Archives For Entrepreneurs

It seems that everyone not in just Silicon Valley is launching a startup these days. If not launching a startup they’re joining an accelerator or incubator. While startups are the new cool thing and accelerators and incubators are the new american idols for startups, launching a startup is no easy task.

Recently Kauffman FastTrac conducted an “Are You An Entrepreneur?” questionnaire with results from 5,000-plus individuals and posted on forbes.com. If you’re a first time entrepreneur or soon to launch a startup the data is a must read. Below is an infographic and some of the data from the Kauffman FastTrac “Are You An Entrepreneur?” questionnaire.

While most survey respondents rated themselves high on many of the 17 personal characteristics, traits and skills that bode well for taking an entrepreneurial plunge, the results also clearly indicated areas in which aspiring entrepreneurs see themselves “needing improvement.” The top five attributes to hone before starting a business, according to those surveyed, are:

  • Networking – 19 percent
  • Persuasiveness – 16.3 percent
  • Market awareness – 15.6 percent
  • Business knowledge – 13.5 percent
  • Self-discipline – 9.1 percent
  • On the other end of the scale, the traits in which founder-wannabes felt they needed little to no improvement included ethics (1.7 percent) and accountability (3.2 percent). In other words, they feel well equipped with honesty and integrity, and they take responsibility for their own performance.

    “Passion to be an entrepreneur” is the top reason for wanting to start a business for nearly half (48.5 percent) of those surveyed. Following at a distant second and third were “I want to be my own boss” (29.5 percent) and “I have a great idea/innovation” (17.4 percent). Interestingly, only 1 percent indicated their interest was driven by a lack of success in finding a job.

    So, with interest in entrepreneurship high, what did survey respondents see as their barriers to entry? Money, money, money – and figuring out how to get started. Topping the responses to a question about the “biggest obstacle to starting my own company,” 36 percent of aspiring founders cited financing, followed closely by “knowing where to begin” (34.7 percent). Much farther down the scale of concern were fear of failure (10.1 percent) and finding a partner (6.5 percent).

    via Kauffman Foundation

    What challenges do you have as an entrepreneurship

    {14} fear of rejection
    flickr photo by: KatLevPhoto

    Since moving to San Francisco, CA in February I’ve interacted with tons of Angel Investors and Venture Capitalist (VC). More so on the Venture Capital side than angel investor side. Part of my interactions have been connecting prepared entrepreneurs for demo days, pitch meetings, or giving VCs referrals. Other interactions have been for customer development on a new product I’m working on.

    There are a few basic VC rules when it comes to meeting with investors for entrepreneurs such as:

    • Never be late to an investor meeting
    • Always be prepared
    • Always be honest
    • Even when you’re not pitching you’re always pitching
    • Do your investor research to know what type of companies they fund and any recent company
      accomplishments
    • Be prepared for rejection
    • Always follow-up

    Those are a few basic rules not only for venture capital meetings but for general business meetings and negations.

    During, before and after meeting with an Angel Investors and Venture Capitalist as an entrepreneur a lot of times you’re in the position of need and the investor has all the answers to your problems, money. So it seems. In fact money is far from the complete solution to your problem and investors know that. But for many first time entrepreneurs they see investors as banks for loans and not as partnerships. This is a huge mistake.

    Angel Investors and Venture Capitalist are people too and believe it or not the key data point that could decide if they’re going to invest into your company or not may not be your idea, your team, your profits or the size of the market for your startup but it could be does an investor like or trust you. Think about that the next time you visit the bank or your favorite restaurant. How do you treat your waiter, what would the teller at a bank say to a potential investor about how well you treat them.

    One common paraphrase to describe the relationship between investors and startups is could you see yourself in the relationship with one another. In other words, as an entrepreneur could you marry an investor and the same for an investor, could they marry or live with the entrepreneur and their team. Yes, the relationship can and should be that serious.

    Entrepreneurs at the end of the day, regardless of how an investor may act or treat you, people do business with who they like, know and trust and as the saying goes, treat people like you want to be treated.

