Millennial Entrepreneur: Lessons Learned

uThinkTank helps Clay.i.o get office space!

Mon, 06 Feb 2012 00:36:08 -0500

Recently, I worked with Austin Hallock to contact Kyle Cox and claim office space at the new Longhorn Startup Camp. It’s a great time to be a UT Startup!

I find Peter to be one of those very rare and totally...

Sun, 05 Feb 2012 23:59:20 -0500

I find Peter to be one of those very rare and totally inspirational people who have the resume to prove that the best way to predict the future is to create it yourself. It is for this reason that I decided to post the full list of Peter’s Laws. I believe that we can all benefit from adopting these laws as guiding principles in our lives.

Enjoy!

Peter’s Laws: The Creed of the Persistent and Passionate mind

If anything can go wrong, Fix It!!… to hell with Murphy!
When given a choice… take both!!
Multiple projects lead to multiple successes.
Start at the top then work your way up.
Do it by the book … but be the author!
When forced to compromise, ask for more.
If it’s worth doing, it’s got to be done right now.
If you can’t win, change the rules.
If you can’t change the rules, then ignore them.
Perfection is not optional.
When faced without a challenge, make one.
“No” simply means begin again at one level higher.
Don’t walk when you can run.
Bureaucracy is a challenge to be conquered with a righteous attitude, a tolerance for stupidity, and a bulldozer when necessary.
When in doubt: THINK!
Patience is a virtue, but persistence to the point of success is a blessing.
The squeaky wheel gets replaced.
The faster you move, the slower time passes, the longer you live.
The best way to predict the future is to create it yourself!
The ratio of something to nothing is infinite.
You get what you incentivize.
If you think it is impossible, then it is… for you.
An expert is someone who can tell you exactly how it can’t be done.
The day before something is a breakthrough it’s a crazy idea.
If it were easy it would have been done already.
Without a target you’ll miss it every time.
Bullshit walks, hardware talks.
A crisis is a terrible thing to waste.
The world’s most precious resource is the passionate and committed human mind.
Fail early, fail often!
If you can’t measure it, you can’t improve it.

Hustlers

Thu, 02 Feb 2012 01:15:29 -0500

Hustlers: No means yes and yes means MORE.

Your business acumen is second to none, you pitch in your sleep and can sell bottled air. Silver-tongued fox that you are you drive too fast just for the opportunity to talk your way out of a speeding fine. You have been known to organise the takeover of small nation states. You created the bubble.

Innately undefinable, hustlers must prove they have the Midas touch. Be creative.

Post Hack #1 Assessment: Value Added Hijacker

Thu, 26 Jan 2012 00:33:00 -0500

Even if I was as dumb as a rock, I learned one thing: everybody likes the guy who brings pizza and water. However, I learned a lot more than that from last night’s hijacking.

Our lesson came from this link, along with Mr. Larry Chiang’s advice. http://whattheydontteachyouatstanfordbusinessschool.wordpress.com/

The actual event wasn’t “boring” per se, but events like the 1 Semester Startup Mentor Speed Dating, was definitely something that we took the opportunity to pre-parade and post-parade considering the caliber of people who were there.

Mind you, we didn’t realize we needed to set up this event until the night before, and our planned “afterparty” turned into a “pre-parade”.

I set up the Plancast, Eventbrite, and FB event and didnt’ really invite people, but it was definitely a plus so if people did look it up, it was a legitimate pre/post event.

That part was easy. Based on the minimum viable product model, I didn’t even post a picture. My description was literally 5-15 words. “Pizza and refreshments after the 1SS Speed Dating”. Hell, I didn’t even invite people, because the lack of time, plus I knew people would definitely show up to the event anyways.

I messed up the initial sponsorship emails to two VC’s (D’oh) Devil is really in the details. (lesson: TAKE GOOD NOTES AND EXECUTE WITH EXACTNESS

Afterwards, I emailed Josh Baer (@Austinpreneur) to tell him Nick and I wanted to bring food and refreshments before the event. He had no qualms, except that he wanted the pizza delivered at 5:45 before the event. This threw a wrench in the system considering our “afterparty” just shifted to a “pre-parade”.

Luckily, I texted our mentor, Larry Chiang and he reassured me that “this was a GOOD thing,” so I set up an additional event and through it up the same way I did the “afterparty”.

By about 11:30 the same day, I grabbed my Dominoes coupons, which they kindly spam and stick on my door weekly and called them up. Fortunately, I got the manager who said usually he doesn’t take orders of 20 pizzas unless they’re 24 hours ahead, but considering the fact that I was freakin’ ordering 20 pizzas, I wasn’t surprised he obliged. (I should have negotiated for $5/pizza instead of the damn $6.50 coupon price)

Nick got the water, chips, and coffee. Boy was Larry right about the coffee. Old people go bananas for that! “Whose the genius who brought the coffee?” THESE GUYS!

