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You are here: Home / Archives for entrepreneur

Lemmings

September 24, 2014 By David Griesing Leave a Comment

Entrepreneur and investor Peter Theil was in Philadelphia on Monday sharing some of his contrarian views. One that he expanded upon at length affects innovation, education as well as our careers. Theil described it as “people acting in lemming-like ways.”

lemmings-350x220Lemmings are tiny hamster-like creatures that live near the Arctic Circle. Our image is of them frantically following one another to coastal cliffs in places like Scandinavia where they jump to their deaths in the frigid waters below. While we’re wrong to characterize lemming migration as mass suicide, there is no denying the herd-mentality that characterizes their movement from one place to another. It is the tendency we all have to jump off the same cliff that Theil was complaining about.

His impatience comes from wanting to nudge the world in a better direction if he thinks he can. As a result, Theil tends to be optimistic about innovation’s impact on the future and impatient with those who are failing to make the most of it. For example, on CNBC last week, he described Twitter as a “horribly mismanaged company” given its possibilities (“a lot of pot smoking going on there”), and took on Harvard Business School during the talk I attended, expressing his puzzlement about the games that are played there while accomplishing so little. Among entrepreneurs, his concern is that almost everyone is intent on “riding the last wave.”

“Big Data.” “The Cloud.” Whenever an idea gains some cache as the next big thing, everyone rushes in to contribute to what he calls “1 to n,” the adding of endless variations to something that has already been done. He called it the tendency “to ape” in the sense of imitating. Much harder but much better is to solve problems that no one else is thinking about in the way that you are. In other words, it is being able to go from Zero to One, which is also the title of a new book that captures his in-class discussions about entrepreneurship.

PETER THEIL / photograph by Olivia Poppy Cole
PETER THEIL / photograph by Olivia Poppy Cole

 

“Theil, who co-founded PayPal and was the first outside investor in Faceboook, is probably the most successful—and certainly the most interesting—venture capitalist in Silicon Valley,” notes a recent piece about him in the London Telegraph. Whatever people are doing at Twitter or Harvard Business School or in places where the topic is innovation, Theil gets exasperated whenever they seem more intent on climbing onto one another’s bandwagons than in thinking for themselves.

For some people, going to the best schools you can get into for four or more years after high school is just where the herd is headed. In Philadelphia, Theil admitted that he might still have gone to Stanford for college and then on to law school, but “would have thought about it a lot differently beforehand.” I know what he means. When a high school student has a more individualized sense of direction, why should she follow everyone else into higher education? So Theil started the 20-under-20 Fellowship Program, now in its fourth year, an admittedly rarified experiment in personal and professional development that I’ve talked about here before.

With a propensity to learn by doing, the fellows work with mentors that Theil has assembled in a 2 year, paid program that helps them to launch their own companies. When he was attacked by Larry Summers and others for what they viewed as his anti-college stance, Theil responded:

I didn’t think it would hit this sort of raw nerve. I mean, how fragile is the education system when 20 talented people leaving and doing something else is somehow enough to threaten it? My only claim is that not all talented people should go to college and not all talented people should do the exact same thing.

Which brings us to the work that we do. The career path that leads from the best possible kindergartens to the best possible colleges and professional schools is clearly the path that most young people want to be on. And they’re paying for the privilege with record student loans and crushing debt that hangs over them for years, if not decades. Is it worth it?  Here too, the road less travelled—where you sit with yourself and figure out what you need and want from your work instead of simply following everyone else—has much to recommend it. Wherever it leads will not only make you happier, but also vastly improve the chances that your career could take you (along with the rest of us) from Zero to One.

During his Philadelphia whistle stop, Theil said that we all tend to underestimate what is different, those people and things “that don’t have a comparable.” When someone as different as Theil himself achieves conventional success, it allows him to trumpet “the unique perspective” in front of Philadelphia’s management class. For those of us who seek the courage to be different, he connected the personal benefits to the opportunities it can give us to change the world in often breathtaking ways.

Filed Under: *All Posts, Daily Preparation, Entrepreneurship, Heroes & Other Role Models Tagged With: entrepreneur, entrepreneurship, herd mentality, innovation, lemming, Peter Theil, Theil Fellowship

Between a Practical and an Enriching Education

November 24, 2013 By David Griesing Leave a Comment

The cultivation of your mind & spirit and your preparation for a job are always in tension in higher education.

With a crippling recession and the rising cost of a college degree, there seems to be a higher emphasis than ever on vocational training.  But even with more internships and technical apptitude, the last half-decade of graduates are still struggling to break into the job market. Indeed, liberal arts champions are noting that narrow training for specialized jobs is leaving those students who don’t manage to land one largely unqualified to do anything else.

Broad. Specific. Enriching. Practical. Critical thinking. Hands-on learning. The best education is equal parts creativity and application, learning how to identify a problem and then trying to solve it, discovering unexpected abilities at school while refining developing ones on the job.

It is unusual for one educator to draw so much of his energy from these tensions, but that’s what Sebastian Thrun seems to be doing.

