50 Entrepreneurs share priceless advice

Summary

The video script emphasizes the importance of pursuing one's passion and not just chasing trends. It highlights the necessity of loving what you do to sustain through hardships and the value of learning from failures. The speaker encourages questioning the status quo and seeking opportunities to innovate in everyday activities. They stress the significance of belief in one's ideas, the courage to execute them, and the importance of building something meaningful. The script also discusses the need for a clear 'why' behind an organization's actions and the power of storytelling. It advises entrepreneurs to share ideas, seek criticism, and test their concepts rigorously, emphasizing the importance of aligning with partners who possess intelligence, energy, and integrity.

Takeaways

• 🔥 Passion is crucial for enduring the hardships of pursuing a venture; it's the fuel that keeps you going when the going gets tough.
• 🚀 Embrace failure as a learning experience; it's an integral part of the journey to success and should not deter you from trying.
• 🛠 Don't let others' lack of courage or belief in your idea stop you; often, they may discourage you because they are afraid to try themselves.
• 💡 Focus on what you love and are excited about rather than chasing trends or what others say is profitable.
• 🤔 Continually question and challenge the status quo; don't accept 'this is how it's always been done' as an answer.
• 💭 Cultivate an 'idea muscle' by generating multiple ideas daily to keep your creative thinking sharp and agile.
• 🌟 Believe in your vision and foster it so that others will see it too; conviction can inspire others to join and support your cause.
• 🏆 Don't aim for a home run on your first try; build skills and iterate on smaller projects that can lead to greater successes.
• 🎯 Seek out niche markets and aim to dominate them quickly; this approach can provide a solid foundation for growth.
• 🔍 Constantly seek criticism and feedback; well-considered critiques are invaluable for refining your ideas and products.
• 👥 Recognize that everyone has valuable insights; don't underestimate the knowledge and perspectives that can be gained from various individuals.
• 📈 Understand that most startups fail because they don't make something people want; it's essential to create something of genuine value.
• 🔑 Prioritize assembling a team with intelligence, energy, and integrity; these qualities are critical for building and scaling a successful venture.
• 📊 Develop 'committable' core values that guide your company's actions and decisions, and are adhered to even in the face of conflicting data.
• 👂 As a leader, it's important to listen, motivate, and praise; recognizing and nurturing the best in people can drive success.
• 💪 Be prepared for the long haul; success often requires a sustained effort and the ability to bounce back from setbacks.
• 🧠 Be flexible and open-minded; while having a vision is important, being able to adapt and learn from mistakes is key to progress.
• 🛑 Accept that many external factors are beyond your control; focus on what you can influence and maintain a positive outlook despite challenges.

Q & A

What is the key advice given for pursuing one's passion in business?

The key advice is to pursue something you are truly passionate about, as the difficulty of the journey requires a deep love for what you do to sustain you through challenges.

Why is it important to have an emotional investment in your work?

An emotional investment is crucial because if you don't love what you're doing, failure is highly likely. Your passion provides the energy and motivation needed to succeed.

How does the speaker suggest approaching the generation of new ideas?

The speaker suggests writing down every single activity in your day and questioning if there's a better way to do it. This practice should be done daily to prevent the 'idea muscle' from atrophying.

What is the significance of understanding the 'why' behind an organization or individual's actions?

Understanding the 'why' provides a sense of purpose and belief that motivates and drives actions. It differentiates the organization from others and helps in building a story that people connect with.

Why is it recommended to share your ideas with others, despite the fear of them being stolen?

Sharing ideas allows for feedback and collaboration, which are more valuable than keeping them secret. The competitive advantage lies in the ability to execute and improve the idea, not just having it.

How does the speaker describe the process of building a successful product?

The speaker emphasizes the importance of starting with a perfect experience for one person and then scaling it. It's about solving a problem and providing a solution that people want and need.

What role does seeking criticism play in the development of a business?

Seeking criticism is vital as it provides valuable feedback that can help refine and improve the business. It should be sought from various sources, including friends and online communities.

Why is it important to focus on small markets when starting a new business?

