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I have to advise all my new venture clients that starting a business has always been very risky, and the ones who will succeed are the exception, rather than the rule. Yet I feel strongly that the odds are now better than ever, with the world-wide internet, artificial intelligence, and the rapid advancement of technology. Despite this, every investor I know looks first for exceptional people.
The challenge is to be recognized as one of these exceptional founders. My advice is to look for examples of great company leaders, and emulate their mindset, values, and attributes. Here is my short list of individuals and lessons to get you started:
1. Have a vision that extends beyond the immediate future. Steve Jobs had a vision that computers would move beyond data processing to become the dominant medium of communication and people would use them for fun. As consumer products, including smartphones, watches, and music devices, his future vision is now in full swing.
2. Find partners who are complementary, but unique experts. Most people think Microsoft was founded and driven only by Bill Gates, with his software expertise, but he had two partners, Steve Ballmer with marketing savvy and Paul Allen driving the technology, who trusted each other and together made Microsoft a powerhouse.
3. Bring innovative new business models and processes. Google was among the first to utilize a new strategy for presenting ads on the Internet, making it personalized and real-time, based on customer search terms used. Artificial intelligence is being used today to continually improve this model and make it more profitable for Google and advertisers.
4. Walk the fine line between being a genius and crazy. Elon Musk is often cited as a genius for his innovative contributions to electric vehicle technology (Tesla), space exploration (SpaceX), implantable brain–computer interfaces (Neuralink), and several more. Other people feel he has crossed the line with his large ego and political activities.
5. Don’t be discouraged by past mistakes and failures. Take inspiration from Thomas Edison, who called every failure an “experiment” (now it would be a pivot). He made no excuses for many thousands of light filament failures and soberly responded: “I have just found 10,000 ways that won’t work.” We are all still enjoying his ultimate success.
6. Aspire to a higher purpose as well as making money. For example, Blake Mycoskie, founder of TOMS shoes, set a higher purpose of helping the needy by donating a pair of shoes for every pair sold, driving a spiritual cause for high employee engagement and extensive customer loyalty. The return was far greater than the cost of donated shoes.
7. Recognize the value of non-business social communication. Without precedent, Mark Zuckerberg created social media to capitalize on people-to-people interactions. The internet now connects people with others based on their interests, beliefs, viewpoints, goals, problems, identity, or relationships. The opportunities ahead are endless.
8. Never stop building relationships with great people. Sergey Brin and Larry Page had superb personal credentials, having met at Stanford University while studying for PhD's in computer science, but they actively solicited help for Google from proven growth expert Eric Schmidt, as well as famed venture capitalists John Doerr and Eric Bechtolsheim.
I challenge each of you to emulate one of these business leaders in your quest for an exceptional business. I assure you that your efforts will give you the credibility you need to succeed with investors and customers alike. The world of business needs more exceptional new venture founders and the success that comes with their efforts. Start today to be one of them.
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