    10 Biggest Entrepreneurs of 2011
    From: BusinessMBA.org

    Matt Mickiewicz, 99designs Co-Founder—27 Years Old

    Mickiewicz’s business partner, Mark Harbottle, is 37
    Founded 2007
    Located in San Francisco and Melbourne
    27 employees, with plans to double that number over the next year
    No official revenue released—“eight figures”
    99designs is a hub for businesses to find graphic designers without having to do all the searching themselves
    Recent acquisition of Series A funding from venture capitalists Accel Partners—$35 million
    According to Matt, the United States is home to 74,000 graphic designers
    99designs lists 100,000+ graphic designers
    80% of the company’s business comes from word-of-mouth
    77,000+ projects completed so far

    Drew Houston and Arash Ferdowski, Dropbox Founders, 28 and 25 Years Old

    Founded 2007
    Located in San Francisco
    50 employees
    No official revenue released
    Lets users access and share files from nearly anywhere using a file sync cloud
    3 months in, landed $7.2 million in funding from venture capitalists and individual investors
    The how-to video posted on Digg boosted beta waitlisting from 5,000 to 75,000 people in a few hours
    Available in English, Spanish, French, German and Japanese
    25 million users
    1 million files saved every 5 minutes
    Plans up to 100 GB of storage

    Kevin Systrom and Mike Krieger, Instagram Founders—25 and 27 Years Old

    Founded 2009
    Located in San Francisco—Twitter’s old office, to be exact
    4 employees (yes, 4)
    No official revenue released
    Allows photo editing in an app, along with location sharing
    After it launched in the App Store at midnight on October 6, 2010, Instagram had 10,000 users in just a few hours
    Now 7+ million users
    150+ million photos uploaded in the first 9 months
    1.3 million photos per day
    15 photos per second
    Flickr didn’t even reach 100 million photos until nearly 2 years after launch
    16 options for photo editing
    $7 million funding from Benchmark Capital
    Plans for revenue: paid extra filters, exclusive accounts, advertising

    Hussein Fazal and Kristaps Ronka, AdParlor Founders—29 and 24 Years Old

    Founded 2008
    Located in Toronto, Canada
    15 employees
    No official revenue released—“tens of millions”
    After Facebook’s 2007 API, the pair began designing apps for fun
    Along the way, they noticed Facebook didn’t have any solid ad networks
    Ronka dropped out of school as the pair began coding and started AdParlor
    One of fewer than 100 companies with access to Facebook’s ad API
    Over 100,000 ads daily on Facebook
    Over 500 million impressions

    Alexa Andrzejewski, Soraya Darabi, and Ted Grubb, Foodspotting Founders—27, 27, and 29 Years Old

    Founded 2009
    Located in San Francisco and New York City
    10 employees
    No official revenue released
    An iPhone app allowing people to search for food by dish, not cuisine, while seeing photographs of the meals and getting the locations of the restaurants serving it
    Grubb was a programmer, but knew nothing about app development—so he learned in order to create Foodspotting
    He programmed the prototype app in a tent in the wilderness!
    In the beginning, Foodspotting was 1 of just 6 location-based apps in the iTunes App Store
    $3 million in angel funding after highly successful run at Start-up Weekend in SF
    600,000+ foods now “spotted” on the app
    101,615+ follows on Twitter
    Partnering with The Travel Channel and Zagat

    Jason Baptiste and Andres Barreto, Onswipe Founders, 25 and 24 Years Old

    Founded 2010
    Located in New York City
    12 employees
    No official revenue released
    Provides mobile website optimization for all levels of publishers
    Content becomes interactive, customizable, “app-like”
    Received over $6 million in funding from companies like Spark Capital and Lightbank before platform launched
    Invented a WordPress plug-in specially for the iPad
    Now, a deal with WP has Onswipe running 18.6 million blogs for iPad
    Barreto is also a founder of Grooveshark and PulsoSocial—“TechCrunch for Latin America”

    Siamak Taghaddos and David Hauser, Grasshopper Founders—Both 29 Years Old

    Founded 2003
    Located in Needham, Mass.
    50 employees
    No official revenue released
    A voicemail/call routing system using its own phone number
    Began with existing software, but developed their own proprietary software
    Plans for all sizes of business: $9.95 to $199.00 per month
    Grasshopper Group founded in 2010: will produce many products for entrepreneurs
    May 2010: Created and circulated petition for National Entrepreneurs Day
    President Obama one-upped them and made National Entrepreneur Week in November
    Growth of 1,983% in 2007
    Growth of just 5% during the worst part of the recession
    However, Grasshopper is due to grow 20% on top of 2010’s revenue, with more than $15 million

