Home » Top 10 Mistakes Made by Entrepreneurs (Full Transcript)

Top 10 Mistakes Made by Entrepreneurs (Full Transcript)

Carol: So I think the kind of the core motivation and where the company is in its growth process, is going to motivate where the money sources are coming from. And so, if you’re trying to change the world, but there’s no clear path to making money. The type of investor that you’re going to attract, is going to be very different, than one that you come in and say, you know, here’s the plan, I’m going to do this. This is going to happen, and you’re going to get your money back in three years at X percentage. Well, having heard that speech a lot of time, I’d never believe it. But the point is that it attracts a different type of investor, and so part of the game and one of the things that craters any startup is not being properly capitalized. And so, part of the game is figuring out where are the right pockets of money for your startup. And, I think you need to understand when do you need to attract money because of passion, when do you need to attract money out of greed. And where do you need to attract money out of the philosophy of building a bigger, stronger company.

Interviewer: So one of the questions I think is generally interesting, certainly do the students that I teach is, where do great ideas, great insights, come from? And if you’re willing to share, what’s hot now?

Entrepreneur1: I would say social gaming, and social media, is probably from a sector, probably one of the interesting sectors that I see right now. I mean, hence I’m in it. But in terms of ideas and execution, I mean, part of my philosophy is that idea, when you get it, is 1% of the journey. 99% of it is all execution. So, I know a lot of people that get wound up because they see a hot idea, or a hot sector, and they basically, I mean, I even get crazy emails saying, hey, I have the next trillion dollar idea. I don’t even know if that idea exists, but still, in terms of people’s mindset, they think this idea is going to make them rich, or this idea is it. That’s it. That’s 1% right there, and 99% of how you actually execute from starting a company, making it into something, and going through the ups and downs that you’re going to have to go through is really the outcome that you should focus on.

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Entrepreneur3: Yeah, I refuse to even answer the question because it’s not what anybody should be thinking about if they’re thinking about starting something. You need to be thinking about, you know, what you wish were hot tomorrow, not what’s hot now. My job is to spot what’s hot now before anybody else spots what is hot now. But that’s a different topic, that’s being a venture capitalist. The entrepreneur’s job is to do the thing that they want to do and so I wouldn’t worry about what’s hot now. Actually the only extent to which I would worry about what’s hot now is if you really want to do something, and you look, and say, you know, this is really hot right now, that’s probably a bad sign. But beyond that, just forget it. Don’t look at it as a positive or a negative. Just ignore it, just ignore everything and just do what you want to do.

Entrepreneur4: I strongly support what you are saying, Matt. I totally agree. And I think that sometimes there’s a little bit of a fever that you’re chasing what is hot and that, I think that is a big mistake you do, that you try to come up with something that is hot. It must be something that you’re passionate about. It must be something that you can really see, that this will have an impact. That this will really create value. And where to look, I have no idea really, but I love internet. I think internet is fantastic, and particularly when you think about combine that with mobile phones. And I think that, well, some people say that all innovation on the internet is done. Some people say that social media and social network is the last big innovation on internet. I don’t think that’s true, whatsoever. I mean, we are the first generation that grew up with computers. Internet has just come up late in the last few years. Social media didn’t come until one year ago. So, within that space, there’s just phenomenal and phenomenal opportunities to commit innovative products and services, and I’m sure that we just scratched the surface of what they’re going to see going forward.

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Carol: You know, there are so many problems in the world. And kind of the core areas that tend to trigger people’s passion is that they’re trying to solve a problem, or they’re fantasizing a different world. So the current state of the transportation industry drives me nuts, and anybody can do beam me up Scotty, I’m, like, so there. I’m concerned about health and I know that there are, like, several core things that I need to do. Exercise and sleep, and what I eat are the three big things that’ll impact my health. So anybody that can make that easier, and simpler and I can eat anything I want, and never put on a pound, would be fabulous. I mean you start working through what’s wrong in the world, where are the big problems, what are the big trends. I mean, we have a huge bunch of people that are crossing the 50 year old line, and the world is different when you’re 50. And so, how do we meet those needs? We have a younger generation that is moving into a global world, not a village world. How does that impact? I mean, pick an area, and you can discover that there are problems and the minute you discover the problems, you start fantasizing about how to solve it and, bingo.

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