Building Your Foundation

March 27, 2011 at 2:47 pm 1 comment

After having some great guest speakers in that are entrepreneurs in our class, I gained a lot of insight in starting a business. We have seen how to look at the financials, how to run a part-time business and keep a full time job, and how you turn a hobby into a business. However, I enjoyed the speakers so much I wanted to find more interviews to gain further insight. Over the past few weeks, I’ve been watching a new video podcast series, [foundation]. [foundation] is a show hosted by Revision3, which interviews various entrepreneurs currently in the San Francisco area. The show was created by Kevin Rose, a technology angel investor and the founder of Digg. Previously, Kevin Rose was a host on G4’s “Attack of the Show” and “The Screen Savers” on TechTV.

Rose’s last interview was with Philip Rosedale, the creator of SecondLife . For those of you not familiar with SecondLife, it is a 3D virtual reality world that offers environments for businesses, nonprofits, educators, and entrepreneurs to create a virtual presence. I wanted to share some of the interview questions and Rosedale’s responses that might provide you with a further insight to entrepreneurship.

One of the first questions Rose asked was how to get talent behind an idea. Depending on your business, you may need special talent, whether its programmers, designers, or artists. Rosedale explained his belief in “transparency,” which is telling everyone about a business idea nearly to any degree of detail someone desired. By being “transparent,” talented individuals came to Rosedale’s business asking to work for him. This was much easier as opposed to having to look for talent and having to recruit them from a job they were working at with a great salary, to his startup.

(Virtual Life, 2010)

Another good question from the interview was how to have a “reality” check for your business idea. Rosedale said that if you feel “compelled beyond all reason to work on something, regardless of salary, to see if the idea will work,” it is probably a good decision to pursue the idea. However, Rosedale said the “negative gut check” is if you are thinking about an idea in order to make more money or to make your job more interesting. If your thought process is more along the lines of not caring if the idea fails but wanting to know if it will work, there is no harm in trying to pursue the idea. Rosedale also comments that there is a false perception that people feel being an entrepreneur is a way to “get rich,” when in fact statistics show that often one can make less money for quite some time when starting a business. The key to starting a business is to start it because you want to, not because of the potential financial benefit.

I found interview with Rosedale to be insightful and encourage you to check it out. I feel more often than not people today are afraid to be “transparent” with their business idea. They are too afraid that it might be stolen or that there could be some other negative effect. However, Rosedale has shown that being transparent can help grow the potential of your idea. Second, I found it to be helpful to try to place a reality check on your business idea. I know that I have always wanted to start my consulting business, and this “test” was one that truly makes me believe that I should pursue it.

Is your business idea truly an inspiration? Does it make your heart beat faster? Do you feel that keeping your business idea in secrecy is truly the key to your success?

Nick

Rosedale, P. (2011, March 1). Philip Rosedale of SecondLife [Interview by K. Rose]. Retrieved March 24, 2011, from http://revision3.com/foundation

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1 Comment Add your own

  • 1. Karen  |  March 29, 2011 at 11:26 am

    Indeed, many entrepreneurs work so hard to keep their idea a secret that they never actually get it off the ground. That’s a shame.

    The reality is, there’s not a lot of new stuff under the sun. And when there is new stuff, chances are it’s not you who is creating it. And even if you are creating new stuff, you can’t keep it a secret and commercialize it at the same time.

    Entrepreneurs need to have a way of communicating their idea without revealing the truly secret ingredients. Entrepreneurs also need to know how to market their product/service, and deliver their product/service in innovative, agile ways so that even if the competition starts copying, the entrepreneur is two steps ahead. This is why striving for something Blue Ocean is important.

    Another way to build up steam quickly is to engage with a community and get their support behind you.

    Reply

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