Reflections on Entrepreneurship from Stanford GSB

Going through an old notebook of mine, I found a page of things I had learned about startups and entrepreneurship from my time in the MBA program at Stanford GSB. I wrote it on 6/12/07, about a week before i graduated. I culled these from things I learned from various classes, lectures, meetings, books, and during the early days of starting Personforce.

• Entrepreneurship is about building something with little to zero resources
• Do rather than analyze. Err on the side of speed than precision
• Building a company is an iterative process. Test and learn.
• There is a mental inflection point when the startup moves from idea to actual business
• The micro-details of the product, the sales pitch, the contract matter.
• There is a way to solve any problem. There is a way to sell anything. It might just be harder than you are prepared to work.
• Differentiated businesses require lots of hard work
• Do the dogs want to eat the dog food?
• Your sheer force of will is a competitive advantage
• Work with people who have different skills but similar values to you
• You have to give equity away to make the pie larger
• You have to strike and scale while the iron is hot
• Successful entrepreneurs are just normal people
• You need to commit to something to succeed. Good things start happening and it provides focus. "Throw your cap over the fence"
• Little is gained by secrecy, good things happen when talking to smart people
• Act weak when you are strong. Act still when you are about to move.
• Little companies can crush competitors
• Achieving public success has an irrevocable price
• Don't add costs to the business
• To succeed, you need to be contrarian and right
• Selling into existing markets can be easier to sell to. Creating new markets can be powerful.
• Great businesses create an impact far in excess of the capital invested in them.
• Every early decision has strategic and ethical implications
• Before every fork in the road, ask your self exactly what it is that you are trying to accomplish
  

Perhaps at a later date I'll write about which of these points I found to be true, especially true, or not sure true in starting a business.