Focusing on small markets allows for quicker dominance and a solid foundation before scaling up. It's easier to understand and meet the needs of a smaller market, which can lead to a stronger product and brand.

What is the speaker's perspective on the inevitability of making mistakes in the entrepreneurial journey?

The speaker acknowledges that making mistakes is inevitable and suggests that the key is to learn quickly from them and not to give up. It's part of the process of building and growing a business.

How does the speaker define courage and genius in the context of entrepreneurship?

Courage is the determination to succeed despite adversity, which can be learned and enforced. Genius refers to the ability to create something truly innovative. Both are necessary, with courage being essential to realize the ideas generated by genius.

What is the advice given for maintaining motivation and avoiding burnout during the entrepreneurial process?

The advice includes taking care of one's mental and physical health, being pragmatically pessimistic by preparing for worst-case scenarios, and ensuring that there is a genuine love for the work to endure the long-term challenges.

How does the speaker suggest a startup can gain a competitive advantage?

The speaker suggests focusing on doing something exceptional for users, whether it's through community, connection, or design. Startups have the flexibility to make this the core part of their business model.

Outlines

00:00

🚀 Pursuing Passion Over Trends

The speaker emphasizes the importance of pursuing one's passion rather than following fleeting trends. They argue that the difficulty of achieving success is so high that only genuine passion can sustain the effort required over time. The speaker encourages learning from failures and not being deterred by the opinions of others, even those we respect. They suggest that success is more likely when one is emotionally invested in their work, as this passion can drive innovation and resilience. The speaker also highlights the importance of questioning the status quo and seeking to improve upon it daily, as well as the need to generate new ideas constantly to prevent the 'idea muscle' from atrophying. They conclude by stressing the value of believing in one's vision and the necessity of persistence and courage in the face of doubt and challenges.

05:01

💡 Embracing Crazy Ideas and Finding Your 'Why'

The speaker discusses the value of having seemingly 'crazy' ideas that are actually well-founded, as this can lead to differentiation and innovation. They stress the importance of pushing boundaries and listening to one's gut instincts when making decisions. The speaker also talks about the significance of focusing on creating something meaningful and important, rather than solely on rapid growth or immediate success. They introduce the concept of understanding one's 'why' – the purpose, cause, or belief behind an organization's or individual's actions. The speaker suggests that knowing one's 'why' can inspire others and create a compelling story around a product or service. They also advise entrepreneurs to share their ideas openly to gain valuable feedback and to assemble the right team and learnings to execute their ideas effectively.

10:02

🛠 Building Something People Want and Seeking Constructive Criticism

The speaker highlights that many startups fail because they create products that they think people want, rather than something that people actually desire. They advocate for not letting negativity or distractions from others deter one's progress and for building things that the creators themselves are passionate about, increasing the likelihood that others will share that interest. The speaker also emphasizes the importance of rigorous testing and iteration throughout the product development process, starting with a small, viable test that can be scaled up once proven successful. They encourage seeking out criticism and feedback, especially from online communities, to gain diverse perspectives and insights. The speaker also stresses the importance of not underestimating anyone, as valuable lessons can come from all kinds of people, regardless of their background or role.

15:03

🤝 The Importance of Teamwork, Values, and Listening

The speaker discusses the importance of teamwork, particularly in startups, and the need to find partners with high intelligence, energy, and integrity. They stress that aligning on goals and values is crucial when working with others. The speaker also talks about the concept of 'committable' core values that are integral to the company's identity and operations, and that should guide hiring and firing decisions. They emphasize the role of a leader as a listener and motivator, and the importance of praising people to help them flourish. The speaker concludes by acknowledging the hard work involved in entrepreneurship and the need for courage and genius to succeed, as well as the importance of maintaining a balance between optimism and pragmatism.

🧘‍♂️ Balancing Optimism with Pragmatism and Embracing Challenges

The speaker talks about the importance of being flexible and open-minded when starting a company, recognizing that many external factors are beyond one's control. They encourage entrepreneurs to anticipate and accept the possibility of failure, and to learn from mistakes rather than trying to avoid them. The speaker also discusses the need for courage and genius in entrepreneurship, with courage being the more teachable of the two. They stress that while both qualities are important, having genius without courage is unlikely to lead to success. The speaker concludes by emphasizing the importance of hard work, focusing on customer support, sales, and engineering problems, and taking care of one's mental and physical health during the entrepreneurial journey.

