develop the habits you’ve got the
brainpower you’ve got the energy but
develop the habits of success I’ve
always thought that each person indented
himself for whatever reasons through
whatever circumstance through whatever
he has gone through that we are each a
figment of our own imagination you know
I often say there’s a big 12 people to
the table but we’re having a discussion
about something and something may turn
up it could be an opportunity half the
people don’t recognize this an
opportunity a lot of people are
comfortable in what they’re doing they
don’t want change people actually get
into a zone where they’re very
comfortable so they don’t like the idea
of risk from day one I just had never
tried to hide that I was the girl in my
apartment with the red backpack like
this is who I am and I find that people
end up rooting for you and opening more
doors if you’re really honest early on
some people start businesses and try to
come across that they’re much bigger
than they are because they feel like
that’s the only way they’re going to be
taken seriously but if you know your
products great and you know why you need
it you don’t have to apologize for being
out of your home or your apartment or
being small it’s a crazy business you’ve
got to initially work day and night
weekend it’s really hard work
so how do you start a business with no
money under the worst conditions that
your backer doesn’t want to give you a
dime what do you do get ready for a lot
of rejection and at the same exact time
do the things others don’t want to do do
what’s necessary do what it takes no
matter what it is and try not to hurt
anybody along the way I work 24 hours a
day seven days a week and I kid that’s
what I cared about I cared about solving
problems being successful anytime an
obstacle presented itself I used it to
my advantage and made it work and I
never heard the word know if I heard the
word no it meant maybe then it may be
yes
in the end luck plays a very important
part in how successful you are but the
harder you work and the longer you work
the luckier you’re going to be and you
know what everybody wants to hear what
they already believe to be true and so
the last thing they want to hear is an
original idea that contradicts their
belief system so it’s very hard to even
bring that kind of stuff up but those
are the things those are the only
things that you believe that everybody
around you doesn’t believe when you’re
right
that create real value in the world
everything else people already know
there’s no value created it’s just
business as usual so it’s so important
to think for yourself basically the
theory is we’re all born thinking like
entrepreneurs you know like when we
crawl and we thought only fall you know
we’re trying to walk we figure it out
entrepreneurs always figure out you’re
born thinking like an entrepreneur that
you know what I’m going to figure this
out regardless and I’m going to keep
going now Austin’s the challenge is
families and friends convinced you not
to be an entrepreneur because when you
say I’m going to change the world I move
in to make some famous person I’m going
to save the seals they say don’t do that
you it didn’t happen before it’s never
happy you’re going to you’re going to
you’re going to fail you can embarrass
us
I put the limiters on it they push the
limit is they put the blinders on you
but true entrepreneurs will just keep
figuring it out you have the power to
just them you can sit down you can code
something you can try it doesn’t matter
to you whether some things it’s a good
idea or not because you have the power
to go put that on line and you know and
see whether it resonates with people
stay focused on on the stuff that that
you’re that you’re providing to your
users you’re going to make a ton of
mistakes it doesn’t matter you don’t get
judged by the mistakes people don’t
remember those years from now they
remember the things that you did that
were good
people need to understand that we cannot
take a breath that we have competitors
who want to take the food off of our
table we have an economy in which
there’s 8% unemployment here 9%
unemployment in the US and Starbucks
Coffee company is not something you have
to have it is a discretionary purchase
and so the mentality that you need in a
business today Starbucks or otherwise to
build sustainable success in enduring
success is you have to eradicate the
human behavior of relaxing the human
behavior of feeling like we have won and
what I have said in the last two years
of Starbucks is there’s no celebration
there’s no victory left we haven’t done
squat
I don’t have the same opportunities you
yeah you do you do you have every bit
the opportunity that I did and so you
can go out there and do it somebody said
well what was your goal go make money
I think my biggest tip is just get
started I need a lot of young
entrepreneurs who have good ideas or bad
ideas or some ideas and you don’t want
to be a person who just talks and talks
and talks you have to actually go and do
something and don’t worry about if it’s
the perfect thing or not there is this
myth of entrepreneurship that you’ll
have the one genius idea and suddenly
everything falls into place it doesn’t
work like that it’s a hard slog there’s
a lot of things to do wrong a lot of
things you’ll be right the sooner you
get started the sooner you’ll get
somewhere there’s always going to have
