The best business training I ever got...

"The best business training I ever got was as the president of my fraternity.  Leadership skills come from doing, not reading.... 

I had to deal with everything from litigation, to fundraising, to collecting dues, to accepting and kicking out members, to planning social events....

Doing that at age 19 was the best training I ever had." - VC Mark Suster

Something Ventured *Trailer* Venture Capital...

"Everything comes from the entrepreneurs. I tend to look for scrappy people who were not born with a silver spoon. They're also people who aren't motivated by an unhealthy desire to stick their finger up at establishments. "- VC Mark Suster

Something Ventured is a documentary film about the original venture capitalists and the companies they helped to start and grow--like Apple, Intel, Genentech, Cisco, Tandem and Atari.

You must play to win....

An excerpt from Entrepreneur turned VC, Mark Susters blog: Both Sides of the Table...

One attribute that I believe most VCs look for in entrepreneurs is competitiveness.  I know I do.  I like to work with people who hate to lose.  Anyone who has ever been around me when I’ve lost at anything I care about will tell you I’m not pleasant.  I’m not a poor loser at all.  It’s just that I stew on it.  I don’t recover easily.  I lose sleep.  If I have any angle of changing the outcome I will.  I replay things in my mind about why I lost and I try to correct my mistakes.  

I look for people who share this obsession about winning.  If you stumble on to a really good idea believe me it will get competitive really quickly.  It amazes me how quickly a modest success story gets replicated and any initial product / market advantages get narrowed.  You can’t accept simply ceding part of the market to someone else because it’s big.  You need to fight for every inch.  Every win.

The trait spills over from personal life to business and back again.  My wife finds it curious.  Family scrabble games are fun – but I still want to win.  We played against her parents and I was focused.  I wanted to take them down!  Poker night is social, but if I’m playing, it’s to take your money.   GuitarHero is seriously chilled out way to hang out with friends.  But even more so if my score is higher than yours.  I ran a marathon with my colleague in 2003 – I’m still bummed that he beat me even though he was clearly more athletic.  For me winning IS the fun.

I know that people who aren’t competitive always find competitive people slightly distasteful.  They feel that there’s something egalitarian about everybody getting a trophy.  They complain that trying to win at everything is in being over zealous and is unnecessary.  Maybe.  Anyway, I’m sure this will play out in the comments section – it won’t be the first time I’ve heard it.

It is what it is. But I want to work with people who thrive on winning.  I look for that fighting spirit in those that present to me. Entrepreneurs play to win and they take losing seriously.  Think Mark Zuckerberg doesn’t have some sleepless nights about Twitter despite having more than 350 million users himself?  Think Yelp doesn’t wake up daily thinking about how to crush FourSquare?  Think Marc Benioff is content with being a billionaire?  I’m sure he seethes at any losses to Larry Ellison.

Steve Jobs is famously known for being obsessive about people not leaking Apple information prior to announcements (unless it’s intentional.)  It is rumored (and much debated) that Jobs dropped McGraw Hill (the book publisher) from any iPad announcements because their CEO went on CNBC the day before and talked about the iPad.  Certainly sounds plausible to me.  You don’t like leaks? Send a message and people will think twice next time.

leo the lipDon’t take it from me.  Take it from Leo “The Lip” – “nice guys finish last.”  Steve Jobs isn’t a “nice guy.”  Nor are Bill Gates, Steve Ballmer, Marc Benioff, Larry Ellison, Tom Siebel, Rupert Murdoch, Barry Diller or any number of people you’ll find who built empires.

I’m not looking for people to be mean and certainly not unethical.  Just people who play to win – every time.

The four letters: JFDI... (Just F#%*^* Do It)...

An excerpt from Entrepreneur turned VC, Mark Susters blog: Both Sides of the Table...


...I had a picture in the office of my first company with the logo above and the capital letters JFDI.  (In case it’s not obvious it’s a play on the Nike slogan, “Just Do It.”)  I believe that being successful as an entrepreneur requires you to get lots of things done.  You are constantly faced with decisions and there is always incomplete information.  This paralyzes most people.  Not you.

Entrepreneurs make fast decisions and move forward knowing that at best 70% of their decisions are going to be right.  They move the ball forward every day.  They are quick to spot their mistakes and correct.  Good entrepreneurs can admit when their course of action was wrong and learn from it.  Good entrepreneurs are wrong often.  If you’re not then you’re not trying hard enough.  Good entrepreneurs have a penchant for doing vs. over-analyzing.  (obviously don’t read this as zero analysis)...

...Sometimes you need to break some eggs to get things done so if that’s what it takes I wanted my team to go for it and I wanted to symbolize that it was OK with me.  I would far rather have some messes to clean up than to never have them cross the line trying.

So I took on the motto JFDI to symbolize this.  And I think my team did a great job and rose to the occasion.  Maybe it helps that I love controversy and pushing the boundaries so people felt it was OK for them to do it as well.

Another side of JFDI is finding ways to get stuff done that seem impossible.  Entrepreneurs have a way of doing that. Getting suppliers to accept terms that they said they never normally agree, getting accepted to speak on a panel when the conference organizer initially said “no,” getting people to moonlight for you until you have the cash to bring them on board..