From 600+ conversations with the world’s leading thinkers.
I think it's about usefulness! People talk of 'following your passion' but there are plenty of things people are passionate about that nobody will pay them money for, so you can't just tell someone to just follow their passion. The missing piece? usefulness... We say the magic formula is: Passion + Usefulness = Success.
Choosing not to rely on outside funding offers greater freedom overall. While there's significant sacrifice upfront, about 10 years down the line, you begin to truly value the autonomy it provides.
Many entrepreneurs make the mistake of hiring a table of yes-men. This is great for ego, bad for business. You need to hire people who are smarter or more experienced than you in those specific roles. They may often challenge you and re-structure your thoughts, but this is important for good governance.
You become an entrepreneur, not by intent, but by accident. It may be that you see a need in a market and decide to act on it. Those for me are the true entrepreneurs- people that just start building, perhaps even without a plan, they just do it. Look at the most famous ones.... Jeff Bezos, Steve Jobs, they never went to shows or to training, they just got on with it.
The most successful teams are the ones who present with authenticity and passion. You could have the next cancer cure, but unless your audience believes in you, they won't invest in you.
As business-leaders we have to start taking responsibility to speak-out about our own struggles, so that others do the same- and by doing so, make our teams and our peers realise that it's fine to not be fine.
Early customers are animated by belief, not utility. They buy for aesthetic reasons, not practical ones. There's an aesthetically superior future they co-create with the founders. You only want to talk to people who are primed to move to that different future with you.
Many founders delay implementing governance structures and view governance as a burden rather than an opportunity. Our key message here is that governance is not just important; it's crucial.
I believe that the entrepreneurial life, even when running a large company, is a dual experience of joy and pain—two sides of the same coin. The joy lies in putting yourself out there and leading an organisation in a specific direction, but with that comes the burden of responsibility.
For me, one of the big gaps is youth entrepreneurship. There are a high number of young people who want to set-up businesses, but there is a huge gap between their aspirations/intentions and the actual delivery of setting up a business.
Generally speaking, I advocate for entrepreneurship as being originating something entirely new – taking it from zero to one, so to speak. This endeavour doesn't strictly have to be a technical startup or a monumental success. The main focus is on initiating something on your own, which essentially leads you into the journey of entrepreneurship. It's a voyage that can be challenging and intricate, marked by a series of failures. Moreover, it's a path that you'll often tread alone.
I even had my wife convince my in-laws to mortgage their property, for Christ's sake, so I could produce these cartridges. I knew I had something special. Game Boy was coming out at that time, and I thought Tetris was the perfect game for it.