to be an element of luck but I think
more important is putting yourself in a
business that can be ubiquitous that Kim
that really doesn’t have limits because
otherwise there’s always going to be a
grind to it but if the business if it
can’t be something that you can
visualize every business using or every
consumer using it’s going to be tough to
scale to be big enough or to have the
perceived value to get you to that
billionaire club I grew up under a
premise go in an industry that has a
large profit margin don’t go in one
that’s slim the one one that’s large
take what you’ve got your assets or your
energy your assets or your willingness
to just not be told no the harder it is
the tougher it is the bigger the
challenge to get in the bigger the
opportunity behind the opportunities
behind are endless
now Apple fortunately is one of the
half-a-dozen best brands in the whole
world right up there with Nike Disney
Coke Sony it is one of the greats of the
grapes not just in this country but all
around the globe and but even a great
brand needs investment in caring if
Alexander the Great could conquered the
known world
why couldn’t I start CNN I thought it’d
been really carefully but I have studied
a lot a lot more than most of my
competitors most people haven’t worked
as hard as I have or study design far as
I have because but you look back in my
life most of my decisions almost all of
them were brilliant what fear is
stopping you in your tracks and burning
the soles of your feet
what is conquering that fear whatever it
is that keeps you from being what the
creator intended for you what if you
could unleash everything great in your
life would you do it would you say yes
to that
don’t allow anyone friends family
acquaintances teachers whoever it is
don’t allow anyone to tell you that what
you are dreaming for yourself and your
family is not possible it is possible
don’t be one of those people 20 years
from now are going to be walking around
a nine-to-five job
miserable and angry and bitter to punish
failure is yet another way to encourage
mediocrity
because mediocrity is what fearful
people will always settle for you know
one of the things that I tell people
when they ask me for advice about what
they should do when they’re wanting to
start their own business or take a next
step in their career is to actually
start small I think a lot of people try
to they kind of psych themselves out or
they get too overwhelmed with how big
something can get but the truth is you
really just got to start small and you
got to prove it before you scale it I
like to see people I think it’s really
important if you various ten minutes I
hate all this new world of people are
talking so I like the idea of seeing
people I think you get a very different
view when you look in somebody’s are you
you know in a second whether it’s right
I mean I see these people they’re about
eight yards away at a desk and they’re
busy be severe talk to them by you
emailing each other have a conversation
what happened before email people spoke
hello good morning how are you
Cubby’s I Google are not getting rich
and user-generated content they’re
getting rich on the content of companies
like Viacom we’re not going to put put
up with that we’re not going to put up
with people taking our product and not
paying but they want our product they
can have it at the right price since it
really didn’t pan out and yet some
things will come through I use the term
gold rush rather than mania because I am
a firm believer that what’s going on at
the heart of it it is very important
also there is gold it may be very very
deep and may be buried in different
places than people think it is but it
it’s a great thing this is an area where
our country is way out the front
you take almost every aspect of of what
this entails the fiber optics which is
the software the chips the content
coming from media companies and the
opportunity to set global standards in
have global markets every country I go
to the biggest concern I hear is how far
ahead is the u.s. of my country well
since we don’t have deregulation and in
a sense we’re not really at the starting
line in and so I’m certainly a fan of
moving ahead aggressively I’m going to
put the vast majority of my energy
attention and dollars into building a
great product or service and put a
smaller amount into shouting about it
marketing it because I know if I build a
great product or service my customers
will tell each other you have to mix in
some patience with that
new companies generally shouldn’t exist
existing companies are usually pretty
good at what they do and so for a new
company to exist it not only has to like
you know come into good you know going
to business to bring a product to market
but it has to bring a product to market
that’s so much better than what already
exists that it punches through the sort
of status quo a company is simply a
group of people and as a leader of
people you have to be a great listener
and you have to be a great motivator you
have to be very good at praising and
looking for the best in people and
people are no different than flowers
they keep water flowers they flourish if
you praise people they flourish and and
that’s a critical attribute of a leader
the education it’s so much more widely
available there are now so many more
people both here in the valley and
around the world who now know how to