Keywords

💡Passion

Passion refers to a strong emotional connection or enthusiasm towards a subject or activity. In the video's theme, passion is emphasized as a driving force that sustains one through the challenges of pursuing a venture. The script mentions that one should engage in something they are passionate about and not merely chase trends, as the hard work involved requires a genuine love for the task at hand to persist.

💡Persistence

Persistence is the continued effort despite difficulties or challenges. The script underlines the importance of persistence in the face of failure, suggesting that it is a necessary quality for long-term success. It is highlighted that without a love for what one is doing, giving up becomes likely, thus persistence is linked to the passion for one's work.

💡Innovation

Innovation is the process of translating an idea or invention into a good or service that creates value. The video script discusses the importance of coming up with new ideas and improving upon them daily to prevent the 'idea muscle' from atrophying. It suggests that innovation is key to creating something meaningful and valuable in the market.

💡Belief

Belief is the state of being convinced of the truth of something. In the context of the video, belief is portrayed as essential for realizing one's dreams. The speaker mentions learning from Steve Jobs that if you believe in your idea strongly enough, others will follow and contribute to making it a reality, highlighting the power of belief in driving innovation and success.

💡Execution

Execution refers to the act of carrying out a plan or making a decision work. The script points out that the real challenge lies not in having ideas but in executing them. It emphasizes the importance of assembling the right team, learning, and taking action to build and grow an idea, which is central to the success of any venture.

💡Critique

Critique is the analysis and judgment of something, often in the context of pointing out its flaws or weaknesses. The video encourages seeking well-thought-out critiques, equating them to gold, as they provide valuable feedback that can help improve one's work. It suggests that being open to criticism is a strength in the process of innovation and growth.

💡Market

Market refers to the group of potential buyers for a product or service. The script advises targeting small markets initially and dominating them quickly. Understanding the market is crucial as it helps in tailoring products or services to meet the needs and desires of consumers effectively.

💡Differentiation

Differentiation is the process of making a product or service distinct from others in the market. The video stresses the importance of differentiating one's idea or product to stand out in the market. It suggests that having a unique selling proposition (USP) or a compelling story around a product can make a significant difference in its success.

💡Purpose

Purpose is the reason for which something exists or is done. The script differentiates between knowing what an organization does and why it does it. It argues that having a clear purpose or belief is more compelling than just focusing on profit, and it is essential for inspiring others and gaining support for one's venture.

💡Values

Values are the principles or standards of behavior that guide actions and decisions. The video discusses the importance of having committable core values that are integral to a company's culture and operations. It suggests that these values should be so important that they can influence hiring and firing decisions, independent of job performance.

💡Leadership

Leadership is the action of leading a group of people or an organization. The script describes leadership as requiring qualities such as being a great listener, motivator, and having the ability to praise and find the best in people. It emphasizes that leaders should foster an environment where people can flourish, which is crucial for the success of any venture.

💡Adaptability

Adaptability is the ability to adjust to new conditions or circumstances. The video encourages being flexible and open-minded, suggesting that while having a vision is important, one must also be willing to adapt and change when necessary. This adaptability is vital for navigating the inevitable challenges and obstacles encountered during the entrepreneurial journey.

💡Courage

Courage is the ability to do something that frightens one; it is the quality of being brave. The script highlights courage as a key attribute for entrepreneurs, emphasizing the need to persevere and not give up in the face of adversity. It suggests that courage is something one can learn and develop, which is essential for overcoming the many obstacles on the path to success.

💡Genius

Genius refers to exceptional intellectual or creative power or other natural ability. The video mentions genius as a component that, when combined with courage, can lead to success. It implies that while courage alone might not suffice, genius without courage is unlikely to achieve significant results.

