Kevin O’Connor, co-founder of DoubleClick, is the CEO ofFindTheBest, an unbiased data driven comparison engine, which he established in Santa Barbara, CA.
As an entrepreneur, I’ve been invited to guest lecture for entrepreneurial programs at colleges from Harvard to the University of Michigan. Each time I stood before a group of aspiring entrepreneurs, I couldn’t help but wonder whether people could actually learn the needed skills and qualities to become a successful entrepreneur, or if we’re born into said skills.
I’ve been lucky enough to learn about entrepreneurship, leadership and teamwork from supportive family members and forward-thinking mentors. Here are 9 invaluable lessons I’ve taken away.
Become a Budding Entrepreneur
- Believe in yourself and stand behind your convictions. If you choose the entrepreneurial path, you must believe in your convictions so strongly that you would stand behind your opinions no matter the discouragements. Although this positive way of thinking may attract a lot of nay-sayers, don’t lose hope.
- Innovate and invent constantly. Great entrepreneurs rarely invent just one profitable product — they’re inventing and innovating constantly. Oftentimes you need to come up with a lot of bad ideas before you come up with the one that sticks. Be persistent and don’t give up.
- Move rapidly. Successful innovators get things done quickly because they know time is not on their side. You might have a multi-million dollar idea, but if you don’t get it out there before someone else, the idea will no longer be profitable.
Encourage Innovation Within Your Company
- Support a meritocracy. Create a work environment in which the most talented employees and the best ideas get recognized and promoted, regardless of age, experience or position. Not only does this create healthy competition, but it encourages employees to be vocal and participate in the bigger vision.
- Host weekly brainstorms. I brainstorm constantly with my employees; it’s the quickest way to access the best ideas in the room. I call it The Brainstorm Prioritization Technique: narrow and specifically define your goal, encourage free-flowing brainstorming, then go back to clarify ideas. Finally, allow team members to vote on top ideas.
- Lead by example. If you’re not moving with a sense of urgency and adding your own ideas to the mix, it will be hard to motivate a potentially innovative team.
Hire Innovators
- Avoid stock questions. I ask a lot of unusual questions when interviewing someone, mainly because stock questions produce equally predictable answers. When trying to gauge if a candidate’s self-confidence, I’ll ask him, “Are you smart?” Their initial reaction will tell all.
- Don’t write off rebels. I also like candidates that have rebelled against authority in the name of a cause or belief. I’m not automatically prejudice against someone who has been jailed for talking back to a cop or fired for telling his boss to shove it. Innovators have always swum against the stream.
- Look for a history of thinking big. Have they set big goals or innovated in the past? This is a good sign you have the right person.
Do you have any tips for aspiring entrepreneurs? Please share in the comments below.
Image courtesy of iStockphoto, RichVintage
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