EXCERPT
INSIGHTS: Reflections from 101 of Yale's Most Successful Entrepreneurs
by Chris
LoPresti
INSIGHTS is currently on tour with Reading Addiction Book Tours. The tour stops here
today for an excerpt from the book. Please be sure to visit the other tour stops as well.
Description
What if you could sit with the founders of successful companies and
discover the secrets to their success?
Through INSIGHTS, Chris LoPresti has gathered 101 world-class mentors to share their
invaluable experiences for the benefit of every entrepreneur.
INSIGHTS grants you access to some of Yale’s leading entrepreneurs and the key
learnings they’ve collected on their own entrepreneurial journeys. From
founders of Fortune 500 companies such as FedEx, to the next generation of
entrepreneurs like Thiel Fellows, to early investors in Apple, Cisco, Facebook,
and other billion dollar startups, INSIGHTS is a collection of the best advice offered by a diverse group of leaders
and innovators.
The 101 featured contributors reveal lessons learned the hard way to help
you avoid common pitfalls and allow you to lead your company toward more
streamlined success. This unique library of knowledge is available to reference
as often as you need.
Thinking about starting your own company? Trying to improve your
organization? INSIGHTS provides a wealth of information to guide you along your entrepreneurial
journey.
Excerpt
The Value of Preparation
by Roger McNamee
Co-Founder, Moonalice,
Co-Founder, Elevation Partners, Silver Lake Partners, Integral Capital Partners
Co-Founder, The MoonTunes Project, Reverb
EVERY ENTREPRENEUR’S BODY IS COVERED WITH scar tissue from lessons
learned. Even the best startups have setbacks, which means that
entrepreneurship is a test of the ability to recover gracefully from mistakes.
Entrepreneurs who learn from the experience of others before they start making
their own mistakes have a huge advantage.
One major factor in the success of my startups has been preparation. I am
a cautious entrepreneur and typically devote at least a year to studying each
opportunity before I pursue it. My goal is to be THE domain expert in the
field. Almost every startup must find a way to neutralize the advantages of
established companies; sometimes the established companies commit suicide, but
more often they adapt to new threats.
Preparation doesn’t allow entrepreneurs to predict the future, but it
does allow them to anticipate the key challenges and be ready for them. This
level of preparation has a cost in terms of time, but that is trivial in
comparison to the benefits of sidestepping half-baked ideas.
Many entrepreneurs discount the value of preparation in disruptive
technology startups on the theory that if you are inventing a new world, you
are better off approaching it unfettered by preconceptions. Some investors have
stopped backing companies with experienced teams, believing that disruptive
change comes most often from first-time entrepreneurs. That was certainly true
with Microsoft, Oracle, Google, and Facebook, but the other side of the ledger
includes tens of thousands of companies that crashed and burned because of
inexperience.
What is the best way to begin an entrepreneurial project? If you are not
a domain expert, become one before you start. Domain expertise gives you an
edge in identifying product or business model changes that customers will
value. It also enables you to “make new mistakes,” rather than repeating ones
that have been made by others. Once you identify your opportunity, then you
have to figure out whether or not you are capable of executing the strategy.
This requires self-awareness, which is not as widely distributed in the
entrepreneurial population as one would hope. At this early stage, uncertainty
has value, as it provides an incentive for greater preparation.
Then comes the moment of truth. You’ve got your idea; you have a plan for
making it happen. Should you do it? My rule of thumb is to sleep on it for a
few nights. When you awake, if you can’t imagine doing anything else, then you
are good to go. If you can imagine anything at all that you would rather do,
bail out from the startup. It’s not the right thing for you. Remember that
startups are harder to unwind than a marriage. If you make the wrong choice,
you will be stuck with it longer than you would like.
Praise for the Book
This book has an amazing 46 customer reviews, all of which are 5-star.
Here is a small sample:
"Fairly new to the entrepreneurship book world, but glad I was
referred to this book by a friend. Great tips, great insight, and a great read
for those trying to get into this business sector, or new to it!" ~ Michael Chananie
"I bought this book expecting it to be the same old, same old
entrepreneur book. Not the case at all. Learning from successful entrepreneurs
from a wide range of fields opened my eyes to mistakes I have made and didn’t
know it, and mistakes I was bound to make had I not read the book. Such a great
read I could not put it down. I wish I had been able to read it sooner in life.
INSIGHTS is a must read for not only
entrepreneurs, but all people in the business world." ~ JHO
"Outstanding... This is a fun and insightful look at
entrepreneurship from 101 different angles. It's an anthology for seasoned and
aspiring entrepreneurs alike. Many of the contributors have written their own
books on the subject yet offer new insights here, especially when strung
together seamlessly by Mr. LoPresti. I wish I had read this before I launched
my own startup, which is no longer in business... I'm looking forward to the
hardcopy version since this would make a great gift." ~ Patrick Cascarano
"As a founder of an early-stage company myself, I found this book
extremely helpful. Taking a look at the thoughts and experiences of multiple
entrepreneurs far and above trumps and individual opinion on the keys to
success. Finding the right 'formula' is tough and INSIGHTS does a great job of aggregating an abundance of valuable
real-life experience. Would recommended it to anyone who has started or is
starting their own company." ~ daniel
folkman
"I was recommended this book by a friend and thoroughly enjoyed it!
It was a quick read while still being able to take away learn valuable lessons
about the business world. The contributor's passages contained advice that I
found to be very valuable and I will being passing the book along to many of my
friends in the business world!" ~ Claris
Leigh
From the Author
This book was created to bring together a community of people to share
their knowledge and pay forward the help they've received throughout their
individual careers. All 101 entrepreneurs volunteered their advice and
experiences in this book, and at many other times in their lives, they have
offered their insights for free. They all share a common desire to support
entrepreneurs of every type.
The proceeds from INSIGHTS will go to ELIS Inc., a registered 501c3 organization created by
some of the entrepreneurs in this book. The purpose of the nonprofit is to help
future entrepreneurs, leaders, and innovators gain access to resources - both
mentors and money.
Your contribution, by either making a direct donation or by buying this book,
will help foster the next great organizations and businesses.
About the Author
Chris LoPresti is the Founder of TouchPoints, a consumer data technology company that
helps brands connect with their community. LoPresti is also the founder and
chairman of ELIS Inc., a nonprofit focused on promoting STEM
education and supporting the next generation of entrepreneurs. In addition to
his work with next-gen doers at ELIS Inc., LoPresti is a member of the Thousand
Network, a coach at The Future Project, a member of the NationSwell Council,
and a proud Eagle Scout. He has a B.A. in Political Science from Yale
University.
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