💡Mental Health

Mental health is the state of well-being in which an individual is able to realize his or her own abilities, cope with the normal stresses of life, work productively, and make a contribution to his or her community. The script advises taking care of one's mental health during the entrepreneurial process, recognizing that the journey can be a long and challenging one that impacts not only physical but also mental well-being.

Highlights

Passion is essential for enduring the hardships of pursuing a venture.

Learning from failure is crucial for future success.

Don't let respected naysayers deter you from pursuing your dreams.

Focus on what you love rather than chasing trends for monetary gain.

Having an emotional investment in your work increases the likelihood of success.

Questioning the status quo and seeking to improve is vital for innovation.

Generating multiple ideas daily prevents your 'idea muscle' from atrophying.

Persuasion is key to gaining interest in your ideas.

Belief in your vision is crucial for inspiring others and making it a reality.

Start with small, achievable devices or projects to build and refine your skills.

Luck is a factor, but creating a business with limitless potential is more important.

Differentiation is key; aim to be right, not necessarily understood.

Focus on building something meaningful and important rather than seeking quick success.

Understanding 'why' you do what you do is more important than 'what' or 'how'.

Share your story to differentiate yourself from competitors.

Don't be afraid to share your ideas; your competitive advantage lies in execution.

Seek out criticism and use it as a tool for improvement.

Utilize online communities for diverse perspectives and advice.

Most startups fail because they don't create something people want.

Build something you would use yourself, increasing the chances others will want it too.

Integrate rigorous testing of ideas throughout product and marketing development.

Do something exceptional for your users to stand out as a startup.

Invest in teaching and sharing, not just traditional marketing.

Find a partner with high intelligence, energy, and integrity.

Align with your partner on goals to ensure a strong working relationship.

Create committable core values that guide company behavior and hiring practices.

Leaders must be great listeners and motivators, fostering an environment where people flourish.

Accept that many external factors are beyond your control and focus on what you can influence.

Be open to changes and flexible in your approach to starting a company.

Learn from mistakes rather than trying to avoid them; persistence is key.

Courage and genius are essential for entrepreneurial success.

Understand that entrepreneurship involves a lot of hard work and dedication.

Maintain a balance of optimism and pragmatism when starting a business.

Prioritize self-care and mental health during the entrepreneurial journey.

