Some More Rules For Entrepreneurs!

Here are ten rules for entrepreneurs from Reid Hoffman, co-founder of LinkedIn:

  1. Seek To Create Disruptive Change. Is this massive and different? Example: Skype
  2. 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.
  3. 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.
  4. 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.
  5. Maintain Flexible Persistence. Know when to be persistent, when to be flexible and when to be a combination of both.
  6. 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.
  7. Aim High But Don’t Drink Your Own Kool-Aid. Find friends who will tell you when your baby is ugly.
  8. A Great Idea for a Product is Important. But a great idea for product distribution is more important.
  9. Pay Attention to Your Culture. Worry about getting hiring right from the very beginning.
  10. These Rules are Not Laws of Nature. You can break them.

Rule 4 is an interesting one – I’ve written about incorporating luck in a proactive way previously – see here, here and here.

Picture credit: Peter Arkle

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