Quick look.
Importance of Balance
Anyone who knows me knows that I’ve been hustling since I was 14. All work, no play. Even Friday nights. Late Friday nights.
But Steve Jobs has taught me again, this time posthumously. After reading his biography, I’ve been amazed at the scope of time he focused on improving himself through teachings and meditation. His work exponentially improved as he improved.
Ultimately, work is something you should want to do. It’s about finding passion and drive to be successful. But it also requires balance.
You need to have fun. You need to relax. You need to be active. You need to take care of oneself. You need to enhance relationships.
It’s a feat I’ve been unable to master. My work has excelled only at the expense of….all of the above. A hard reality, but I can only imagine where I’d be with a better balance.
In a Foundation interview between Milk’s Kevin Rose and angel investor Chris Sacca, Sacca stresses the importance of well-balanced entrepreneurs, adding they function more efficiently and more creatively.
I’m learning that I need to work less and think more. My ventures and projects will reach an even better state.
Steve’s Still Teaching
As the world continues to mourn Steve Jobs’ death, more as a visionary than that of a CEO, a Bloomberg News report released today made me ponder.
On his death certificate, it lists Steve’s occupation not as the cofounder of Apple, but rather as an entrepreneur in high-tech business.
Leave it to Steve to continue teaching us lessons after his death. As if his wisdom from the Stanford commencement wasn’t inspirational enough, there’s always more:
Where you work or what you build doesn’t define you in life or death. What matters is the person you are and how you impact the world, however small or big it may be.
Source: MSNBC via http://on.msnbc.com/qEbbUj
A visionary who changed the lives of the world. Steve has touched my life and inspired my creativity forever.
Curated Takeaways from Smash Summit
I’ve curated the biggest takeaways from Smash Summit, a marketing conference in New York City organized by Dave McClure and 500 Startups. The summit focused on marketing strategies for various platforms to acquire customers and retain them.
Here’s a full summary of the notable individuals and content presented.
Fred Wilson, Union Square Ventures (@fredwilson)
- Prioritize attention in this order: Google, Facebook, YouTube, Twitter, Tumblr
- “Not much inherently different between +1, Like and Retweet.”
- Tumblr is underrated at the moment and should be in the conversation with Facebook and Twitter
- “Create great content that people care about.”
- “Every feature you add is another feature you should take out.”
- “Most powerful platforms focused on getting users at the beginning, not money.”
Dave McClure, 500 Startups (@davemcclure)
- Twitter is important platform for connecting and dialogue with consumers
- Twitter is a broadcast experience
Robert Scoble, Rackspace (@Scobleizer)
- Google+ wins
Shiva Rajaraman, YouTube (@shivar)
- YouTube plays 3 billion+ videos daily, of which more than 500 million are offsite
- The second most searched site. Google now owns #1 and #2
- Best marketing tips: pick a title always including company name; first 15 seconds are most important; make it unique; entertain or educate; play on existing trends; encourage feedback and reward your audience
Billy Chasen, turntable.fm (@billychasen)
- turntable.fm gained 600,000 active users in first 3 months from word of mouth. Actually told media to fuck off
- TechCrunch story doesn’t matter if it’s not the right community for your product
- “Spam, misuse and scaling aren’t issues until they become issues.”
- Friends of friends greatly helps virality; create a better incentive
- Influencers are helpful, but not necessary
- Make incentives for both referrer and recipient
Laura Fitton, HubSpot (@pistachio)
- Be useful—influence is about providing attention and value to others
- 42% of companies acquire a consumer through Twitter
- All businesses should register: http://business.twitter.com/
Jon Steinback, Foursquare (@itsmejon)
- Foursquare presents huge opportunity for startups to create incentives and dialogue with consumers
- Badging drives foot traffic
- Helps via distribution channel
Ankur Pansari, Facebook
- Leaked: Facebook has a quarter billion mobile users.
- Facebook doesn’t see itself owning brand pages. Brands own relationship with consumers
- Facebook timelines will curate a deeper identity through visuals
Amanda Steinberg, DailyWorth.com (@amandasteinberg)
- Press is good but doesn’t grow email subscriber list
- Must have kickass content with personality
- Pay someone to write subject email lines
- Email at 2pm local — best time
- Make email newsletters easy to forward
Roshanna Sabaratnam, Gilt Groupe
- Paid memberships are the death of any company
- Find a way to operate company through free membership, even if exclusive
- Partnerships are critical to success
Ownership v Digital Access
As we transition to the “cloud,” as everyone wants to call it, early adopters and thought leaders realize that the important component of ownership is purchasing access rights, not the actual products or content.