Transcripts

do something you're very passionate

about and don't try to chase what is

kind of the hot passion of the day

people say you you have to have a lot of

passion for what you're doing and it's

totally true and the reason is is

because it's so hard that if you don't

any rational person would give up it's

really hard and you have to do it over a

sustained period of time so if you don't

love it if you're not having fun doing

it you don't really love it you're going

to give up so just go and do it

try learn from it you know you'll fail

at some things that's a learning

experience that you need so that you can

take that on to the next experience and

don't let people who you may respect and

who you believe know what they're

talking about don't let them tell you it

can't be done because often they will

tell you it can't be done and it's just

because they don't have the courage to

try it I think people that look for

great ideas to make money you know are

nearly as successful as those who say

okay what do I really love to do what am

i excited about what I know something

about you know what's kind of

interesting and compel it it's very

rewarding when you work on something you

think it's going to make a big

difference and yeah it's a little bit

harder but I think I think the passion

that one might bring with it brings so

much more energy to that that you're

more likely to succeed you have to have

an emotional investment in what you're

doing if you don't love what you're

doing

failure is pretty much guaranteed

success is not guaranteed by any means

but failure is much more likely if you

don't love what you're doing if you know

exactly what you want to be you need to

spend as much time with people that are

actually that already you know one of

the things that I do is I question a lot

of things and you can do that in a good

way in a bad way but hopefully if you

try to get people to motivate why

they're doing something and their way of

thinking you know the worst thing you

can end up

with it's a situation where you get told

well this is the way it's always been

that's the worst ever that's a

non-answer instead ask yourself you know

given everything you have today is there

a way we can make this better and so

when we're coming up with ideas you know

we always ask ourselves what kind of new

market is is creating and then also what

what part of my day and in what problem

is it solving and so I've gone as far as

taking an entire catalogue of my day

from the moment I like open my eyes and

writing down every single thing I do and

then asking myself like is there

something here if you're not coming up

with ten ideas a day that's why I have

this thing I'm not coming up when I'm

filling up this page every single day

then my idea muscle will atrophy and I

started this in 2001 and I still do it

every single day like you have to come

up with ideas every single day or the

idea muscle atrophies the good news is

after about six months of doing that

you're like a machine like people get

surprised at how many ideas you could

just have anywhere but understand that

naturally nobody is interested in your

idea the world can care less you have to

persuade them and you have to show that

you're the one person out there that can

do it when it comes to changing the

world what I learned from Steve Jobs is

if you believe in a Macintosh if you

believe in iPhone iPod iPad if you

believe enough then you will see it

because other people will believe in it

other people will create software other

people will create products so you need

to foster the belief in what you are

dreaming so that it becomes a reality

which is very different than saying I

don't expect anybody to believe it until

I see it you need people to believe it

before they can see it don't necessarily

think that you have to have the homerun

in the huge Apple Computer on your first

start I spent a long time in my life

with skills just building little devices

for fun for fun is one of the key things

because that drives you to think and

think and think and make it better and

better and better than you ever would if

you're doing it for a company build

things at first for yourself that you

would want for some

firing - you know take things to the

next level or - even surpass their

wildest dreams there's always going to

have to be an element of luck but I

think more important is putting yourself

in a business that can be ubiquitous

that that Kim that really doesn't have

limits because otherwise there's always

going to be a grind to it but if the

business if it can't be something that

you can visualize every business using

or every consumer using it's going to be

tough to scale to be big enough or to

have the perceived value you want an

idea about what you can say I know it

sounds like a bad idea but here's

specifically why it's actually a great

one you want to sound crazy but you want

to actually be right because when you're

trying to differentiate when you're

trying to do something different there's

going to be that gut moment that gut

sense is this right is this not right if

you're not if you're not having doubt

you're not pushing the boundaries far

enough don't think about how do I get

really how do I get big fast that will

happen if you actually build something

super meaningful and super important so

don't think about you know what is the

quickest way to success think about what

is the best way to building something

important that the world really needs

this little idea explains why some

organizations and some leaders are able

to inspire where others aren't let me

define the terms really quickly every

single person every single organization

on the planet knows what they do 100%

some know how they do it will you call

it your differentiating value

proposition or your proprietary process

or your USP but very very few people or

organizations know why they do what they

do and by why I don't mean to make a

profit that's a result it's always a

result by why I mean what's your purpose

what's your cause what's your belief why

does your organization exist so when we

see a kid with a lemonade stand it's

different than when we see a vending

machine selling lemonade even if it's

exactly the same product because the

story around it is what people are

paying for so when I meet small business

people all I ask them is not what's

their balance sheet

what's their story why should I pick you

why do I care about what you're doing

