Commander's Intent: "Starting With the End in Mind"
The world is changing. Chris Anderson, author of "The Long Tail" said it best…we live in a world of "infinite content, and finite time". Access to knowledge is effectively free…and there is more available to us than we know what to do with. Fortunately experience is an amazing filter. What better way to learn then from the brave entrepreneurs currently innovating on the front lines? This week we get some nuggets of wisdom from serial entrepreneur Mike O'Brien, founder of NationWide T-Shirts, Financialaid.com, Climber.com, investor and Board Member of Understand.com and most recently, Leadli.
Ok let's start with the obvious question we all want to know. You've had tremendous success with your ventures, what's the single biggest piece of advice you give to up and coming entrepreneurs?
Mike: Understand that every entrepreneur is afraid. If you are not , you are not taking big enough risks. Launch today, before it's ready, the chances that you have it perfect the first time are slim. The best feedback we get is not from MBA's and focus groups, but rather, from the early adopters who yell at us, clearly pointing out the right direction. Ask for help often and follow your gut, it's probably right more than it is wrong.
As a serial entrepreneur, do you feel you "improved" with each new company? Were there any mistakes you were dead set on avoiding ?
Mike: When I started my first business I thought I knew everything, which served me well at the time. That clumsy energy and self-belief propelled me into what I am today. Now, every time I am involved in a new company I am shocked at how little I knew when creating the last one. As you understand yourself more, it is easier to compliment your skill set with those around you. I am not a great operator, so I need strong operational people around me.
What should an entrepreneur be thinking about before they decide to start a business?
The one thing I tell all entrepreneurs is to start with the end in mind. If the business is successful, does it fit with your lifetime financial goals? Too often I see people start businesses only to find out that there is no big salary or exit. Did you really think you could make 200k a year owning a corner coffee shop? Did you look at how much per square foot the best Star Bucks store makes? Owning a business that does not support your lifetime financial goals is like being in a bad marriage.
You are working on something really cool now called "Leadli". What is it, and what was the genesis of it?
Mike: The guts and theory behind LeadLi was based on a product we created a few years ago. We saw how much time people were spending on "being social" and receiving very little business value out of it. It is very expensive from a time perspective to invest in social activities. Additionally, we found that people did not know how to turn their social media footprint into a great lead generation tool. Leadli automatically asks for business, referrals and recommendations. It provides pre-writen proven updates that stimulate business conversations. Additionally, it figures out the time of day and type of messages resonate best with each user's social networks. Leadli optimizes a user's updates to reach the widest audience and when they are most likely to interact you, think about it like ad serving technology for your social media.
Readers can visit Leadli for more information
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