start a company and that yeahmaybe
sounds obvious but like it when I
arrived in the valley in 1994 like I
went to the bookstore and I tried to
find a book on how they start a tech
company and like it was a long and
lonely trip through the bookshelves like
there was very little I mean luckily
Andy’s Andy’s book was there but Andy’s
book was about how to run himself which
it was monopoly I didn’t couldn’t really
get a lot of benefit out of that my
startup that at the time and so like the
resources just simply didn’t exist right
and today you’ve got you know everything
you’ve got a lot of it comes out of
Stanford so like this is the CS 180 just
the CS 183 courses Stanford the very
simple have taught Peter taught and that
moment is taught like and then the fact
that those classes are not just
accessible to people at Stanford they’re
accessible to people all around the
world and there are people all around
the world watching right those are those
videos all the time learning how to
start companies if you’re thinking about
starting a company it therefore really
stresses an idea and again I’ll use my
computer keel on the shoulder thing
channel this through something computer
says I think is really relevant which is
a lot of founders think about what it
takes to get the second person in the
company right the second founder – the
second engineer
to the third person the fourth person he
says that’s no longer the challenge like
everybody wants to start a company so
everybody can get together two or three
or four people to start a company
he said the challenge is how do you get
engineer number 20 because engineer
number 20 right if they’re in this
ecosystem they could go start their own
company and so how do you convince
somebody to join your company is
engineer number 20 with a tiny
percentage of equity right and and not
being in charge as compared to starting
their own company getting all the equity
and being in charge now one of the
things you do is you tell them they’re
going to have the same problem but then
they respond to you that you also have
that problem and then you sit there and
stare at each other awkwardly
so so that that’s the thing so so what
you have right now is you just have you
have you have just a very very large
number of seed funded companies that are
experiments and their experiments on
their ideas but more importantly their
experiments on who has the will and the
drives and the horsepower right in the
salesmanship and everything else that
goes into recruiting right and so and
every guy should Sam Altman gave a talk
today so if you can wave a magic wand
you would combine a lot of these
companies together to get critical mass
but mergers between startups almost
never happened for a variety of reasons
and so so it really makes this sort of
acute this this recruiting problem is a
very acute problem by the way you think
about it then as the temptation is to
think about it as a recruiting problem
which is we have to get really good at
recruiting but it’s not really that as
much as it’s like okay what about my
company is going to be so spectacular
and so special and so unusual and so
distinct and differentiated that it’s
going to be able to easily hire engineer
number 20 away from starting his or her
own company and so to me it basically
translates into basically we just we
have to get better like you just have to
get better you have to be able to
compete you have to be able to win in
this really brutal initial battle the
good news is the companies coming out of
that sort of churning kind of you know
sort of you know sort of snake bit of
competition the companies that come out
of that are really strong because they
had to be allowed to come through it but
it it is tougher and it is the other
side of how we see it’s become too
certain to start the companies
try to do something that you would want
to do anyway whether it’s it doesn’t
necessarily have to be a very successful
business because when you do decide to
become an entrepreneur and start a
business chances are it’s not going to
do it’s not going to become like a
multi-million dollar business so if we
do something that you love in the
beginning so that even if it fails you’d
still enjoy it again this is a it’s
again another version of market you
always on you know it’s again you could
you have a lot of big markets where you
have sort of inch deep mile wide type
type products and and payments is always
sort of a version of this where we’re
one of the big challenges is you know
how do you get the first people to use
your product how do you get people to
use your your new payment system for
example and so it has to be really
valuable to the first people who are
using it and so you want to find things
that are you know which is a very
intense need PayPal is like well the
power sellers heading use checks if you
get the money instruments you should cut
the time from seven to ten days to two
instantly that was worth that was worth
quite a bit um in many other contexts we
already have payment systems that work
as that work pretty well or very well
and if you have something that’s perfect
that’s only a small Delta – very well
and you know we always you always say
that you shouldn’t let the perfect be
the enemy of the very good I think in
business is often the opposite where in
practice that very good will prevent the
perfect from ever arising so if you have
things that are working very well and