and if you start giving me all this

inside baseball statistics about why

you're 2 percent better than some other

competitor I'm already glazed over

because that's not part of the way I see

the world that I have to want this to

exist in the world I have to not so it's

a similar rule just say if this was

successful and I had nothing and I got

no and I was not involved and I got no

money off it or wasn't what I wanted to

do well and that's a great check I think

to know if you really feel good about

the idea and can be passionate about it

one of the things I advise entrepreneurs

to do is when you have an idea so a

classic entrepreneurial impulse is to

hold the idea close to you're not gonna

tell because all the ideas so special

right that's almost always a mistake go

talk to why is that a mistake it's a

mistake because your actual real

competitive advantage is not that you

have this idea that you have locked away

in your closet which may or may not be

accurate and you have no idea which it

is your actual competitive advantages if

you're assembling the intelligence

around does this idea work what is the

right team what is the right learnings

and we're essentially in motion the

hardest thing to do is start you have

all these ideas and everyone has an idea

but it's really about executing the idea

and building the idea and attracting

other people to help you work on the

idea that is the biggest challenge but

the way to begin is to get the idea out

of your head draw it out you know talk

about it program it if you're a

programmer or make it if you're building

something you don't have to be the best

but you have to be dangerous right you

have to learn just enough to be

dangerous to build an idea concept it

and show it to the world and then it

turns out there are lots of other people

including all 170 employees that work at

Instagram who are much better at doing

all that stuff than I am but you'd need

to find people who can you know be drawn

to the idea that you build and and then

they end up taking it and on and make

any of it but yeah one way to

conceptualize what makes a good product

is you know good engineering is part of

it good design is part of it but really

it's one way I think about is at least

is maximizing the probability that

someone shows up at the front door of

you know your store or your website or

or whatever it is and ends up with a

solved problem

and oftentimes the best methodology is

to start with the perfect experience of

just one person get that right and then

figure out how to scale something great

instead of scales I mean not so great

and then trying to improve it that's

really hard to do and so I think when

you are starting a new business you uh

you don't want to go after giant markets

you want to go after small markets and

you want to take over those markets

quickly constantly seek criticism a a

well a well-thought-out critique of

whatever you're doing is as valuable as

gold and you should seek that from

everyone you can but particularly your

friends if you're not utilizing an

online community then you're at a

disadvantage to do are you can be asking

online communities what they think about

your ideas or if they have any advice

with what you're working on not only

will you hear from people who are

passionate about the subject but you'll

be hearing from people all around the

world each with their own experiences

and stories that can help you and there

are a lot of people from whom we can

learn a lot and I think like you know

the one piece of advice is like don't

underestimate anyone you come across

everybody like whether they're you know

a blue collar worker waiting for the bus

or they're you know helping you at your

they're the server bartender at the

restaurant or they're a lower-ranking

employee I mean the smartest leaders

I've ever seen have always gone around

the room and asked for everybody's

opinion most startups that fail do it

ultimately because they did not make

something that people wanted they made

something that um you know that they

thought people would want but they were

either in denial about it about you know

whether it was actually any good or

somebody else came along and made

something that people wanted even more

the best piece of advice that we've

figured out is we've been the course

is not to not to let other people will

distract what you're doing there's

always haters I'd say your idea is

stupid this idea is never going to work

don't even bother doing that because

someone else is going to do it before

you do and if we listen to all those all

that feedback there living all that

negative through that we were never

built things we're never a prototype

things and that's how we really got to

where we are we saw things that we

wanted to build we just went out and

built them it turns out when you build

stuff that you like to use um there's a

good chance that there's thousands other

people that want to use it too and so

it's not just about doing focus groups

it's not just about you know

double-checking your vision it really is

about integrating this concept of

testing our ideas rigorously throughout

the product development process out the

marketing process even as we scale up

but what you really need to do is think

about what is the smallest possible test

that I can run for this idea for this

concept for this theory get it out there

and get customers using it because your

customers are going to be the ones to

tell you if it's really working or not

like like there's almost just

expectation that you have to have in

your mind this this sort of I'm gonna

change the world sort of make a dent in

the universe kind of kind of ambition

right but it's actually okay early on to

just kind of solve small problems in

layers until you actually get to a point

where you have to capacity to do that

what this all comes down to is doing

something exceptional for your users

whether it's in community whether it's

in connection or whether it's in design

this is our big advantage as a startup

is that we can actually get away with

doing this we can make this the core

part of why we're doing business I think

you should be spending your money on on

on teaching and sharing and so that

might mean hiring a writer too perhaps

instead of a marketing person you know

and start writing and start getting

people to listen to what you're saying

you can't talk about yourself all the

time because no one's going to come back

