A question often posed when talking about entrepreneurial success is: Was someone just lucky enough to be at the right place at the right time or was he able to build a company-empire based on intelligence and his own skill.
Internet entrepreneur, investor, and startup adviser Bo Peabody – founder of tripod.com and Venture Village – reflects on his entrepreneurial success (building a 580 million $ – company) within his book “lucky or smart”. The author sums up his manifesto in one core sentence: He was smart enough to realize that he was lucky. Well – what does he mean by that:
- Be truly innovative and disruptive: Po Peabody states that building a new business should be based on innovation and neither copying nor idea stealing.
- Realize the difference between A- and B-students: The author reflects that he was never really a great student (A-Student) and neither is he an expert within a certain topic – so he calls himself a B-Student. However, the quality of a B-Student is that he has the ability to receive a great overview of a lot of thinks and is able to inspire people. A-Students on the other hand are truly experts within a certain field and know how to manage a certain subjects in the most efficient way. Hence a symbioses of both types is crucial for building a successful entrepreneurial team and a long-lasting company.
- Always stay humble: Once you are successful, Bo Peabody explains, everybody will see you as a Rockstar and treat you that way. Though, that is a nice and entertaining feeling it distracts you from what is important. Also, it does not reflect reality. There will be times, when it is getting though again, where revenues are not growing, the user base is stagnating, and you have to fire staff – in this situation behaving like a Rockstar does not help.
You say this is not really a new. This is true but the books sums up these key pillars of entrepreneurial success and proves them with an entertaining entrepreneurial real-life story written in a very vivid way. So when you are on your next flight to a meeting give this 80-pager a read and get reminded of what building a company is really all about.