From 600+ conversations with the world’s leading thinkers.
There are two different types of founders. A wartime founder – when things are tough, they act and a poor peacetime founder – it is really fun or nice to work for.
One of the defining experiences I had with CNET, a digital media company where I was the fourth employee back in the dawn of the internet, was recognizing the power of asking for help.
Different things energise different people. I get energised from building things that people like. I've met people who are totally motivated by being in the press, or motivated by money, and so many things… but for me, it's about making sure people enjoy the things we're building.
Iceland, a country of just 332,000 people, managed to qualify among the 32 teams for FIFA. In contrast, India, with its billion-plus population, was nowhere in the picture. It made me realize that someone has to initiate change. While it's not a single person's job, someone needs to make a start. I firmly believe that beyond a certain point, money should serve society.
You will never find opportunities in your comfort zone, you have to push yourself. The unknown is where you will always find opportunity. When you lose your own money, it hurts, it makes you careful, but you cannot let it take the mojo… the hunger out of you.
As an entrepreneur you have to know your market. You shouldn't take too much advice, and you need to believe in your own ability and be ready to tackle problems. You also have to be prepared for the fact that it may not work!
I would not have believed anyone if they had told me that within eighteen months I would have lost 99 per cent of my $4 billion fortune and would be pursued almost to the brink of bankruptcy by seven major banks… I would have found it impossible to contemplate that I would be treated like a pariah in my home country, saddled with $1 billion in debts and hated as a man who had supposedly almost single-handedly brought down an economy. But that is exactly what happened…
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.
For me it is extremely important that commercial interests and social benefits are not mutually exclusive, but that they can complement each other wonderfully so I always look out for products that are innovative, forward-thinking and offer a true value for society.
Having a purpose is the ultimate hack for making the entrepreneurial process enjoyable. It lets you move beyond endless discussions about work-life balance and the overused narrative that entrepreneurship is 'so hard.' The truth is, you've only made it difficult because it lacks personal meaning.
Every business makes money as a secondary purpose. It's the coincidental result of creating customer value and changing the world in some way that people are willing to pay for and find valuable.
I think people need to understand that building a business is really, really difficult. That shouldn't put anyone off, but there's no easy road to riches.