    Matthew Corrin, Freshii Founder—29 Years Old

    Founded 2005, with seed money from his parents
    Based in Chicago, with locations around the world—first location in Toronto
    50+ locations in 4 countries—United States, Canada, Austria, and UAE
    500+ employees
    No official revenue released—est. $50 million
    Custom fresh food—salads, soups, wraps, bowls—made affordable
    A calorie, fat, sodium, cholesterol and protein counter tallies each online order’s total by ingredient
    Aim to open 700 more stores—½ corporate, ½ franchise—in the next 5 years
    To open a franchise: $30,000 up-front, 6% royalty, 3% advertising fees
    Typical start-up fee: $250,000
    Corrin had never worked in food service or retail before opening

    Hayley Barna and Katia Beauchamp, Birchbox Founders—27 and 28 Years Old

    Founded 2010
    Located in New York City
    25 employees
    Projected revenue for 2011: $7 million
    $10 per month for a shipment of 4-5 samples of beauty/cosmetic products to customers’ doors
    At launch, Birchbox already had 660 members by word-of-mouth!
    A beta test e-mail was sent to 40 friends in March 2010—and resulted in a waiting list of about 3,000
    Currently about 45,000 members
    Just 1 month after launch, $1.4 million seed
    Accel Partners and First Round invested
    Cosmetic giant Benefit was the first to join the project

    Daniel Gomez Iniguez, Solben Co-Founder—20 Years Old

    Founded 2009
    Located in Monterrey, Mexico
    15 employees
    Revenue for 2010: $1 million
    Projected Revenue for 2011: $3 million
    An alternative energy project begun for a high school senior project
    Sells technology for making biodiesel out of algae and plants, as opposed to cooking oil or animal fats
    2010 GSEA Global Social Impact Award Winner
    1st Place Entrepreneur Award 2010 in the Mexican Stock Exchange

    NewME Accelerator 2011 Cycle 1

    Great post from Curtiss Pope, CEO/Founder of Aislefinder a NewME Accelerator startup participate about Anthony Frasier founder of Playd where he calls Anthony the new face of Black Startups. If you’re wondering why, wait until you see Anthony in Black In America 4 on Sunday. Here’s an excerpt from the post.

     

    I remember going over to the NewMe startup house ,and almost each time I was leaving; talking with him about a range of things: girls, music, tech, gaming, the new things he was learning about Silicon Valley.

    Over the course of the summer, I started noticing things about him:

    Anthony was the only one in the house that didn’t have a MacBook Pro.

    Although he did have an iPad, he never bent into the social geek pressure of having that big Apple logo emblazoned on his rig.

    He is just COOL.

    Ask anyone that got to know him, and this is the word that they describe him with.

    Gaming is his forte.

    Anthony had this ability to get people excited about gaming. Even a guy like me who doesn’t even play.

    Anthony doesn’t look back.

    NewME Accelerator 2011 Cycle 1

    I would say the same thing about Tiffani Ashley Bell, founder of Pencil You In except she has a MackBook Pro; in terms of coolness and getting people excited about their startup and entrepreneurship. I’m excited for the both of them. Two young black tech entrepreneurs that you’ll see a lot of in the years ahead.

    While Curtis is a humble entrepreneur himself, I believe that he’s on to something big with Aislefinder and don’t forget about Chris with Central.ly too. Heck, just check out all of the NewMe Accelerator 2011 startups here: http://www.newmeaccelerator.com/startups/summer-2011-class/.

    Much success to everyone!