you have something that’s going to be
theoretically perfect that’s often a
really bad idea
make sure you choose you know when
you’re trying to decide whether or not
an idea is good enough to pursue or
particular business is something you
want to want to go forward with make
sure that it’s the type of business that
when you’re standing in the shower it’s
the thing you want to think about for
the next 10 or 20 years you know I think
it’s kind of in life a lot of times when
people are down they look at how to
survive while they’re down but stay at
that survival mode long term opposed to
I’m gonna learn how to survive right now
and make it but I’m immediately going to
work towards the next step the next step
and the next step but so I mean so how
did you learn how did you learn how to
be a successful entrepreneur well I
don’t think it’s learning how to be a
successful entrepreneur I think it’s
just being able to do something and know
that you have that ability to do it you
see the human race has the ability all
of you do to do 10 50 times what you’re
doing right now well if you realize you
have that ability as you go along you
find obstacles but you overcome them or
you go right around them like water
might go around him a little bit and and
that’s really a you look at what assets
you have it’s a little bit like selling
whether it’s a tangible product or a
service it’s got to be the very best and
you put forth its features and then how
it benefits the customer well with
yourself personally you put for us the
features you have how these features
might benefit and if you have a product
and I’d love to share this with
everybody don’t ever go into the selling
business whether you have the greatest
service in the world
or the greatest product never go in
there to sell your product go in there
to be in the reorder business that’s
kind of your mentality that’s true yeah
because you’re going to sell it that’s
where your focus is if you want to be in
the reorder business even if it’s a
one-time product whatever you do is so
good that don’t want to tell somebody
else or reorder themselves right so that
kind of helps along the way if you have
that mentality do unto others as you
would have others do unto you that’s the
basis for most religions but they get
sometimes carried away in rites and
rituals but that’s the core value do
unto others as you dev others doing to
and then it’s the feeling of knowing
from how genuine you are and because
people don’t like to just listen to
people talk about themselves how great
they are they want to now incorporate it
to make them successful also or do
something a little different and I think
that’s very very important
brainpower you’ve got the energy but
develop the habits of success I’ve
always thought that each person indented
himself for whatever reasons through
whatever circumstance through whatever
he has gone through that we are each a
figment of our own imagination you know
I often say there’s a big 12 people to
the table but we’re having a discussion
about something and something may turn
up it could be an opportunity half the
people don’t recognize this an
opportunity a lot of people are
comfortable in what they’re doing they
don’t want change people actually get
into a zone where they’re very
comfortable so they don’t like the idea
of risk from day one I just had never
tried to hide that I was the girl in my
apartment with the red backpack like
this is who I am and I find that people
end up rooting for you and opening more
doors if you’re really honest early on
some people start businesses and try to
come across that they’re much bigger
than they are because they feel like
that’s the only way they’re going to be
taken seriously but if you know your
products great and you know why you need
it you don’t have to apologize for being
out of your home or your apartment or
being small it’s a crazy business you’ve
got to initially work day and night
weekend it’s really hard work
so how do you start a business with no
money under the worst conditions that
your backer doesn’t want to give you a
dime what do you do get ready for a lot
of rejection and at the same exact time
do the things others don’t want to do do
what’s necessary do what it takes no
matter what it is and try not to hurt
anybody along the way I work 24 hours a
day seven days a week and I kid that’s
what I cared about I cared about solving
problems being successful anytime an
obstacle presented itself I used it to
my advantage and made it work and I
never heard the word know if I heard the
word no it meant maybe then it may be
yes
in the end luck plays a very important
part in how successful you are but the
harder you work and the longer you work
the luckier you’re going to be and you
know what everybody wants to hear what
they already believe to be true and so
the last thing they want to hear is an
original idea that contradicts their
belief system so it’s very hard to even
bring that kind of stuff up but those
are the things those are the only
things that you believe that everybody
around you doesn’t believe when you’re
right
that create real value in the world
everything else people already know
there’s no value created it’s just
business as usual so it’s so important
to think for yourself basically the
theory is we’re all born thinking like
entrepreneurs you know like when we
crawl and we thought only fall you know