In theory, iTunes was the foundation of mass digital purchasing. The service empowered music enthusiasts to digitally own a collection of music. Yet, it even had a component of the cloud built in: the ability to authorize multiple computers allowed a purchaser to become a reseller.
Leasing access allows you to avoid purchasing the actual technology, but instead buy temporary access. Once your need is fulfilled through a different service, you discontinue your old rights and transition on your way.
The model has clear advantages. Spreading content across a group creates an exponentially lower price for all. Also, sharing technical knowledge and resources ultimately ensure a better product. However, multiple must-haves still require attention such as security and digital backups. There are people hard at work on this; they will find the solutions.
This is the essence of technology and why companies are putting every resource behind it. Look at Apple, Google, Amazon and Dropbox. Each company understands the cloud is cheaper, more reliable and a better way for society.
But as quickly as a cloud forms, it will soon continue onto its next cycle of change.
Your time is limited so don’t waste it living someone else’s life.
A Lesson For My Future Investing Self
Few people are entrepreneurs. The smartest follow the crowd, setting off for Corporate America to collect a monthly payment called a salary.
But for the resilient few, entrepreneurship is the only path. It’s for the creators, the dreamers, the thinkers who lie in bed late at night brainstorming the next big thing, the ones who are never satisfied.
Some entrepreneurs or early employees have been fortunate enough to become investors. Take Dave McClure, an early employee at PayPal and now ringleader of 500 Startups. Or ex-Googler Chris Sacca and Lowercase Capital. Or Dave Morin, co-creator of Facebook Connect and Slow Ventures (and a recent addition to our Go Board).
We are all part of an evolutionary cycle: investors help grow companies and mold entrepreneurs only for them to continue the cycle for the next generation. It’s a cycle of awesomeness. If I have the chance to become an investor after my entrepreneur days are done, here’s a list of what I always want to remember:
- Invest in people’s dreams, not business plans. Entrepreneurs dream, and dreams become lifelong passions. Ideas will come and go, but people fight for dreams. You can make dreams into business plans, but you can never make business plans into dreams. You want to invest in those dreamers—the fighters. Ultimately, they will win.
- Entrepreneurs risk everything. Placing one’s entire life on the minute chance that an idea will succeed is foolish. But that’s being an entrepreneur and that includes everything: family, relationships, potential jobs, bills, foreclosures, defaults. It is, and always will be, the truest test of will and character.
- People’s rent money. Money you invest into a company is more than just helping build a product. It pays for the lives of many. Whether you recognize it or not, you’re paying others’ rent, grocery bills, etc. For someone who has put his blood, sweat and tears into a dream, it’s the most heroic action.
- Fairness. Always be fair and be fair to all.
- Take email seriously. Entrepreneurs care more than you know. Always reply. Always.
- Education beyond the classroom. There are many investors who push money into ventures. There are few that teach. Be a teacher.
- Have fun. Creating and launching a venture is scary enough. Enjoy it, be a lively person and make a difference in each company you invest in.
- Do the stuff you say you will. If you commit to helping someone, help them. Your word is all that you have—don’t abuse it. Also, always be truthful.
- Dream often. You will miss many great opportunities. The world will always be bigger than any investment anyone ever makes or any company that is funded. Ultimately, better yourself and better the lives of the people around you.
- If it’s too good to be true, it probably is*. The old adage is always useful, but the asterisk is important too: There will be another Steve Jobs and Mark Zuckerberg. If you find him or her, don’t let them leave the room without a signed sheet.
- Know where you’ve been. You stood as an entrepreneur once. It is not easy, but is the most exhilarating and exciting journey imaginable.
There are people who risk everything to dream—to make something different—and face impossible obstacles. For now, I am one of them. But hopefully one day it will be my responsibility to continue the cycle and make others’ dreams become reality.
Hello, Sandbox
I’ve been very fortunate during these last few years and have had the opportunity to meet countless intelligent people. As a result, I’m incredibly honored and humbled to join Sandbox, a network including some of the most young brilliant and proficient minds in the world. Here’s a description from its website:
Sandbox started in 2008 and is now the foremost global community of extraordinary young achievers below 30. We identify exceptional people worldwide that already have an impressive impact at a very young age, no matter in what field or industry.
Sandbox is very big on individuality and individual projects. All members are required to create something unique that reflects personality. I thought LEGOs would be perfect for mine.