Hanging out at the “food/drinks” table allowed Nick and I to interact with almost every mentor and 1 Semester Startup TA’s. I learned a ton of info and will definitely be in touch with the 1SS class teams, professors, and mentors. This is our ecosystem. We even had teams begging to try and sign on to our platform. I apologized for not having it up yet, but it’s always good to get social proof. Obviously, we still need to work on testing revenue models, but going into any market with market pull matters.

MOST IMPORTANTLY:

Get an announcement in during the beginning of an event to drive attention to you the sponsor and what you’re promoting specifically (for us UT Entrepreneur Week)

Pizza, water, coffee, and chips is all you NEED.

Check out Eventbrite, Plancast, and Facebook to keep a pulse on hot events and hi-jack them with small 10-30 minute pre and post events.

Make it clear the credit goes to the event if you succeeds, and the blame goes on you if you fail. Your goal is to be a “value added” to any event.

Cost & Benefit

Pizza + Coffee + Water + Chips = $175 (sponsored)

Benefits = Good will + marketing impressions(75+ impressions) + the open use of 1SS resources + keeping a pulse on UT Entrepreneurship Programs

We got a few motivating testimonials on our ideas, that I’ll post later.

By adding value to the 1SS Speed Dating event, we promoted good will, and can essentially keep a pulse on the class openly.

We came, we saw, we conquered, and we WILL be doing this again!

"financial results of the likes Apple delivered yesterday serve as an affirmation of all that energy..."

Wed, 25 Jan 2012 13:52:10 -0500

“financial results of the likes Apple delivered yesterday serve as an affirmation of all that energy spent telling their story. Believing in the underdog. Like your favorite home team who couldn’t get into premier league while growing up just won the Superbowl, the Stanley Cup, and the World Series all together for the 10th time in a row — and you were the only one to believe in them. It’s an immensely satisfying feeling.”

- Watching Apple win the world - (37signals)

I was absolutely giggling yesterday afternoon when I saw Apple’s results. Every success they have is a strike against lowest common denominator thinking, following conventional wisdom, and expediency over excellence. And it was an alarm bell for any conversation I’m in that includes the phrase “good enough.”

(via twelveseventyone)

"The future is already here — it’s just not very evenly distributed."

Tue, 24 Jan 2012 23:38:17 -0500

“The future is already here — it’s just not very evenly distributed.”

- William Gibson

"Friction, momentum, and distribution are some of the most important words you can learn as an..."

Tue, 24 Jan 2012 23:36:50 -0500

“Friction, momentum, and distribution are some of the most important words you can learn as an entrepreneur”

- Me

Pre-execution self assessment Hack #1: Larry Chiang Pre-party and Afterparty

Tue, 24 Jan 2012 17:43:52 -0500

So far, between last nights chat and today, I’ve fleshed out a strength and weakness

Strength:

Disposable Income: Definitely saving up for a “just in time” investment in yourself and/or your company is a win. Not having cash on hand is a deal killer and when the opportunity arises and you need it, then you’ll just have to wave that opportunity goodbye.

Action: I can occasionally come off as the fool who will jump courageously into the abyss. This can be a strength. I respect those around me, but I know that if you put a challenge in front of me, I’ll take it or anyone on!

I like to think of Will Smith’s work ethic when I go into my mental “lab”. If you and me get on a treadmill, two things will happen, either you’ll get off first or I’ll die.

Weakness:

Attention to detail: This is also another deal killer. One false step can make the difference between a yes and a no. This is where the discipline drilled into individuals during military training comes into play. When tired and their motor skills are lacking, they still execute each individual step as necessary.

Larry Chiang’s hacks are VERY specific and that means following a plan exactly the first time around or at least until you can add a few steps to give it a unique flavor. Guacamole recipes by Larry Chiang are a science. By adding 100+ steps to a seemingly simple process everything gets better, even if you just add tiny little bits. The devil is in the details. I’m glad I’m learning it the hard way now rather than later.

Series - Rick Gross: From Project Blue Light to Project Millionaire

Thu, 19 Jan 2012 21:42:39 -0500

Today is about Team Building (which is essential for a successful startup) Whatever problems come your way, if you have a good team, you will all get through it, adapt, and succeed.

Rick Gross’ biography is nothing short of a mouthful and if there’s a theme throughout his professional career, it is “challenge”.

