Friday, July 22, 2011

From Stanford Entrepreneur Corner:

In this 12 min snippet of the talk LinkedIn Co-Founder Reid Hoffman discusses rules of thumb to help individuals looking to create new products and companies:
1) Look for an opportunity brought about by major trends ("moving to the wild west vs moving to next town).
2) Aim to make a really big change in the world because it takes as much blood, sweat, and tears to create something big, as to create something small,
3) Build a network around your company, i.e. create and engage a creative crowd;
4) Plan for good and bad luck: proactively discover opportunities along the way and kill unneeded activities to save limited resources;
5) Maintain flexible persistence: listen to your customers and ignore them at the same time (a solution to the innovator's dilemma)
6) Remember these rules are just rules of thumb by which you navigate.

Other parts of the talk are also worth watching, esp. where he talks about scalability in parts 5, 7, 8.

tags: innovation, startup, 4q diagram, 10x, business, model, dilemma, scale

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