    Facebook Wall... I wrote something

    One of my favorite movies of all time is The Social Network. My favorite movie of all time is Gladiator. They are complete opposite in terms of history and action but in both various characters must over come life circumstances to achieve goals beyond what they originally had planned for their life or what other people may think their life was going in. In The Social Network you have everyone from Mark Zuckerberg doing things for attention and launching “The Facebook” , to Eduardo Saverin never imaging that his friend Mark would partner with Sean Parker to run Facebook and try to cut him out of Facebook. Even the Winklevoss twins, they thought they were on to something big and despite winning court cases in real life they are still trying to sue Facebook/Mark Zuckerberg for more money (if you want to merge movie and the real world). Also look at Sean Parker, in the movie his passion for wanting to give the VC firms the middle finger because they kicked him out of a company. Everyone from Mark, Sean, Eduardo and yes the Winklevoss had to overcome startup troubles, friendships, promises, life obstacles to still achieve success or at least try to gain success and happiness.

    As for Gladiator, sometimes it’s not success but revenge that may drive you. Maximus, played by Russell Crowe after being betrayed by Commodus the son of the Emperor, Marcus Aurelius. Learned after betrayal that his family killed and he was left for dead. Only to survive to slay his arch enemy to set things right in Rome. But Maximus had to become a Gladiator, fighting less skilled fighters and over coming the odds to do so.

    In both movies the characters had to overcome mental and physical odds to survive. As for Mark Zuckerberg or even Eduardo Saverin in The Social Network it was more mental and having the right people around them than physical and for Maximus it was a mix of mental, physical and having a good team around him. Regardless there are days as an entrepreneur where things may not go your way. The Winklevoss thought Mark was building their platform, Eduardo probably never thought he would have to sue his friend Mark to keep his name as a cofounder on Facebook and as for Zuck.. only Zuck knows what he was doing. Maximus was ready to retire as general in the war and the next thing you know he was the enemy to Rome.

    There are days where you don’t want to wake up in the morning, days where you look in the mirror and ask your self why are you doing what you’re doing. You know you’re more than a 9 to 5 and that project you always wanted to do will never get done unless you stop everything and focus on that one thing. You launch projects, companies, spend endless hours and days writing, designing, sending emails only a few months later to shut things down and start something new. You fail, fail fast and fail again. You work countless hours, you network, you pick friends and partners only to ask why those friends and partners. You want change, you want success, you want the world to be using your product, website or app. Being an entrepreneur is hard. Yet you continue. Something drives you to keep moving forward. Something says never give up or give in. Something says, wait your turn and the ideas keep coming, new people come in your life and you never look back but only forward and the rest of the world may think you’re crazy but you know something special is on the way. You know when the time is right and if you keep working things will work out. It’s there, so close, you just can’t stop. Something or someone keeps you motivated

    As for me… staying motivated comes in various ways. Here are five ways I try to stay motivated.

    1. Always have a fun / simple project to complete. Once you complete it, it gives you joy encouraging you to tackle something bigger.

    2. Workout and stay healthy. I’ve been focusing more on this in the last few months. It works.

    3. Have real close friends who will always be honest and upfront with you and give you good advice without hidden agendas.

    4. Learn something new. It could be cooking a new dish to learning a new program language. Keep learning, it will keep you motivated.

    5. Take trips and walks aways from problem areas. Get up from the computer and go on a long walk and/or take a trip and get away from things to free your mind.

    Good luck and in the words of Steve Jobs. “Stay hungry and stay foolish

    Also keep this in mind, as the saying goes: “If you will live like no one else, later you can live like no one else.”

    How do you stay motivated?

    Originally posted on Black Enterprise -  This resource list was created by Hajj Flemings and myself.
    During the 41st Congressional Black Caucus Foundation Annual Legislative Conference, Congressman Hansen Clarke of metro Detroit hosted a panel entitled, “Social Media and Entrepreneurship” on September 23, 2011.  One of the action items from the panel was to create a ‘Social Media + Entrepreneurship Resource List’ that entrepreneurs could use to grow successful businesses.

    alc2011_flyer2

    Contained in this blog post is a resource list of third party apps, blogging, financial, calendar, and mobile tools that entrepreneurs can utilize immediately.


    Third Party Applications – Social Media/Status Updates/Listening

    These apps allow you to review listen online and post updates to multiple social networks via your desktop or mobile device.

