Startup lessons from serial entrepreneur Norm Brodsky

http://www.inc.com/magazine/20081001/street-smarts-secrets-of-a-110-million-man_Printer_Friendly.html

by prakash • 18 years ago

64 14 18 years ago

taylan• 18 years ago

This a solid no-nonsense list that applies well whatever your startup about is about, be it in biotech or software. "#10. The life plan has to come before the business plan." was recently discussed here: http://news.ycombinator.com/item?id=411693

skmurphy• 18 years ago

I really like Norm Brodsky's Inc column and find it consistently insightful. I thought this one was very good and blogged about it when it came out http://www.skmurphy.com/blog/2008/10/26/norm-brodskys-guidel... In particular his definition of successful resonated with me:

"By successful, I mean a business that lives off its own cash flow, provides a good living for its owners and employees, and generates the profit it needs to keep growing."

apsurd• 18 years ago

This is a great read. I'm currently trying my hand at my very first internet related business. I'm an aspiring hacker (I figured out programming is what I love) but before this I started a traditional business. It was a lifestyle business and I did it mostly just to "learn how to build a business", so the point is, I can attest to every one of these insights. Business is all about the data. That's definitely something a hacker can appreciate! The operational cost of running a traditional brick-and-mortar business is what usually does the company in. Fees for everything, permits, bills, bills, bills, equipment, employees, insurance, taxes ... it really literally kicks your ass.... So like this article encourages ... please pay attention to your numbers!

trickjarrett• 18 years ago

Number 4 is great advice for web startups. Just because it's easier to take shortcuts in programming than it is in construction, doesn't mean it's any less sacrosanct.

Andys• 18 years ago

For me, it conflicts with Number 5 too much. How do you decide what counts as "not taking shortcuts" versus what is a luxury you can't yet afford?

gcheong• 18 years ago

His book "The Knack" which is basically a chapter devoted to each of these topics is a great read.

electric• 18 years ago

I'm currently reading The Knack. It is a great book on how to actually build a business instead of a get-rich-quick, build-to-flip scheme.

Talks about important things like cash flow. Ironically I don't know of many startup/business books that talk about such important practical stuff.

Highly recommended!

mixmax• 18 years ago

Another important lesson is that successful people don't have much higher batting averages than everyone else, they simply try to hit more balls, and eventually one will be a strike.

Hewlett and Packard started a number of unsuccessful companies before they started HP, Seth Godin invented the first fax board for the Mac, invented a version of the wireless music player and much more before he became successful.

This seems to be a common trait among a lot of serial entrepreneurs. Get them drunk, ask them about their previous attempts and prepare for a lot of great stories.

wallflower2• 18 years ago

I just bought and read a very interesting but slim tome called "Go for No" An interesting opinion of the book is that the most successful people are those who not only take on (1st level) or accept (2nd level) or want (3rd level) or truly desire failure (4th level) - it's those who organize others to take on risk or failure (5th level).

As someone who is probably just barely 2nd level and logical to a fault, I am starting to open my eyes and see that the 4th level is a characteristic that I see in all of my successful friends (and almost everyone I've read about- from Sylvester Stallone with "Rocky" (the story behind how he got the first one made) to...)

jhancock• 18 years ago

I'm definitely 4th level then as I do truly crave and desire failure ;)

DenisM2• 18 years ago

can you elaborate? thanks.

mnemonik• 18 years ago

"Rather, what we have in common is a certain mentality, a way of thinking that allows us to overcome many obstacles and take advantage of many opportunities as they arise. I call it the knack."

Does this remind anyone else of that Dilbert episode (yeah back when it was a TV show, too) where Dilbert loses The Knack?

Good read though.

Startup lessons from serial entrepreneur Norm Brodsky

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