In the book Entrepreneur Myths: The Startup Reality, I dispel 57 myths about entrepreneurship. One myth I haven't addressed is the myth that the harder you work the more successful you become. I do work hard, but the wiser I get, the more I realize that working harder is not going to make you any luckier.
There are sayings that imbed themselves into any culture. One saying I encountered as a boy, after my family moved to America, was “The harder I work, the luckier I get.” This…Continue
Added by Damir Perge on December 31, 2012 at 10:00am — No Comments
If you’re going to be an entrepreneur copycat of anything, you must consider copying the business models that work. Few entrepreneurs spend enough time learning about business models within their sector — and even more importantly, outside their sector.
When trying to figure out your business model as a startup, you have to look at it from a different perspective than an existing company, or even a company in an emerging or growing market. The entrepreneur logic is simple. Most…Continue
Added by Damir Perge on December 29, 2012 at 12:00pm — No Comments
Over the past couple of years, the use of "big data" as a powerful tool in business and marketing has opened new possibilities for its use in the public sector. According to IBM, we create 2.5 quintillion bytes of data everyday — so much that 90 percent of the data in the world today has been created in the last two years alone. This data comes from sensors used to gather climate information, posts to social media sites, digital…Continue
Added by Logan Harper on December 28, 2012 at 9:55am — No Comments
When I played soccer in my younger days, from the ages of one to nineteen, I had the privilege of playing with my twin brother. We played every day for hours. This is one big reason I became such a good dribbler and overall soccer player. Another reason is because we loved playing one-on-one against each other. We kept score too. So if I won one day, I knew he would play the next day harder than ever. Neither one of us liked to lose — even if it was to his twin brother.
Added by Damir Perge on December 27, 2012 at 11:00am — No Comments
In my family, I drive everyone crazy because I’m always looking for a shortcut when I drive. I was coming out of Target and the traffic was incredibly busy. It was a Saturday. There were two exit lanes to use out of the parking lot. On the right side of the exit, there was a traffic sign that indicated both of the lanes, left and right, must turn right. You had to be blind not to see the sign.
As I pulled up to the front of the exit in the left lane, I noticed that a white,…Continue
Added by Damir Perge on December 26, 2012 at 4:30pm — No Comments
The wiser I get, the more I realize that working 24-7 is not a success formula for any entrepreneur. Besides, if you do the math, it is not even possible to work 24-7. In some of my other articles, I discuss the concept of time shifting and how to maximize your entrepreneur time but even with this concept I don’t want you to work 24-7. I've interviewed and funded quite a few entrepreneurs who said, “I work 24-7.” This claim doesn’t impress me at all as an investor.
From a venture…Continue
Added by Damir Perge on December 25, 2012 at 12:00pm — No Comments
Who’s on your favorite list on your phone? The quantity and the type of people on your favorite list shows your priorities on dealing with people. Favorite lists are a good way to see which people are important in your life and the frequency of your interaction with them.
I would bet that a good portion of names on your favorite list are your family and friends. This is common sense. What about your favorite list from an entrepreneur perspective? Do you have a list of favorite…Continue
Added by Damir Perge on December 24, 2012 at 9:00am — No Comments
When you set your business strategy, you should be obsessed with speed in order for the tactics to drive your strategy, and your strategy to drive your tactics. If you’re obsessed with increasing the startup speed or launch speed of your product, you have to focus on increasing your speed every minute of the day. This will mean trying different tactics to learn what works and what doesn’t work. You can’t read everything out of a business book. You have to try and learn from trial and error.…Continue
Added by Damir Perge on December 23, 2012 at 6:00am — No Comments
Whether you “stay in your lane” or “stick to your knitting” is a key question for any entrepreneur looking to start another company. In some respect, this is not any different than staying within the domains of your career or launching products within the same sectors.
I’d like to turn this mental approach upside down. It should come down to the simple question of what is your entrepreneur passion? Notice, I didn't ask you what your personal passion is? I didn't because we all have…Continue
Added by Damir Perge on December 22, 2012 at 7:00am — No Comments
Whatever business you are in, I’m sure someone has told you, or will tell you something wonderful like, “Wow. You’re in a tough business.”
When someone says this to you, you’re probably thinking, “Thanks for the encouragement a--hole.” Well, okay. That's what I always think. As an entrepreneur and venture capitalist, I find this irritating because it's negative energy.