Thrun is the co-founder of Udacity, one of the young companies that is beginning to turn the bricks & mortar approach to higher education on its head. Massive open on-line courses (or MOOCs) are the vehicle. In a post a few weeks back, I discussed one of the recent directions they have taken: a collaboration between national employers like UPS and companies like Thrun’s to jointly develop “niche certification programs” that will give students an affordable shot at an available job and employers a qualified applicant pool for unfilled positions.

This could be just another way for enterprising employers to cultivate a roster of applicants for cherry picking. But from another perspective, it could be more of a win-win. As observers like Andrew Kelly have noted, most of those taking MOOCs today are either in traditional degree programs or have gotten their degrees already. Because these certificate programs are building on the broad base of a more traditional education, the too-narrowly-focused student becomes less of a concern.

For his part, Thrun seems to be motivated instead of discouraged by the vocational detour MOOC providers like his are taking.

His vision, and that of other innovators in on-line education, was to bring practical as well as enriching learning opportunities to everyone who was too poor or too busy working to pursue a traditional degree—a potentially transformative global vision. Unfortunately, very few of those sigining up for a MOOC actually complete the course today, even with “really good” teachers, regular mentoring and the promise of low-cost college credit.  But the apparent fact that the market for the first wave of MOOCs is smaller than Thrun (and others) expected is only causing him to double down on his efforts to meet the broader need that’s out there.

Why is that?  I think it’s because the animating principle is Thrun’s own curiosity, his own appetite for learning.

We pursue most vigorously what we embody, or as Thrun prefers to describe it, what he wants for his son.

I hope he can hit the workforce relatively early and engage in lifelong education.

Instead of four years in college, what Thrun envisions is an on-going shuttle between theory and practice, discovery and pursuit, critical detachment and engagement—exactly what he is doing to unlock the full potential of MOOCs.

It is an education that is supple enough to nurture your basic qualities of mind while also helping you to develop skills that will help you keep up with the accelerating pace of workforce change (what fellow entrepreneur and Linked-in founder Reed Hoffman calls “the continuous start-up of you”).

Watching Sebastian Thrun as a teacher, an innovator and a father is to catch a glimpse of what this vision of lifelong learning could look like for you and me.

Filed Under: *All Posts, Continuous Learning, Entrepreneurship, Heroes & Other Role Models Tagged With: continuous learning, education, entrepreneur, liberal arts education, MOOC, Sebastian Thrun, Udacity, vocational education

It’s Time to Expand Your Range

August 28, 2013 By David Griesing Leave a Comment

You’ve got a “bad boy” side, even if you keep it buried in a hole somewhere in the backyard. Whether you’ve repressed a little or a lot, you’ve probably walked a pretty straight road since you shoved it all down. If you’re feeling stuck, maybe that’s why.

To tap into the mix of inspiration and passion that leads to fulfilling work, the time you spend completely ignoring the straight-and-narrow can easily be as important as the time spent on it.  As I’ve noted before (and not entirely in jest), it may be why East Asian economies produce lots of hard workers but few innovators:  nearly everyone there is intent on finding a figure-it-out-once-and-for-all approach to life & work.

Maybe you’ve been following their lead.

Maybe you’ve tried to identify the 5 or 10 factors that motivate you to do your best. You read about successful entrepreneurs, hoping to find a formula embedded in their stories that you can make use of.  You poke around the wellsprings of innovation with the aim of capturing a secret sauce to take back to the office. But it’s likely that the recipe you’re after will only be discovered when you abandon the notion of a recipe altogether.

Of course, there’s paradox here, with a plan only becoming meaningful once you understand why all plans are useless.

But order depends on chaos.

Discipline learns the most from rule breaking.

So maybe at least some of what you’ve buried needs to be dug up.

William Blake, God Calibrates Chaos During Creation in “The Ancient of Days”
God Calibrates Chaos During Creation (William Blake)

To be happy-at-work doesn’t require you to start your own company. But if that’s your goal, you may need something that nearly all entrepreneurs have, namely, better hot wiring to your freer spirit.  It’s why you’re never too old to find happiness at work; it’s not your youth (or even your energy level or health) but the range of your life that matters.

With broader parameters, when you’ve identified a problem that needs solving in your marketplace, you don’t spend all your time with the conventional wisdom. When you’re confident taking risks and roaming widely in your personal life, you have no problem looking outside your business or even your commercial culture to find new ways of meeting your challenges. You’re not afraid of making mistakes or of defying the reigning masters.

You know it’s not just about sweat & ambition, and that insight in one area is more likely to come when you’re hard at work doing something else—or nothing at all. It’s why you stir replenishment (like smelling the clover) into your workday.

A study that tends to validate time spent off-road came out last month by economists Ross Levine and Yona Rubinstein. They found statistically significant correlations between risky, even illicit behavior and wealth generation by individuals who went on to start their own companies (people they call the “incorporated self-employed”).

