Thursday 17 March 2011

LinkedIn Founder offers us 10 Laws of Entrepreneurship

Came across this recently on my Twitter account which I retweeted and when I looked at it realised it was worthy of a short blog so here it is!

The founder of LinkedIn (the must have professional shop window if you want to be seen and found)is called Reid Hoffman. Here's a link to his article stating his current top 10 laws of Entrepreneurship: . http://venturebeat.com/2011/03/15/reid-hoffman-10-rules-of-entrepreneurship/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+Venturebeat+(VentureBeat)

The article is brief and to the point. It has that decisiveness and incisiveness that's the hallmark of the entrepreneur. The ability to state quickly and clearly what you want to say. Entrepreneurs are often very insightful people, blessed with great clarity on topics they speak about. This is no different. Personally I'm drawn to 1,2 5 and 6.

1 = Create Disruptive Change. One example's reducing the cost of something from €10 to €1, this opens up new markets and new opportunities

2 = Aim Big, so counter intuitive! An entrepreneur friend of mine adds to that 'act fast' which I also agree with.

5 = Maintain Flexible Persistence; understand when to be persistent and when to be flexible. Also when you need to blend these to create something different or fresh

6 = Launch early enough to be embarassed by your 1.0; Most people worry (needlessly) about their reputation. It's almost expected that your first version will have faults in it. Launch it to get it our there and upgrade it on the hoof. That makes so much sense, as the life cycle of most things is shrinking, so capitalise on whatever window you have and move on as fast as your learning allows.

Most of this is not rocket science, but added together and joined up makes a potent mix. That's what makes entrepreneurs stand out. Not alone do they back themselves and their ideas, they just don't countenance failure and their rationale is based on an understanding and forgiving public. Interesting concept, I know I learned hugely from it, what about you...?