After investing into more than 25 startups and emerging companies, I figured something out about the overall…Continue
Added by Damir Perge on December 21, 2012 at 10:00am — No Comments
After my father died, I decided to preserve some of the knowledge of my parents. Before he died, he was transferring his knowledge of weight lifting to me so I can pass it down to generations. I got some of it but not all of it. He was a champion of weightlifting in Yugoslavia so I thought it would be a good idea to learn the nuances of weight lifting — just in case any of my children decided to become more serious about his sport.
During the funeral, I looked up at my mom and…Continue
Added by Damir Perge on December 20, 2012 at 12:30pm — No Comments
I am known to be fond of fine red wine. I prefer Silver Oak, Stag’s Leap, Duckhorn, Jordan or Opus. Imagine if you poured water into a half-full bottle of any of these labels. What would that taste like? In simple chemistry terms, you just diluted a fine mixture of wine with H2O.
A similar dilution effect plays out for nearly every entrepreneur out there when raising capital. Substitute a bottle of fine red wine for your idea, startup or growing business. You’ve funded…Continue
Added by Damir Perge on December 20, 2012 at 10:00am — No Comments
I never liked playing in rain as a kid. I should like rain because I love nature. Rain drives life. But I still don’t enjoy rain because I absolutely hated playing soccer in the rain. While my brother had fun sliding around on the soccer field with our teammates after a heavy dose of rain, I sat on the sidelines cleaning my soccer cleats from the mud. Maybe, I don’t like rain because I have this thing about wearing muddy shoes. Maybe it’s because I still remember the day we lost our last…Continue
Added by Damir Perge on December 19, 2012 at 10:30am — No Comments
You have to be a little crazy if you want to revolutionize an industry. This is one of the entrepreneur lessons I learned from my father. He had an incredible entrepreneur trait. He didn’t care what people thought about him or any of his ideas. He just did it anyway. He did whatever suited his fancy.
When you’re doing revolutionary entrepreneur things, let me make it simple for you. You don’t have to worry about whether people think you're crazy. They will think you’re crazy.…Continue
Added by Damir Perge on December 18, 2012 at 12:30am — No Comments
Perhaps you have never thought of yourself as an investor, but starting in January you will be able to go online and invest your savings in new start up companies just like a venture capitalist.
The JOBS Act is one of the most exciting pieces of legislation to come out of Washington for small businesses in a long time. The JOBS Act will allow entrepreneurs with ideas for start up companies to appeal directly to private, individual investors on the web. Using…Continue
In today’s competitive markets, thinking outside the box is no longer good enough. I know you're thinking, “Well, if there is no box to think about, Damir, how do I think about moving forward?”
“How about thinking outside the circle?”
Even within the innovation circle, there are already too many innovators thinking outside the box to solve the problem at hand. By training your mind to think outside the circle instead of a box, you’re training your mind to think differently from…Continue
Added by Damir Perge on December 17, 2012 at 8:00am — No Comments
I once worked for a very successful entrepreneur, learning the craft of entrepreneurship. He had a great saying, “Opinions are like a--holes. Everyone has one.”
When you are innovating and trying to do something cool, be cognizant of the fact that everyone will have an opinion about your idea, product or startup. The only thing that really matters is what the market says. Just because four or five people say one thing to you about your startup or product doesn’t mean…Continue
Added by Damir Perge on December 16, 2012 at 8:00pm — No Comments
I was talking to my 80-year old mother on the way to the Central Market grocery store the other day. We went to buy apricots for one of the episodes of her Chef Baba Cooking Show. This is a TV show where my mother shares her cooking secrets from the Old Country. What you don’t know is I discuss business theories with my mother to get her feedback and reaction. I don’t know…Continue
Added by Damir Perge on December 16, 2012 at 4:30am — No Comments
I am known in my family to have parking magic. You can ask any of them and they'll verify it. They are passionate about telling others about my parking powers. Wherever we go, I always manage to get parking space right in front of the establishment. It doesn’t matter whether it’s the holidays or not, I get that front parking spot. Even when all hope is lost in getting a good parking space, there always seems to be someone pulling out to give me that precious real estate.
Added by Damir Perge on December 14, 2012 at 8:30am — No Comments
When I was in college at SMU (Southern Methodist University), I was a member of the SMU Entrepreneur Club. We had "entrepreneurs in the trenches" speak to us once a month. We held an event called Ready, Fire, Aim where we aggregated local entrepreneurs to speak about their businesses and what it’s like to be an entrepreneur. This entrepreneur tagline sounded sexy, but this was not the entrepreneur reality.
There is an entrepreneur myth that successful entrepreneurs fire before…Continue
Added by Damir Perge on December 13, 2012 at 9:30am — No Comments