we’re trying to walk we figure it out
entrepreneurs always figure out you’re
born thinking like an entrepreneur that
you know what I’m going to figure this
out regardless and I’m going to keep
going now Austin’s the challenge is
families and friends convinced you not
to be an entrepreneur because when you
say I’m going to change the world I move
in to make some famous person I’m going
to save the seals they say don’t do that
you it didn’t happen before it’s never
happy you’re going to you’re going to
you’re going to fail you can embarrass
us
I put the limiters on it they push the
limit is they put the blinders on you
but true entrepreneurs will just keep
figuring it out you have the power to
just them you can sit down you can code
something you can try it doesn’t matter
to you whether some things it’s a good
idea or not because you have the power
to go put that on line and you know and
see whether it resonates with people
stay focused on on the stuff that that
you’re that you’re providing to your
users you’re going to make a ton of
mistakes it doesn’t matter you don’t get
judged by the mistakes people don’t
remember those years from now they
remember the things that you did that
were good
people need to understand that we cannot
take a breath that we have competitors
who want to take the food off of our
table we have an economy in which
there’s 8% unemployment here 9%
unemployment in the US and Starbucks
Coffee company is not something you have
to have it is a discretionary purchase
and so the mentality that you need in a
business today Starbucks or otherwise to
build sustainable success in enduring
success is you have to eradicate the
human behavior of relaxing the human
behavior of feeling like we have won and
what I have said in the last two years
of Starbucks is there’s no celebration
there’s no victory left we haven’t done
squat
I don’t have the same opportunities you
yeah you do you do you have every bit
the opportunity that I did and so you
can go out there and do it somebody said
well what was your goal go make money
I think my biggest tip is just get
started I need a lot of young
entrepreneurs who have good ideas or bad
ideas or some ideas and you don’t want
to be a person who just talks and talks
and talks you have to actually go and do
something and don’t worry about if it’s
the perfect thing or not there is this
myth of entrepreneurship that you’ll
have the one genius idea and suddenly
everything falls into place it doesn’t
work like that it’s a hard slog there’s
a lot of things to do wrong a lot of
things you’ll be right the sooner you
get started the sooner you’ll get
somewhere there’s always going to have
to be an element of luck but I think
more important is putting yourself in a
business that can be ubiquitous that Kim
that really doesn’t have limits because
otherwise there’s always going to be a
grind to it but if the business if it
can’t be something that you can
visualize every business using or every
consumer using it’s going to be tough to
scale to be big enough or to have the
perceived value to get you to that
billionaire club I grew up under a
premise go in an industry that has a
large profit margin don’t go in one
that’s slim the one one that’s large
take what you’ve got your assets or your
energy your assets or your willingness
to just not be told no the harder it is
the tougher it is the bigger the
challenge to get in the bigger the
opportunity behind the opportunities
behind are endless
now Apple fortunately is one of the
half-a-dozen best brands in the whole
world right up there with Nike Disney
Coke Sony it is one of the greats of the
grapes not just in this country but all
around the globe and but even a great
brand needs investment in caring if
Alexander the Great could conquered the
known world
why couldn’t I start CNN I thought it’d
been really carefully but I have studied
a lot a lot more than most of my
competitors most people haven’t worked
as hard as I have or study design far as
I have because but you look back in my
life most of my decisions almost all of
them were brilliant what fear is
stopping you in your tracks and burning
the soles of your feet
what is conquering that fear whatever it
is that keeps you from being what the
creator intended for you what if you
could unleash everything great in your
life would you do it would you say yes
to that
don’t allow anyone friends family
acquaintances teachers whoever it is
don’t allow anyone to tell you that what
you are dreaming for yourself and your
family is not possible it is possible
don’t be one of those people 20 years
from now are going to be walking around
a nine-to-five job
miserable and angry and bitter to punish
failure is yet another way to encourage
mediocrity
because mediocrity is what fearful
people will always settle for you know
one of the things that I tell people
when they ask me for advice about what
they should do when they’re wanting to
start their own business or take a next
step in their career is to actually
start small I think a lot of people try
to they kind of psych themselves out or
they get too overwhelmed with how big
something can get but the truth is you
really just got to start small and you
got to prove it before you scale it I
like to see people I think it’s really
important if you various ten minutes I
hate all this new world of people are
talking so I like the idea of seeing
people I think you get a very different