for that we get to talk about things

that are relevant to your industry or

ideas that you have and start to build

that audience up I do think that one

thing that's important is especially if

you're a founder or a technical founder

is to realize that you can't do

everything and even if you can you

shouldn't you should find a great

partner no matter what it is that you're

doing

and you should look for someone who is

very high intelligence very high energy

and very high integrity and you need all

three of those you can't compromise them

any one of them otherwise you'll end up

with either someone who's not smart

which is you know good

or someone's not hard-working which also

doesn't have it or the worst case is you

end up with the smart hard-working crook

who ends up working against your

interests and integrity something that

takes a lot of time spent with someone

to figure out the most important thing

when you're working with people early is

that you guys line up on on what your

goals are that's that's really that

sounds really basic but you can totally

it can be fine you can want to build a

small business that makes money and you

don't have to go to an office every day

or you can want to build a huge company

you can want to build Google but I think

you have to be really really aligned on

that when a lot of corporations have

they might call them core values or

guiding principles or so on but the

problem is usually they're very lofty

sounding they kind of read like a press

release the marketing department put out

they sound just like their competitors

and maybe you learn about it on day one

of your job but then it becomes this

meaningless plaque on the lobby wall

well we wanted to come up with

committable core values and by

committable meaning we're willing to

hire or fire people

based on those values completely

independent of their actual job

performance the definition of values is

they're the behaviors or principles that

you religiously adhere to within your

company annoy say religious I mean that

no amount of data will sway you in it

from from those principles and the

degree to which that you have the

courage to maintain your conviction

around those ideas is the degree to

which you're going to be successful over

the long term a company is simply a

group of people and as a leader of

people you have to be a great listener

and you have to be a great motivator you

have to be very good at praising and

looking for the best in people and you

know people are no different from from

flowers if you water flowers they

flourish if you praise people they

flourish and

and that's a critical attribute of a

leader so I kind of like half jokingly

with with a lot of people say that you

know my job is basically like to be to

be the assistant for the rest of the

company like my job is to make sure that

like you have what you need that it's

and and basically you have everything

you need to kick ass like that's my job

if you don't have that then let me know

because I'm not doing my job you know

there are a lot of things that are

outside of your control a lot of

external circumstances will depend like

determine the success of your idea

whether you know the market timing is

right for this new kind of service or

whether people you know whether a

customer like the economy's right for

for for your kind of service right

whether you meet the right people who

will finance your company many many

external circumstances are like outside

of your control and like but will affect

the outcome and if you have to like be

ok with that another quality that I

think is important is kind of being

flexible minded or open-minded I'm not

saying you shouldn't have a vision for

for your idea or your product but you

need to be open to changes so many

things go wrong when you're starting a

company and often I think people ask you

know what mistakes should you avoid

making and you know my answer that

question is don't even bother trying to

avoid mistakes because you're going to

make tons of mistakes right and the the

important thing is actually learning

quickly from whatever mistakes you make

and not giving up right and I mean there

are things every single year of

Facebook's existence that could have

killed us or made it so that it just

seemed like moving forward and making a

lot of progress just seemed intractable

but you just kind of bounce back and you

learn and nothing is impossible you just

have to kind of keep running through the

walls the two things we really zero in

on a people are you know two things they

sound simple they're not being very

difficult courage and genius courage is

the one we talk about a lot because it's

the one that people can learn you know

courage courage which is to say not

giving up in the face of adversity you

know just being absolutely determined to

succeed you know is something that you

can you can like force yourself to do it

can be very painful you can force

yourself to do it the genius part is a

little bit hard to force yourself to do

you

courage without genius might not get you

where you need to go but genius without

courage almost certainly won't and I

think the reality is just you know not

quite so glamorous there's sort of

there's not we side to being an

entrepreneur and also just more

importantly with what you're actually

spending your time on is just a lot of

hard work saying I mentioned this but

you're basically just sitting at your

desk heads down focused answering

customers customer support emails doing

sales figuring out hard engineering

problems so it's really important that

you kind of like going with with eyes

wide open optimism has a place but I

think even more so for the first time

entrepreneur you need to be

pragmatically pessimistic what I mean by

that is you need to define all the

worst-case scenarios in terms of

financial loss time loss etc look at

what you will learn if that happens and

accept and come to terms with that

before you ever start if you don't do

that and you go straight into battling

the world trying to conquer the world

with rose-colored glasses on the first

time you hit a major hiccup you're gonna

become really demoralized and you will

quit if you don't love it you won't make

it through the long period of pain that

is inevitable so make sure that you take

care of yourself during the process make

sure that you take care of your mental

health your physical health while you're

doing it because it's a long road