The Technology Entrepreneur’s Guidebook Reading 1:

Entrepreneurship is a way of life. It can be rewarding and lucrative. The guidebook points out why it is not easy, and even further why so few are ever heard of, consider the following:

- Only 1 in 6,000,000 high-technology business ideas wind-up in an IPO;

- Less than one percent of business plans received by venture capitalists get

  funded;

- Founder CEOs typically own less than 4 percent of their high tech companies

  after an IPO;

- 60 percent of high tech companies that are funded by VCs go bankrupt;

- Most high tech companies that succeed in having an IPO take between three and

  five years to get there. (From the Guidebook page 2)

          To some this might sound discouraging but to others the thought of even 1 percent getting funding is good news. This is good news to the entrepreneur, since this type of person is not in it to get wealthy, although this may happen it is more a way of life. This is evident in the objectives of the entrepreneur:

- A technology entrepreneur generally seeks to solve a problem that exists in the

  market.

- A second objective of the technology entrepreneur is to build long-term value.

- A third objective of the entrepreneur is to have freedom.

(From the Guidebook page 3)

           Being on the cutting edge is not just following some one it is being there and seeking to solve a problem that they have encountered. They are not in it for the short term wealth get rich quick, they are in it to create long term value. Finally, freedom if you want to travel and set your own hours then this may be the path for you, but do not think that freedom goes hand in hand with lazy-ness.

            Along with these objectives entrepreneur’s have certain characteristics that are present and driving them. They have passion, they live and breathe their business. They are focused on the next move, they are leaders, they are visionaries, the have courage and do not get side tracked. The last sentence provides a great summary: “In the end, entrepreneurs can best be described as ocean waves, existing only so long as they move forward.” (From the Guidebook page 5)When they stop moving forward they are forgotten. 

Business plans of interest

Sky Diving Scheduling App

There is currently very little traction in this market and a huge demand. Excel spreadsheets have limitations and are not scalable. Technology has come a long way and can be beneficial to this clientele and make their jobs more efficient and safer for the people they are looking to help. Up to date medical forms and location tracking are just two of the advanced features that could be added.

House cleaning/ Business cleaning business

My wife’s parents are coming to live with us and they do not speak English. This would be a way to utilize what they have (labor) and give them an opportunity that they would not have in the normal job market. The clients would be friends and people that we know that would like to help us out and need this service. This might be expandable to businesses also.

Small business systems consultancy (mobile help desk) Help when you need it.

I have observed that there is a dearth of people that really want to help people out. The company that I work for has hired a couple of these consultants to help them with their IT needs but at the end of the day they wanted to sell a monthly subscription more than they wanted to meet our needs. My company is in the position of needing technical help but not enough for a monthly on going subscription. There is not much in the way of help when you need it or how you need it. 

Living the entrepreneur’s lifestyle with Erik Hanberg

            What is the entrepreneur’s lifestyle? It is being a starter, being your own boss, it is taking a risk with the possibly failing at it. being a starter is the first part, ideas are a dime a dozen, but a starter is the one who makes them happen. Erik pointed out that just getting your product to market is the big step, in fact the biggest step. Everyone has ideas the work is the work.  Why then isn’t everyone an entrepreneur? We are afraid of emotional labor i.e. failure “Opportunity is often missed because it is dressed in overalls and looks like work”. 

As Erik talked about his lifestyle he focused on what he really wanted to do and that is write. Sometimes the business plan gets in the way; we are more concerned about giving out the business card than what we want to do. If you are going to be an entrepreneur you must enjoy the work or else go do something else, you have like the process. 

Erik pointed out that there are two kinds of work: You can sell yourself or you can sell something else. Your time is only worth so much and it is finite, there is only so much of it. A product on the other hand has continuing value that is beyond just your time.  Once you have the ball rolling and you do not have to take every opportunity that comes your way you need to be wise in choosing which opportunities to take. How do you know when to take a job?

- is it a good job (do you like the people you are going to be working with)

            - is it worth it monetarily

            - will it further your career

If you can answer two of these in the affirmative then you should go ahead. If not then it would be wise to pass on the opportunity. 

Finally Eric had some closing thoughts, advice to tell yourself if you want to live the Entrepreneur's lifestyle:

-       Be willing to fail

-       Tell them what you want to do not what you are doing

-       Do not waste time (tv) 

Startup.com

Startup.com

This was a very interesting film that gave a behind the scenes look into the dot com bubble. The part that I liked most about the film was the very candid approach it took in looking into the lives of these three friends. It is a first hand narrative of their successes and failures. The film really takes you on a journey to see what it is like to start a company and get financing, and get it to market. 

One of the most fascinating aspects is the way the people seem to forget the camera is there. When Tom says candidly “We are co CEO’s ” I thought, “Oops did he really say that” then when he is confronted by Kalial about it he had no way to retract his statement. I knew at that moment that Tom needed to go. Another moment was the company retreat at Toms boyhood camp. This gave the impression that they were successful and moving forward, when in fact they had so much work to do. I think they could have succeeded if they had focused a lot more on the product and got someone who knew how to deliver. At the end I felt like Kaliel did his part but Tom failed miserably on his end. This ultimately doomed the company.

      I did not like that the product they were bringing to market got so little attention the office drama although entertaining gets old and one gets the impression that these people did not create anything. It would have been informative to learn a little more about the end of the company and what happened to it. After reflecting about this I think that I understand why it got so little attention there was probably so little of it.