view when you look in somebody’s are you
you know in a second whether it’s right
I mean I see these people they’re about
eight yards away at a desk and they’re
busy be severe talk to them by you
emailing each other have a conversation
what happened before email people spoke
hello good morning how are you
Cubby’s I Google are not getting rich
and user-generated content they’re
getting rich on the content of companies
like Viacom we’re not going to put put
up with that we’re not going to put up
with people taking our product and not
paying but they want our product they
can have it at the right price since it
really didn’t pan out and yet some
things will come through I use the term
gold rush rather than mania because I am
a firm believer that what’s going on at
the heart of it it is very important
also there is gold it may be very very
deep and may be buried in different
places than people think it is but it
it’s a great thing this is an area where
our country is way out the front
you take almost every aspect of of what
this entails the fiber optics which is
the software the chips the content
coming from media companies and the
opportunity to set global standards in
have global markets every country I go
to the biggest concern I hear is how far
ahead is the u.s. of my country well
since we don’t have deregulation and in
a sense we’re not really at the starting
line in and so I’m certainly a fan of
moving ahead aggressively I’m going to
put the vast majority of my energy
attention and dollars into building a
great product or service and put a
smaller amount into shouting about it
marketing it because I know if I build a
great product or service my customers
will tell each other you have to mix in
some patience with that
new companies generally shouldn’t exist
existing companies are usually pretty
good at what they do and so for a new
company to exist it not only has to like
you know come into good you know going
to business to bring a product to market
but it has to bring a product to market
that’s so much better than what already
exists that it punches through the sort
of status quo a company is simply a
group of people and as a leader of
people you have to be a great listener
and you have to be a great motivator you
have to be very good at praising and
looking for the best in people and
people are no different than flowers
they keep water flowers they flourish if
you praise people they flourish and and
that’s a critical attribute of a leader
the education it’s so much more widely
available there are now so many more
people both here in the valley and
around the world who now know how to
start a company and that yeahmaybe
sounds obvious but like it when I
arrived in the valley in 1994 like I
went to the bookstore and I tried to
find a book on how they start a tech
company and like it was a long and
lonely trip through the bookshelves like
there was very little I mean luckily
Andy’s Andy’s book was there but Andy’s
book was about how to run himself which
it was monopoly I didn’t couldn’t really
get a lot of benefit out of that my
startup that at the time and so like the
resources just simply didn’t exist right
and today you’ve got you know everything
you’ve got a lot of it comes out of
Stanford so like this is the CS 180 just
the CS 183 courses Stanford the very
simple have taught Peter taught and that
moment is taught like and then the fact
that those classes are not just
accessible to people at Stanford they’re
accessible to people all around the
world and there are people all around
the world watching right those are those
videos all the time learning how to
start companies if you’re thinking about
starting a company it therefore really
stresses an idea and again I’ll use my
computer keel on the shoulder thing
channel this through something computer
says I think is really relevant which is
a lot of founders think about what it
takes to get the second person in the
company right the second founder – the
second engineer
to the third person the fourth person he
says that’s no longer the challenge like
everybody wants to start a company so
everybody can get together two or three
or four people to start a company
he said the challenge is how do you get
engineer number 20 because engineer
number 20 right if they’re in this
ecosystem they could go start their own
company and so how do you convince
somebody to join your company is
engineer number 20 with a tiny
percentage of equity right and and not
being in charge as compared to starting
their own company getting all the equity
and being in charge now one of the
things you do is you tell them they’re
going to have the same problem but then
they respond to you that you also have
that problem and then you sit there and
stare at each other awkwardly
so so that that’s the thing so so what
you have right now is you just have you
have you have just a very very large
number of seed funded companies that are
experiments and their experiments on
their ideas but more importantly their
experiments on who has the will and the
drives and the horsepower right in the
salesmanship and everything else that
goes into recruiting right and so and
every guy should Sam Altman gave a talk
today so if you can wave a magic wand
you would combine a lot of these
companies together to get critical mass
but mergers between startups almost
never happened for a variety of reasons
