Do U Really Want to be an Entrepreneur?

About Me

– Army Veteran – As a Software/Hardware developer

– The inventor of VoIP – Wikipedia

– First/Second inductee to the VoIP Hall of Fame

– An engineer by birth

– Born to a family of makers

– Always dreamed of creating another Rubix cube

– BSC-EE & MBA

– Un-Official CS Alumni

What do I Know About Entrepreneurship?

– Employee (1987-1988) – 1Y

– Entrepreneur: – Total of about 30 Years (2016)

 = Co-Founded VocalTec 1986, 1989-1996, 1998 (NSDQ) – 12Y

 = Co-Founded Remote Ability 2000-2004 (Sold) – 4Y

 = Co-Founded ExciteView 2004-2005 (Nothing) – 1Y

 = Co-Founded BitWine 2005-2008 (Sold & got it back, still going) – 3Y

– Employee / Entrepreneur: – 7Y

 = First employee – Phone.com 2008 – Today

The Basic Ingredients for a Startup

– A good idea

– Entrepreneurial Personality

– Timing

– Funding, well maybe…

– Good Partners

– Good Support System

 = Parents, Significant Other, Lawyers, Mentors

Entrepreneurial Personality Is:

– Commitment / Willingness to sacrifice free time & money

– Some super power

 = Highly Technical

 = Laziness (See my first resume)

 = Even Bad Memory is good

– Self learner

– Can do attitude

– Willingness to make mistakes

– And a listener

Even Bill Gates Likes Lazy People

You Must be a Good Listener

– Most entrepreneurs think they know it all

– Remember, You don’t know it all!

– Start by asking & listening (with a very open mind)

– Preferably ask people with gray hair

– ONLY then decide what is relevant and what not

Be Flexible to Change Direction

Here is what we went through at Vocaltec in a span of 7 years

– Started with sound cards & Ice cream music

– Fell prey to con artists – Bought the company back

– Investors attempted to get control by starving the company

– Fighting investors by assuming huge personal financial risk

– Losing the market to Creative Labs

– Betting on computer audio to become pervasive

– Releasing the first ever VoIP software

– PRE-IPO – spending money you do not have

– Betting on VoIP to replace the PSTN

– Getting a dream customer who slowly kills the company

Be Ready to be Pulled in Different Directions?

Or try to avoid it…

– Investors are not friends!!!

 = Avoid investors as much as you can

 = They have their own agenda – always!!

 = They believe they know what is best for you and your startup

   – Maybe based on flight missions (Most are pilots – in Israel)

   – Or maybe based on good grades (Most are ivy-league graduates – in the US).

– Don’t get me wrong, investors are good people

 = They are good in what THEY DO

 = Which is “maximizing their investors’ value” (Not Your Value!)

 Note: There are few exceptions

Try to follow some of the Dos and Don’ts

– Keep a file with ideas, keep updating them, keep adding – Ideas expire!

– Identify problems in your surroundings

 = Solving problems present an opportunity

– Solving complex problems can yield higher rewards

– Stick to your convictions

– Focus on your core strengths / super power

– It is simpler to sell an investor a dream than a working product

– Never say the word “simple” to an investor

 = Translates to “no barrier for entry”

– Extend your runway – you will always need it

– Never work for free, value to your time

– Find good partners (it is hard, I know)

– Good (PR) people are priceless

– Always have a business model

– Start with an API in mind (if relevant)

– Listen to your customers

– Luck has a lot to do with success

– Don’t be afraid to be a paranoid – always move fast

– Someone is always chasing you with the same idea

– Try to make your parents proud

– Be nice to your employees

 = One day you might want them to hire you