    • Hootsuite – HootSuite helps organizations use the social web to launch marketing campaigns, identify and grow audience, and distribute targeted messages across multiple channels. http://hootsuite.com
    • TweetDeck – http://tweetdeck.com
    • Social Mention – Social Mention allows you to easily track and measure what people are saying about you, your company, a new product, or any topic across the web’s social media landscape in real-time. http://socialmention.com
    • Addictomatic – a multi-platform buzz dashboard – http://addictomatic.com
    • Blogpulse – a tool that searches blog posts for specific mentions – http://www.blogpulse.com
    • Trackur – Trackur is a social media monitoring tool designed to assist companies and PR professionals in tracking what is said about brands on the Internet.  http://www.trackur.com
    • Seesmic – Seesmic CRM Brings Salesforce to the palm of your hand http://seesmic.com



    Online Financial Tools



    Mobile/Virtual Working

    • Dropbox – Online file storage and sharing:  http://dropbox.com
    • Skype – Skype is a software application that allows users to make voice calls over the Internet.  http://Skype.com
    • Using iPad as a Phone – GVConnect App converts your ipad into a phone – http://www.gvconnect.com/
    • Basecamp – Basecamp is an online project management software that enables online collaboration http://BasecampHQ.com
    • Evernote – Evernote allows users to capture, organize, and find information across multiple platforms. http://www.evernote.com
    • Grasshopper – Grasshopper allows small business to sound more professional and streamline communications. http://grasshopper.com
    • Yammer – Yammer is an enterprise social network, providing a secure way for employees to communicate, collaborate, and share information. http://yammer.com
    • Sign My Pad – Sign My Pad is a tool that allows you to sign and annotate  PDF files.  No more printing documents to sign and fax them.   http://autriv.com/



    Blogging/Website

    • WordPress – Web software you can use to create a beautiful website or blog or http://wordpress.org
    • Blogger – Blogger is a blog publishing platform http://blogger.com
    • SquareSpace – Completely managed environment for creating and maintaining a beautiful website, blog, or portfolio. http://www.squarespace.com
    • Tumblr – Tumblr is a re-envisioning of tumblelogging, a subset of blogging that uses quick, mixed-media posts. http://www.tumblr.com
    • Central.ly – Central place to let companies promote themselves online and on mobile. http://central.ly



    Events/Calendars

    • Startup Weekend – Startup Weekends are 54-hour events where developers, designers, marketers, product managers and startup enthusiasts come together to share ideas, form teams, build products, and launch. http://startupweekend.org
    • Meetup Groups – Groups that organize locally around specific areas of interest.  http://meetup.com
    • Plancast – Calendar typically for tech or social media type events – http://plancast.com
    • Eventbrite – Eventbrite is an event organizing calendar/tool which is a great resource to identify conferences and workshops. http://eventbrite.com



    Google Account

    Creating a Google account provides you access to a suite of products, listed below is a sample listing of some of the available products.

    • Google Plus – Google Plus is Google’s social network.  One of the best business features that Google Plus currently offers is the hangout feature which allows you to conduct video conference calls with up to 10-people and integrate YouTube videos for FREE. http://google.com/plus
    • Google Docs – Create and share your work online and access your documents from anywhere. Manage documents, spreadsheets, and presentations. http://docs.google.com
    • Google Checkout – Google’s payment service.  http://google.com/checkout
    • Google Voice – Free voicemail – http://google.com/voice
    • Google Alerts – Online reputation notification system. http://google.com/alerts



    Entrepreneurs what are your most used online tools?

    Video: If you’re an entrepreneurs or startup founder this is a must watch video of Jack Dorsey as he talks about the beauty and function of the The Golden Gate Bridge along with the future Square.

    You can read the full transcript via TechCrunch

    I want to talk about how we build things here, a little bit about the product, the work we do and the work we need to do. So, this is something I put on our Wiki a long time ago [shows slide], as one of our principles is to delight our users. But then I realized it’s more important to delight their users, which are their customers and payers. And the more we focus on that payer experience, the more we focus on really making that magical — and designing it. We win, our users win, and we get more users.

    So, going back to a lot of Brian’s points, this is a big focus for us, we’re the only payments company in the world that’s concerned with design. We are all designers in this room, and that’s how we’re leading this company, through design.

    So, how many of you have walked or driven across the Golden Gate Bridge? Almost everyone in the room. This is one of my favorite parts of living in San Francisco. This is astoundingly beautiful, and it’s not just beautiful because it looks pretty, it’s beautiful because of the challenge that everyone who built this bridge overcame.