He was one of the tiniest boys in high school. Hell, he graduated at 120 pounds. Knowing this, I don’t think anyone would believe that he was a member of the Special Forces and one of the first members of Project Blue Light, which was a precursor to Delta Force.

What he learned from his Special Forces experience and entrepreneurial journey was distilled to myself along with 30 other young professional and ROTC students in today’s AYC Leadership Luncheon Series hosted by Lt. Colonel Kopser and John King http://www.austinyc.org/event/ayc-ut-rotc-leadership-luncheon-series/

The Carrillon out of the AT&T Executive Center provided a delicious buffet as well.

Back to the point though: Practical wisdom & How to from a guy who has really BEEN THERE and DONE THAT.

His preference can be controversial to some: “My preference is to avoid external investor financing and when necessary — minimize it! I prefer internal or self funding - it is ok to start small, make it work first! We internally or self-funded Texan Media, Taran, Vindicator Technologies and Vo-Mack. I have an MBA

As a combat engineer who passed both HALO and Scuba school sequentially, he literally got bored after he retired from the military in 1980. Nothing could give him the same challenge as being in Special Forces, except starting his own company. Since then he has flipped 2-3 companies. He won’t admit he has money to burn, but he’s living comfortably to say the least. He told us a few of his practices today.

————————-

Team Building:

Talent is overrated - When you find a new employee, make sure you set the expectations high and make sure they deliver. Performance REQUIRES deliberate practice. No matter how talented or knowledgeable they are, if they can’t finish, then either they change or change companies. He worked with the “best” PhD’s at MIT and Stanford and they couldn’t get anything done, so they were let go and he was put at the helm. After the hard years, the company was successfully acquired.

Intelligence - Avoid the talker or the “smartest guy” in the room. Once the talking is finished, someone still needs to make it happen. Fortunately, no one is indispensable. That “smart guy” can be let go, and will be missed for…less than a day.

Money and Knowledge - Larry Chiang would agree with this: “they are very similar, and too much will make you do stupid things” (1up for street smarts)

Responsibility & Empowerment - “it is hard to be responsible when you aren’t empowered.” Empower your people. It means you are their to coach them, and build trust. Your job is to give everyone a direction, and resources they need to get to an end goal however possible within certain parameters. You WILL NOT micro-manage, because that builds distrust and disrespect from top to bottom.

Business Plan - The Executive Summary means everything, because clarity is power. The plan is not only for investors, but for employees! The rest is just “good to have”.

Sales - Know why a customer buys - generate leads first (if possible aka sell-design-build), because it is far easier to raise money when you have market pull on your side. Test the market and ADJUST not only the product, but the approach (positioning). Having a tangible product or solution means everything…NO MORE FLUFFY IDEAS.

Extra tip: MORALE BOOSTER

Rick Gross says he never gives straight up cash bonuses on a check as a reward for excellent work or going the extra mile. Instead, he gave out cash that can be turned into a very memorable experience, and he did it in front of everybody. For example, he’d give an employee $150 to bring their spouse or family to a nice dinner. They can remember the experience, the handshake, the pat on the back, and the office applaud. The best gift I heard he used to give to excellent employees was a Rolex watch. He didn’t cheap out on the watch either. He wanted to make sure that everyday that man or woman put that watch on, it was a point of pride and they remembered everyday how special they are. VISUAL REWARDS! —> status matters!

A chat with Guacamole Man Larry Chiang

Thu, 19 Jan 2012 01:46:09 -0500

I have to thank my friend and cofounder Nick Spiller for setting this call up, because speaking to Mr. Chiang was incredibly thought provoking and as an aspiring entrepreneur his go-getter, street smart, action oriented attitude got my juices flowing.

A little research can go a long way. Before chatting, I looked up Duck9.com and a few of his guacamole recipes. What really interested me was his 11 minute SXSW flash party idea, and all for $217! http://www.businessinsider.com/how-to-launch-your-startup-at-sxsw-for-only-217-2012-1

His advice

BUSTING CATCH 22’s —-> this is by far the most important piece of advice

So the original catch 22, was that in the air force you’d have to have 22 flights as a pilot to be honorably discharged from the air force. The only problem was that the average number of flights before deaths was around 3.

Starting a company, or starting anything for that matter is riddled with Catch 22’s. Want to host an event? The big names don’t come unless you have an extensive guest list and equal peers coming. The guests and peers don’t come unless the keynote is confirmed. And there lies the problem. Your event might be killed on the spot

well FUCK THAT, BUST IT. Call bullshit. Find a way to bust it.

