Continuing with our own series on "Internet Start-ups", I want to look at some of the intrinsic qualities or elements that are commonly held by successful Internet Start-up entrepreneurs. (Again, there are ALWAYS exceptions to the rules, but this is what I have seen based on my own observations and experiences).
A month or so ago, Netscape founder, Marc Andreessen wrote a great blog series on Internet Start-ups. In his Pmarca Guide to Start-ups, Part 4, he dialogued about the three primary core elements of Internet start-ups he had observed and experienced: Team, Product and Market. He discussed which of these three elements would be most vitally connected to successful Internet Start-ups. His Conclusion: Market Fit. You can have the best product with the most sophisticated technology in the world, but if there is no real strong market for it, then it will inevitably fail. You can have a sharp, highly experienced team, but again with no compelling market to promote the product to, it will flop. I agree with him wholeheartedly - Product/Market Fit is the quintessential factor to Start-up Success.
Now in this post, I want to look at some of the intrinsic elements that embody the successful Internet Entrpreneur. (this is by no means an exhaustive list, just a few that came to mind)
1. A Signficant Purpose
For those embarking on the volatie journey of an Internet Start-up, I believe there has be a highly significant purpose, motivation or expected outcome for starting this new business. Without a clear purpose or motivation driving the Internet Entrepreneur, I believe that when the "storms hit", they will be more likely to crumble, then the entrepreneur that has a clear purpose that defines what they are doing.
For example; your purpose might be tied to new found freedoms and opportunities for you and and family. You might see this Internet opportunity as providing a great financial future your spouse and kids - that could be a significant purpose. Another purpose or motivation might be linked to a particular philanthropic endeavor that is near and dear to your heart. Maybe, you are broken over the epidemic of Aids orphans in Africa and desire that resources from your business be funnelled to support the medical efforts in that part of the world. Maybe you are burdened by the poverty that is rampant in your own country and you want to do something about. You want to make your life count! Those are some examples of a significant purpose that may give you what you need to successfully navigate the stormy waters that often come with Internet Start-ups. Again, with no significant purpose, I think the endeavor is more likely to falter. (IMHO!)
Now, here’s an interesting debate…..Is the desire to be filthy rich and famous a significant purpose that drives the succesful Internet Entepreneur? While I am sure that some Internet Entrpreneurs have driven to success solely by their ambition for wealth and fame, no doubt…. I personally don’t classify the ambition for wealth as a significant purpose. Furthermore, I think that many Internet Entrepreneurs with that sole focus of making money may not effectively handle the stormy waters when they come, as they won’t have any significant purpose that propels them to rise above their adversity. Again, people might disagree with me on this, but that is my perspective and experience.
2. An Extraordinary Portion of "Sticktuitiveness".
Now, this certainly can be tied to #1, but from my own experiences, I believe the successful Internet Entrepreneur has an extra measure of perseverence (sticktuitiveness) to overcome the obstacles that can often come with a new start-up business. "I give up" is not really apart of their vocabulary and they seem to actually have the ability to increase their focus and intensity when the going gets tough.
I am an avid sport fan and love watching athletes that have the rare ability to elevate their game to new heights when faced with adversity. If you have ever watched Tiger Woods go into the 4th round behind at a major PGA event, you will see a mental toughness and focus like very few people have as he single handedly propels himself to the winner circle. Similarly, I believe that successful Internet Entrepreneurs have an extra measure of mental toughness and focus to effectively manage the set-backs, disappointments and everyday adversity they experience in their business.
3. Clear Recognition that Pitfalls are a part of the Start-up Journey.
A successful web entrepreneur does not have a "pie in the sky" mentality, but is realistic about the inevitable pitfalls that will come during their start-up journey. For many, their ability to overcome some of the big pitfalls or setbacks served as a springboard, catipulting them towards great success. I know from my own experience, the set-backs we have overcome in the first year of our Internet Start-up were real milestones and "defining moments" in our journey.
It is important to keep clear mental notes of the little and big victories you experience in the early months and years of your Internet Start-up as they will help to sustain you during future set-backs and disappointments.
4. Ability to Adapt on the fly.
A successful web entrepreneur needs to be pliable like clay and easily adapt to new challenges, changes and opportunites in a rapidly evolving Internet Landscape. I think back to the last year of our own journey and the many times we needed to switch gears, change focus and refine our priorties on short notice. Without an ability to adapt on the fly, we would have likely been left in the dust!
5. Adopting a Start-up Champion
So, what do I mean by that? Well, from my own perspective, I believe that an Internet Start-up Entrepreneur needs at least one person that champions their business endeavor. This person will be their #1 encourager, supporter and regular supplier of "reality checks." For myself, this person is my wife. I certainly have a share of family and friends that have been hugely supportive, but my wife has been the stabilizing force and champion for our business especially during a few of the dark days. While some entrepreneurs maybe so independent, they don’t require a "Champion", I think the average person requires a sounding board or individual they trust that will give the encouragement and support they need to endure some of the difficult times. I can honestly say that without my "Internet Start-up Champion", I am not sure I would have been able to overcome a few of the obstacle we experienced!
So, those are just a few of the Intrinsic elements that make up a successful Internet Entrepreneur. I am sure there are many more and I would love to hear from you as to some of the other qualities and characteristics that should be added to this list.
Until next time…
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