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Top 10 Mistakes Made by Entrepreneurs (Full Transcript)

Full Text of Top 10 Mistakes Made by Entrepreneurs – Part of 2010 Conference on Entrepreneurship at Stanford GSB.

Listen to the MP3 Audio here: MP3 – Top 10 Mistakes Made by Entrepreneurs

TRANSCRIPT: 

Question-and-answer session

Interviewer: So, the first question why did you become an entrepreneur? And anybody can go first, Jay?

Jay: Well, I started my entrepreneur journey unconventionally, I actually dropped out of high school when I was 16, so. Actually what caused me to become an entrepreneur was a little bit different. My family was going through little hardships, I was trying to go ahead and help out. And basically, try it out my first job, and only job was trying out for McDonald’s and, they rejected me. So, I realized, hey, there’s something called the internet and looked at what was going on. I mean just the euphoria of it and fell in love with the whole online advertising space. And the beauty of the internet is you don’t need the stigma that’s attached to kind of business as it was probably 50 years ago. I mean, you can be a 16 year old in a bedroom, and start a business that two years later, you can sell for $40 million. And that’s probably, was impossible 50 years ago, so, partly survival helped me become an entrepreneur, but on top of that, I love building stuff out of nothing. So, I’m passionate about it, as long as you have it in your DNA, you can be successful.

Carol: So I became an entrepreneur pretty much out of necessity. I had been working at a public accounting firm. Been passed over for partnership two times and I could see that the third was coming up. And the only reason was because I was a woman. And at this point, there were zero women in the partnership across the world. And that just wasn’t okay with me. But I had butted my head up against the glass ceiling enough times. And at this point, had enough visibility across the whole firm to know that I wasn’t personally going to be able to change this organization from the inside. So I left and turned around, and offered them my services for basically the exact same thing that they would have had if I had made partner within their structure. And asked them to pay me three times as much. They agreed which was the amazing part. Provided me an office and let me keep my administrative assistant for the first six months and I was totally billable from the very, very first day. And that grew into an organization that had employees across the world. And then, kind of once you get the bug, it just kind of starts taking over. And so it’s sort of like, well, there’s a problem here. I can solve it by doing this. And there’s a problem there, and I can go solve that by doing this. And I love it.

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