For uThinkTank that is first posting an eventbrite page, plancast page, and facebook page, to build hype for the event, thus busting the guest list and thus can move forward with getting the right speakers there.

Read, Re-read, Execute:

This is something that stuck with me and has been in my head for the past 24 hours straight. Yeah, I like to read a lot. The only problem is I forget the last two parts. Re-reading means digesting the material…not skimming. The last part halts pretty much everyone in their tracks. He said I’m young, so I’m lucky if I actually take his advice now. Aside from getting What they don’t teach you at Stanford and reading more duck9.com blog posts, I think it’s about time we put a few concepts to the test. Things can go utterly wrong…but that’s only if you’re an idiot, so let’s hope for the best and make sure we’re counting the 650+ things you really need to accomplishing a goal. I’ll take this to heart and make sure I can field test concepts I read in other books like Guy Kawasaki’s Enchantment, Tim Ferriss’ Four Hour Work Week, and IC2’s Knowledge for Inclusive Development.

Pattern Recognition, Iteration, & Replication:

This is simply put as one of Larry Chiang’s chapters “copy and paste your way to success.” This means taking some best practices and applying it to your situation. NO it does not mean take some generalized concept and apply it. From what I take from Mr. Chiang’s view of this, it means recognize a success of another, break it down into incremental steps (ie. their guacamole recipe), and try it out. Fail, and try again with incremental changes until replication. Once replicated, it can probably be scaled. The importance still lies in the doing. Pattern recognition can be found through simple data analysis, but the iteration and replication to other facets of life take a lot of effort.

REALLY don’t ask for permission, ask for forgiveness (done right!):

When Larry Chiang talk’s about Guacamole Recipes; he’s talking about every little tiny step. Those tiny steps matter. Last night we discussed naming an event we were planning and it was meticulous to the point where we had to have the exact words, “Johnny, Nick and Larry’s unofficial RISE pre-party,” which had to do with Copyright law. Regardless, when he says ask for forgiveness, he means by not messing up. If you are not a value added, then the shit can hit the fan fast. If you break up the expected, have a good turnout, and give some credit to the original host, then you’ll probably be forgiven and possibly thanked.

1 Goal, 600 tasks:

This seems to be the core of the life-hack magic that Larry Chiang has already broken down in his own book and Guacamole recipes. It’s every meticulous detail that puts you ahead of the rest. You execute and deliver something with a few steps extra than the entire (possibly commoditized) market, and you’re golden. You’re the winner!

————————————

He’s a certified life-hacker, and if you don’t get to know him, then you’re at a loss. I have to thank him for setting aside an hour and some to chat with Nick and I about the entrepreneurship ecosystem at UT. Sure we got busted and our “idea” isn’t going to make us billionaires, but it will make an impact, and what’s next can only be better.

Knowing when to take a breather

Sun, 15 Jan 2012 01:20:43 -0500

The creative process is one that takes immense amounts of thinking, but after a good long crack at it, I would suggest taking some time to get up, get moving, and get to doing something else that’s completely off topic. You have to let your subconscious mind start making connections. If you don’t let it stew, you might find your outcome too rational or logical versus creative, new, or interesting. Go outside after spending too much time in the dungeon and just take a deep breath. The project will be there when you get back.

Dell VentureLab Experience Thus Far

Sat, 14 Jan 2012 00:36:29 -0500

It has been a long and intriguing two days. The 12 hr days definitely can put a wear on us, but the awesome food and interesting people can keep any entrepreneur on their toes.

4 Lessons Learned:

1) Iterative Feedback Loops are important: Having people poke holes in your plans and strategies and ask the right questions can go a long way in spotting things you never saw before.

2) Startups with physical items are an even BIGGER pain in the ass to start than any other web based (less dependent on infrastructure). Give respect to any budding entrepreneur working in the space.

3) Humans are creatures of habit. Habits make up our Habitat. Keep that in mind as you move forward. This includes using structures that are “traditional” but don’t necessarily work well with your startup, as well as conventional thinking and assumptions. On the customer side, breaking habits pose a large barrier to entry. I noticed the biggest ones were places of inertia such as getting doctors to change methods or processes or an industry to adopt a new way of doing something.

4) Products and services don’t have inherent value. You have to put them in the right setting and circumstance to give them value. Imagine your awesome product or service as a heart and you are transplanting it into a new body. It’s a perfectly good heart, but without all the right things put in place, it will get rejected and it will die. Carefully assess the circumstances and the true value you create with the product or service for the customer and/or end user.

Reaching your dreams while in college

Fri, 09 Dec 2011 02:42:08 -0500

Stay hungry. Stay foolish.

These words made famous by Steve Jobs during his 2005 Commencement speech at Stanford.