In addition to the most successful entrepreneurs being smart and coming from stable, well educated families, the authors found that as teens they were more likely to have broken the rules by drinking, smoking pot, dealing drugs, stealing, gambling, even being violent.

[A]s teenagers, people that incorporate [their own businesses] later in life tend to score higher on learning aptitude tests, exhibit greater self-esteem, indicate that they aspire to be managers/leaders later in life, and engage in more aggressive, illicit, and risky activities than other people. Moreover, it is a particular mixture of pre-labor market traits that is most powerfully associated with entrepreneurship. People who both engaged in illicit activities as teenagers and scored highly on learning aptitude tests have a much higher tendency to become entrepreneurs than others without this particular mixture of traits.

While entrepreneurial success later in life may correlate with a higher tolerance for risk acquired early on, I think it’s more than that. It’s having learned that you’ll not only survive but also thrive with less certainty & security that delivers the work/life pay-off.

If this is right, the answer isn’t upstanding citizen by day, criminal by night. For most of us, an ethical perspective evolves with maturity. Moreover, how we end up striking the balance between risks & rewards is too individual for a self-improvement formula, recipe or secret sauce.

Some of us extend youthful indiscretion into middle age before the pieces fall into place. Some spend 6 months “on the road” and 6 months off. Others of us allow for episodes of genuine chaos and total digression in our work before looping back. Or we have key people (“interrupters”) who regularly knock us out of our routines so that we return better, stronger.

It’s finding your own range—your rule-breaking margins whatever they are—so that whatever you’re doing everyday is feeding the force that enables you to come alive.

 

Filed Under: *All Posts, Continuous Learning, Daily Preparation, Entrepreneurship, Work & Life Rewards Tagged With: entrepreneur, fulfillment, innovation, insight, life force, motivation

Crowd-Sourcing Your Job Freedom

January 13, 2013 By David Griesing 4 Comments

Oftentimes, it’s the talented, motivated and grounded people who struggle the most getting to the work they should be doing.  It’s like the burden of their gifts weighs them down, placing an unhealthy gravity on the decision to strike out and make a change for the better.

But beyond the over-complicated knots we tie ourselves in are the practical barriers that confound us. One of them is not having the financial freedom to do the kind of work that we need to be doing right now.

In this regard, there’s good news for everyone who has an entrepreneur inside of them, struggling to get out. Your pitifully small bank account is no longer a roadblock to your success as long as you have a good idea and an equally good story to tell. For the first time ever, millions of strangers are funding small business ideas that never had the chance to get off the ground before. All you have to do is sell them on your dream.

With crowd-funding, it’s the small amounts, quite literally “the seed funding,” that can not only get you off the proverbial dime, but also a cheering section of people who truly believe in you. Where once you needed a rich uncle or well-healed friend, the “kindness of strangers” now provides a way for you to get in the game. (I last wrote about crowd-funding in July.)

You always wanted to ____ (fill in the blank). You’ve never understood why somebody hadn’t figured out how to ___, so you’ve figured it out. Tell the crowd about your idea. Tell them how much cash you need to realize it. Tell them how they’ll get to share in your success. Convince them that you deserve their vote of confidence and they just might give it to you.

Angry-Birds-slingshot

Historically, because tiny businesses rarely attracted outside financing, they just as rarely got off the ground. Today, a whole new class of entrepreneurs has a chance to strut their stuff. Spreading like some positive contagion, crowds are nurturing brave little start-ups everywhere there is access to a funding network. Years from now, when some of our leading companies can trace their origins to networks like Kickstarter, I think we’ll recognize that the true democratization of innovation began in our time.

What this gives you is an opportunity that simply wasn’t available five years ago. But you still have to believe in what you’re setting out to do, and get that cheering section to buy-in too. Indeed, it’s your ability to inspire (on the one hand) and the desire of total strangers to be inspired (on the other) that makes this bargain work.

In the world of crowd-funding, the desire to be part of an appealing stranger’s quest to succeed is nearly universal.  She talks about how she’ll change the world. You learn about how he’ll make our lives better, easier, smarter. They share their stories with us, and we in turn see some of ourselves (and our hopes) in them. We like & admire them & look forward to sharing in their success. The ticket for the adventure is modest given the upsides, so we buy it.

For investors, it helps too that you’re not the only one who’s buying. It may be dozens or hundreds or even thousands of others who are similarly inspired. With crowd-funding, you find out early and often how many others are getting on-board with you. The infectious rush of fellow believers is essential to the dynamic.

But what’s really unique (and special) here is that the entrepreneur’s energy & inspiration and the investors’ psychic & financial support are joining together for the sake of economic productivity. We’re building a business here after all.

Maybe it’s your business.

Filed Under: *All Posts, Being Part of Something Bigger than Yourself, Entrepreneurship, Introducing Yourself & Your Work Tagged With: buy-in, crowdfunding, crowdsourcing, entrepreneur, entrepreneur in you, financing, freedom, inspiration, kindness of strangers, start-up capital, support

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