltd today said net loss for the quarter ended 30 September widened by 84% to $2.61 million, from $0.41 million during the corresponding quarter last fiscal. 

Total revenues dropped 43% year-on-year to $4.19 million. Revenues from India Online dropped 45% y-o-y to $3.08 million.

	2Q 2009	2Q 2008
Earnings Per ADS	-$0.089	-$0.014
Net Income	-$2.61 million	-$0.42 million
Revenue	$4.19 million	$7.32 million

“As we had said in our last earnings call, we have taken a number of steps to improve the customer experience on our site, including the removal of ads from our home page, reduction of intrusive and non-contextual ads on other pages, as a result of which we expected a reduction in our revenue in the upcoming quarters. Accordingly, we saw a decline in revenues for the quarter ended September 30, 2009 by 16% over the previous quarter and by 43% over the corresponding quarter in the previous year in US Dollar terms. However, we believe that these user–experience-improvement initiatives have started to show results and have helped us restore the growth in our user base, as measured by ComScore (NSDQ: SCOR) Media Metrix,” Rediff chairman and CEO Ajit Balakrishnan said in a statement.

Balakrishnan said the company will continue this strategy and invest in product development and brand building at the rate of $1-1.5 million in the next few quarters.

'No Google from 1 Billion' syndrome

Million Dollar Idea - Most of the would-be entrepreneurs in India wait for it to take the plunge in the wild start-up world. I have talked to many passionate individuals to verify this assumption and found it only partially true. Other reasons mentioned by most of them was a lack of great team and a missing ecosystem where entrepreneurship is supported.
Though I partially agree that a decent idea is some thing worth waiting for, but am not sure whether it necessarily needs to be a starting point. It can come with healthy discussions with the people you consider your core team. Great team is not some thing that we are born with. It can follow once you decide to take the plunge and start talking to people about your dreams -there are many people like us living around sharing the same vision.
Other reason which pulls the thought of entrepreneurship down - the current Indian ecosystem, is something that I found alarming since we need support from the industry veterans to change that. Everything said in newspapers seem like a marketing gimmick; we know the hard facts that the ecosystem to nurture entrepreneurs still don't exist in the country. There are VC/PE firms to infuse money in the start-up world but there are hardly any Angel investors/seed investors.
I had a chat with a VC some time back and his logic was that it's easy for us to invest 10 million dollars 5 times than 1 million dollars 50 times since it saves energy in hunting down the potential companies and later managing them. My immediate question was who needs 10 million dollars as a seed fund and he said "that's why we are not a seed fund" :)
Interesting, I guess management of time and energy of the VC firm is determining who needs to be funded today and at what stage. I am not saying that phase B or C funding is not required et al. All I am trying to mention here is that we need to nurture talent right from the start to make a Google come out of India. The very fact that most of the start-ups in India look out for $100k to $500k seed fund is because, in India, it's huge money and is good enough for a service company to sustain in the initial phase, but since the fund managers are interested in giving more money, they neglect these applications considering them trash or 'good but not interested' category.
We are missing the Indianized version of VCs - local money lenders or sahukars, who understand the Indian mentality and who could help in evolving talent right from the start. Narayan Murthy has taken a nice step in this direction though I am not sure about his targeted token amount.
We hope to see some Indianized VCs in the coming times who would help in cultivating the talent in more Indianized way. I hope we would get an answer to the 'No-Google from 1 Billion' syndrome, provided we get the right ecosystem.

42 ‘harassed’, many in jail for seeking information under RTI in Bihar

42 ‘harassed’, many in jail for seeking information under RTI in Bihar

I blogged this article of Indian Express mainly because of two reasons, one that it is an attempt to highlight the current state of law and order in Bihar, and other that it paints skewed or only half image of the story. The heading of the blog itself is misleading since it mentions that people are being harassed which is correct but I guess this is the first time in the history of Bihar when the government is trying to bring in transparency in the system; CM has set up a call center for RTI applicants. 

I am thankful to the journalist of this article 'Santosh Singh' who brought this issue in lime light, but a misleading heading can lead to biased opinion about current state of law and order in Bihar. We know that its not the best in the country but it is definitely improving and there are some NGOs and independent bodies who are contributing to the state. We should boost up their morale by praising their efforts, and not highlighting the terror or harassment, which is true for states like WB, UP or Delhi also.

Excerpts from article: 

In Bihar, often a time, information officials harass RTI applicants by filing false cases against them. The Bihar Human Rights Commission (BHRC) has now recommended that all these officials be placed under suspension. 

BHRC member Justice Rajendra Prasad wrote to the state government on October 29 directing it to “look into the complaints of harassment of RTI applicants by lodging false criminal cases against them by, or at the instance of, state public information officers”.

The allegations, Justice Prasad wrote, constituted “a serious violation of the human rights of the people of Bihar in general, and the existing and potential seekers of information under the RTI Act, 2005, in particular”.

All information officials “to whom such (RTI) applications were given” should be “immediately suspended” and “departmental proceedings (should) be initiated against... (them) within four weeks of receipt of a copy of this order”, Justice Prasad recommended.

“...All criminal cases filed against RTI applicants (should) be dropped wherever such cases have been initiated after the date on which such applicants or their family members gave applications under the RTI Act”. 

The Commission has asked the government to send “a report of the actions taken... within six weeks from receipt of copy of this order”, failing which it would be “constrained to invoke provisions of Section 18 (b) of the Protection of Human Rights Act, 1993”.

Section 18 of the Act deals with “steps after inquiry”, and includes provisions such as approaching the high courts or the Supreme Court.

The officials under the BHRC scanner range from the District Magistrate, Muzaffarpur (who was in charge in 2006) to sub-divisional police officers, circle officers and block development officers, down to officers-in-charge of police stations.

The Commission acted on a complaint by Bihar Right to Information, a voluntary group devoted to taking RTI to the people since 2007. Group coordinator Parveen Amanullah told The Indian Express: “We wrote to the CM thrice, took up the matter during his janta darbars, but there were follow-ups in only two cases.”

Bihar Chief Minister Nitish Kumar has won accolades from the central government and other agencies for setting up the country’s first RTI call centre — a pioneering concept that has been replicated subsequently.