Here are ten rules for entrepreneurs from Reid Hoffman, co-founder of LinkedIn:
- Seek To Create Disruptive Change. Is this massive and different? Example: Skype
- Aim Big. It’s the same amount of blood, sweat and tears to build a small company to flip as a big one to change the world.
- Build A Network to Amplify Your Company. Your network is a store of distributed intelligence that can enable you. It’s important at the board and investor level and the rank and file.
- Plan for Both Good and Bad Luck. Opportunity will cross your path and you’ll have to pivot to reach it. Plan Bs are intuitively easier to plan for.
- Maintain Flexible Persistence. Know when to be persistent, when to be flexible and when to be a combination of both.
- Launch Early Enough To Be Embarrassed By Your Creation. You’ll probably be wrong about most of of your thesis, and you might as well get the feedback. Perfection is a myth. Get it into the mix. Don’t undervalue the importance of time.
- Aim High But Don’t Drink Your Own Kool-Aid. Find friends who will tell you when your baby is ugly.
- A Great Idea for a Product is Important. But a great idea for product distribution is more important.
- Pay Attention to Your Culture. Worry about getting hiring right from the very beginning.
- These Rules are Not Laws of Nature. You can break them.
Picture credit: Peter Arkle