“Part of the entrepreneurial thing is there are lots of ways to die.” Reid Hoffmann

The last topic we covered in our startup course: "How to be a great founder?"

Compared to the lecture from Reid Hoffmann taught in Stanford a year ago, Bala chose a slightly different approach - more philosophical.

We talked about several leaders, for instance Mahatma Gandhi, Rosa Parks, Nelson Mandela etc. and what they have in common with founders. There are a few skills that become apparent if we look at these people. All of these skill sets (listed below) are important to run a successful business or be a great leader. As ReidHoffmann mentioned, 

“…you’re not good at all these things. You can’t do it alone.”

As a founder who leads his company, you have to focus on the short term and the long term, take risks on the one hand and minimize them on the other and be flexible and persistent.

Leaders and great founders have the ability to focus on a pattern that does not include an OR. You are not looking for a fifty-fifty balance between the extremes, it is about having a stable vision that drives you even if you act in an uncertain environment. 

Again, the founding team is one of the most important inputs on “How to be a great founder”. No one will ever be a perfectionist in these skill sets, however, as a team with balanced skills you might get close to perfect.

“If you have wealth, it is your duty to help those who don’t.”

Manoj Bhargava, founder of 5-Hour Energy, was one of Bala’s last examples. An incredible story about this successful entrepreneur, he has pledged 99% of his wealth to charity. His current project “Billions in Change” is a leading example for how wealthy people should act. It is about really making a difference rather than just putting money into some sort of charity organisations. Regarding the growing world population and the distribution of wealth, his organization faces three major initiatives: WATER, ENERGY & HEALTH! How is he going to do that?

That should be an inspiration for every entrepreneur to keep going with his venture. Never give up something you believe would make the world a better place! I hope you enjoyed reading my blog so far. My startup course is coming to end with the final pitch this week! I will keep this blog alive, posts are going to follow maybe every two weeks with some diversified input about startups, my entrepreneurial thoughts and things that change the world ;)

Peace! 

„People don’t buy WHAT you do, they buy WHY you do it!” Simon Sinek

My semester comes to an end and the final pitch of our project will be in a few days. The topic of our latest lecture in “How to Start a Startup” focused on culture again, but especially on how to hire great team members and how to retain them.
A question most young co-founders ask themselves probably is:

“How do I find and convince good skilled people to work for my startup, especially in the early stage?”

Well, basically there is no answer to this question and no place where these people are waiting to be fetched. Open your eyes and mouth and start talking to your family and friends, use the opportunity of your network to find the right people you are looking for. In my opinion, students should be more encouraged to do an exchange semester and to get involved in associations so that they built up their own network during their time in University. There is no better place on earth that gives students the opportunity to meet people with different backgrounds, skills and career prospects . For instance, our startup-team consists of two computer scientists, an engineer and two business students, five different nationalities and sometimes five different viewing points…

However, that is the challenge we have to face: we learn to communicate with each other to improve not only our product/project but also our personal skills. The lesson learned for me is share your ideas and talk to your fellow students. Do not just connect on Facebook, but be professional and use platforms like LinkedIn as well.

“Why?” 

A main word that Bala mentioned a few times in his talk. I got very much inspired by the TED-Talk of Simon Sinek which my girlfriend recommended to me for my Leadership class.

"...very few people or organizations know why they do what they do. And by "why" I don't mean "to make a profit." That's a result. It's always a result. By "why," I mean: What's your purpose? What's your cause? What's your belief? Why does your organization exist? Why do you get out of bed in the morning? And why should anyone care?"

His viewing point is based on the ‘golden circle’ – it shows simply how successful companies like Apple think, act and communicate all the way through. Actually, it is an approach everyone should use or at least spend some thoughts on. If you get the message from Simon, you know how you will convince the people to work for you and how to retain them.

Culture fits in your company like your personal values in your action. Create an environment in your business that motivates your employees to work for you because it is a great place and they love what the company is doing rather than your incentives.