and so so it really makes this sort of
acute this this recruiting problem is a
very acute problem by the way you think
about it then as the temptation is to
think about it as a recruiting problem
which is we have to get really good at
recruiting but it’s not really that as
much as it’s like okay what about my
company is going to be so spectacular
and so special and so unusual and so
distinct and differentiated that it’s
going to be able to easily hire engineer
number 20 away from starting his or her
own company and so to me it basically
translates into basically we just we
have to get better like you just have to
get better you have to be able to
compete you have to be able to win in
this really brutal initial battle the
good news is the companies coming out of
that sort of churning kind of you know
sort of you know sort of snake bit of
competition the companies that come out
of that are really strong because they
had to be allowed to come through it but
it it is tougher and it is the other
side of how we see it’s become too
certain to start the companies
try to do something that you would want
to do anyway whether it’s it doesn’t
necessarily have to be a very successful
business because when you do decide to
become an entrepreneur and start a
business chances are it’s not going to
do it’s not going to become like a
multi-million dollar business so if we
do something that you love in the
beginning so that even if it fails you’d
still enjoy it again this is a it’s
again another version of market you
always on you know it’s again you could
you have a lot of big markets where you
have sort of inch deep mile wide type
type products and and payments is always
sort of a version of this where we’re
one of the big challenges is you know
how do you get the first people to use
your product how do you get people to
use your your new payment system for
example and so it has to be really
valuable to the first people who are
using it and so you want to find things
that are you know which is a very
intense need PayPal is like well the
power sellers heading use checks if you
get the money instruments you should cut
the time from seven to ten days to two
instantly that was worth that was worth
quite a bit um in many other contexts we
already have payment systems that work
as that work pretty well or very well
and if you have something that’s perfect
that’s only a small Delta – very well
and you know we always you always say
that you shouldn’t let the perfect be
the enemy of the very good I think in
business is often the opposite where in
practice that very good will prevent the
perfect from ever arising so if you have
things that are working very well and
you have something that’s going to be
theoretically perfect that’s often a
really bad idea
make sure you choose you know when
you’re trying to decide whether or not
an idea is good enough to pursue or
particular business is something you
want to want to go forward with make
sure that it’s the type of business that
when you’re standing in the shower it’s
the thing you want to think about for
the next 10 or 20 years you know I think
it’s kind of in life a lot of times when
people are down they look at how to
survive while they’re down but stay at
that survival mode long term opposed to
I’m gonna learn how to survive right now
and make it but I’m immediately going to
work towards the next step the next step
and the next step but so I mean so how
did you learn how did you learn how to
be a successful entrepreneur well I
don’t think it’s learning how to be a
successful entrepreneur I think it’s
just being able to do something and know
that you have that ability to do it you
see the human race has the ability all
of you do to do 10 50 times what you’re
doing right now well if you realize you
have that ability as you go along you
find obstacles but you overcome them or
you go right around them like water
might go around him a little bit and and
that’s really a you look at what assets
you have it’s a little bit like selling
whether it’s a tangible product or a
service it’s got to be the very best and
you put forth its features and then how
it benefits the customer well with
yourself personally you put for us the
features you have how these features
might benefit and if you have a product
and I’d love to share this with
everybody don’t ever go into the selling
business whether you have the greatest
service in the world
or the greatest product never go in
there to sell your product go in there
to be in the reorder business that’s
kind of your mentality that’s true yeah
because you’re going to sell it that’s
where your focus is if you want to be in
the reorder business even if it’s a
one-time product whatever you do is so
good that don’t want to tell somebody
else or reorder themselves right so that
kind of helps along the way if you have
that mentality do unto others as you
would have others do unto you that’s the
basis for most religions but they get
sometimes carried away in rites and
rituals but that’s the core value do
unto others as you dev others doing to
and then it’s the feeling of knowing
from how genuine you are and because
people don’t like to just listen to
people talk about themselves how great
they are they want to now incorporate it
to make them successful also or do
something a little different and I think
that’s very very important
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