The MIT Enterepreneural Forum asked me to facilitate their Entrepreneurs Uncensored luncheon. I was honored to have as my guests two successful entrepreneurs in Andy Ibbotson and Sanjay Bhatia.
Andy is the co-founder of Synthis, which enjoyed a successful exit last year, and he is the founder of a hot new startup called Digital Assent. Sanjay is the founder and CEO of Izenda a leader in the Business Intelligence marketplace. Andy grew his businesses with the help of outside funding and Sanjay bootstrapped.
There is lots to learn from these two entrepreneurs. The have gained lots of experience through their decade of company building and selling. Most importantly they have a heart to encourage others to do the same. These two guys are special because of their transparency, clarity and wisdom.
Take some time to listen to their stories and the Q & A that follows.
MIT Forum - Entrepreneurs Uncensored
Here are my 7 take-aways from this panel discussion:
1. You find your focus, you market niche, by staying in the game. Neither one of these entrepreneurs ended up with the market they initially targeted. In fact it took Andy seven years and Sanjay four years to hit on the right market with the right product. The lesson here: the longer you are in business the better your chances of seeing the right opportunity. So get started today and keep at it.
2. Commitment to your business over a long period of times proves to the market and investors you are trustworthy and committed. Two of the key attributes buyers and investors look for in a company.
3. Fear can be a positive motivator but it can also crush your spirit if you succumb to it. In both cases, the greatest fear was letting their employees down by missing a payroll. Knowing that payroll was coming up in a week, somehow caused the right thinking, driving right priorities to make the cash appear. Use fear to motivate not to cripple.
4. Seek mentors that you admire and who admire you. Mentoring relationships are very personal and not just informational. Find someone who truly cares about you and your success. But be sure they also understand your business and the stage of your business' growth.
5. Keep it fun by doing what you love. You were called by God to start this business. When you saw the vision for what it could be, you got excited. Stay excited by remembering that vision and sticking to the things you do well as you chase the vision.
6. Test your idea in the marketplace first. Then test it with investors. There are many entrepreneurs that build in the garage but never share the design/vision with potential customers. Talk to customers. This will focus your development on what people will buy which keeps you in the game. Later, when you talk to investors, you can speak about the potential customer, or now real customers, and their interest and acceptance. If you go to investors first, you may find yourself facing questions you can't answer with credibility.
7. Hire the right people. How do you know they are the right people? The right people offer little compromise and bring a whole lot to the party. You'll know one when you see one.
Thanks again to Andy and Sanjay on sharing with our entrepreneur community!
"The lesson here: the longer you are in business the better your chances of seeing the right opportunity. So get started today and keep at it."
This is fantastic advice.
"Seek mentors that you admire and who admire you."
I know I fully agree with this in my own life. Great mentors have been the difference maker.
Posted by: Andy Borgmann | 05/21/2011 at 12:07 PM
"Fear can be a positive motivator but it can also crush your spirit if you succumb to it" - this statement struck me the most. Starting up a business is a risk but if you manage to go through obstacles and challenges, it's the beginning of success. Perseverance is the key.
Posted by: Raela Drigger | 11/28/2011 at 08:59 AM