However, beyond those simple words, I think the lesson Steve instills in all of us is to live life like we’re going to die tomorrow. Personally, I feel like one life is too little to live. Why can’t I be a US Marine, and a successful billionaire, Crossfit Gym owner, dancer, chef, etc.

If you have an idea. If you know there’s something out there that you want. Go and get it because I promise you, with a little passion and perseverance, the only real obstacle is YOU.

The Dream: Parallel Entrepreneurship

Tue, 06 Dec 2011 00:58:28 -0500

I think Bill Gross became one of my idols because he is living the life I want and aspire to live. He starts like 10 things at one time.

I have a mind that can start, but not finish. I’ve come to terms with that and know that if I use it as my strength, then parallel entrepreneurship is where I’ll be.

Obvious Corporation, who founded Twitter, has also become like Idealab, and these are the types of businesses that inspire me.

Perhaps that’s why I find uThinkTank so intriguing. We have the ability to scale and democratize a process where people always say…”if it was easy, then everybody would do it”. Why can’t everybody do it?

I know it has never seemed hard to me because I have no problem diving right in, but I do have a problem swimming to the finish line…I’ll break new ground if you join me and keep it up.

How to fire someone

Tue, 06 Dec 2011 00:19:43 -0500

Inspired by Michael Trafton of Blue Fish Development Group.

After listening to his lecture on creating a company culture, I had to ask him a question I’ve had a problem with in the past, “How do I let someone go or fire them?”

He responded by saying it didn’t have to be a long conversation. You just have to tell them that they aren’t fitting the culture and they just aren’t right for the job and let them go. It can take two minutes. Cut the cord, be frank, and stay on good terms. There’s no need for a long, dramatic, awkward conversation.

As a CEO, you are the Dad, and sometimes you have to let someone go. It’s your responsibility if they are hurting the them. It’s for the best and it shouldn’t be something you’re afraid of.

Leadership Plug

Tue, 06 Dec 2011 00:15:03 -0500

Adapted from Navy Seals Six: Memoir of an Elite Navy Seal Sniper

You can’t tell someone to do something you won’t do yourself.

I remember reading a blog post about how the CEO didn’t stay with his dev team over the weekend, and was condescending towards them when he did return. I think that’s bullshit. I may not be able to program, but I know that if my team is going to put their time in, then I have to be next to them showing progress as well.

We’ve logged only 16 meager programming hours allocated towards making the website for IC2 and entrepreneurship at UT, but I’ve been there for almost all of it. Your team will respect you for staying involved…not micromanaged…but involved. So stick out the long hours with them and be there during the good times and the bad. Treat your team like family and they’ll deliver, I promise.

Art of the Start by Guy Kawasaki. I run uThinkTank with these...

Tue, 06 Dec 2011 00:07:48 -0500

Art of the Start by Guy Kawasaki. I run uThinkTank with these principles.

Listen First

Fri, 18 Nov 2011 03:16:09 -0500

In a world where we start to shut off because we know everything…as soon as you start to listen, look around, and observe, new things all come into your perspective. When you go to a conference. Dive right in, but not by introducing yourself and subsequently talking about yourself. Instead, ask questions, listen, learn, grow whenever you have the chance. You never know what you could find our or who you could meet. You become interesting by listening. You make friends by showing you care and listening actively and intently. People like to talk about themselves. Feed their ego, and be there for their needs. That is the art of learning. That is the art of enchantment.

Good times with Michael Dell

Fri, 18 Nov 2011 02:58:29 -0500

Gotta thank UT and the Technology Entrepreneurship Society for putting together such great programs.

He wasn’t the greatest speaker…and I wish he admitted to genuinely not knowing the answer to a few questions, but I learned one valuable thing.

Michael Dell and I think alike. I see the buildings in downtown with flagpoles and man…I know one day I’d like to own one of those. He did it…BECAUSE…no one told him he couldn’t. Never let someone tell you that you can’t do something. They are just jealous because they can’t do it.

Also…ask questions you know the answer to if you want a plug for you company…NEVER blatantly pitch something. Ask questions and draw out what you’re trying to tell people. Predictable Data had a ballsy move tonight by pitching their company while asking a question. I think a better way to organically create a connection and pitch a company is to ask questions about the problem you know they have…and you can fix. This way it’s a part of the conversation…and not being sold to…people hate being sold to.

Business Plan Canvas

Fri, 18 Nov 2011 02:54:47 -0500

Business Plan Canvas:

Holy Jeez, this makes creating a business model so much easier. Long gone are the days of 60 page business summaries. Say hello to sexy one page business plans.