    So, if you go back and you look at how this bridge was built, this is what San Francisco looked like before the bridge. This was the Golden Gate. We called it the Golden Gate because San Francisco was known for gold rushes. People would come here, explore and risk everything they had to live in an environment where they might find gold, or might find work, or might open a store of some kind.

    So, this is the Golden Gate, this is the fort, right on the point in the Presidio, and there’s this big divide between this fort and Marin, and a lot of people living in Tiburon and Sausalito would have to go all the way around the Bay, all the way up here to get around across the river, up by Richmond.

    So, they needed something that was a little bit faster. The war was over, they weren’t using this fort much anymore, so, they decided to build a bridge. So, very simply they said we need to build a bridge here, and they got an architect. The architect had a vision, actually there are a few architects, but one person has incredibly taken credit for most of the work, which was recently rectified — it’s a fascinating Wikipedia article if you have the chance to read it.

    So the architects designed this gorgeous bridge, but the problem with the Golden Gate is that this is an extremely tumultuous area, if you’ve ever sailed through this or taken a boat through this, the waves are immense. Or surfed through it, which is more dangerous. It’s a disaster, I mean all the weather of the Bay is being forced through this one single point. So, all these elements create this perfect storm of turbulence. It’s extremely deep in the middle and it’s an epic span, so this was not an easy challenge.

    They got a bunch of amazing engineers, and they took it step by step and iterated and iterated and iterated. There was a lot of back and forth between the architects to make this beautiful opening into this gorgeous city that we live in. And what is possible? What is beautiful? What is possible? And that’s really what it comes down to … we want to design the beautiful and build the impossible.

    And a lot of people think of design, when they hear the word design as visual, something that looks pretty. Design is not just visual, design is efficiency. Design is making something simple. Design is epic. Design is making it easy for a user to get from point A to point B.

    Engineering is design. Every engineer in this room, every operator in this room, every customer service agent in this room, is a designer. Because you’re designing constantly the interaction that you have with your tools or with your users or with your customers, and you’re trying to bring efficiency and take all the thinking out of that process.

    So, everything we do here is design. We always want to make the beautiful — to this point — Keith, two minutes before I was supposed to start this Town Square, told me, stop. I’ve got a mistake in my slides, I forgot to capitalize an “S”. I swear. That level of perfection is what we wanna achieve, because if we achieve that level of perfection — it’s gonna take a long time to do that, a lot of hours — but then our users see it immediately, without thinking. And that’s the important part. That’s what design is.

    And look at this, this is gorgeous. I mean, just look at this bridge, it’s amazing what was achieved with resources they had in the time these folks had. Millions and millions of people go over this bridge, and one of the features of this bridge is it doesn’t fall down. Reliability is a feature. This is what Brian said earlier, availability, reliability, and staying up, that’s a feature and that’s a product, and it has to be well-designed and thought after and considered, and that’s what we’re doing.

    I’ve often spoken to the editorial nature of what I think my job is, I think I’m just an editor, and I think every CEO is an editor. I think every leader in any company is an editor. Taking all of these ideas and you’re editing them down to one cohesive story, and in my case, my job is to edit the team, so we have a great team that can produce the great work and that means bringing people on and in some cases having to let people go. That means editing the support for the company, which means having money in the bank, or making money, and that means editing what the vision and the communication of the company is, so that’s internal and external, what we’re saying internally and what we’re saying to the world — that’s my job. And that’s what every person in this company is also doing. We have all these inputs, we have all these places that we could go — all these things that we could do — but we need to present one cohesive story to the world.

    Brian said something very interesting to me a few weeks ago, he said, support and feedback is what our customers are telling us, and product is what we’re telling our customers. I think that’s an amazing, amazing statement. We have feedback loops, and then we speak something back, the product, this company, is what we’re telling the world.

    So, on this point, ideas can come from anyone, and they can come anytime. So, we all have various directions that we want to take the company and sometimes those ideas come during a shower, sometimes they come when we’re walking, sometimes they come when we’re talking with other employees at the coffee store, and sometimes you just wanna build it — you just wanna get it done — and we want to support that.

    If I want to go and create a screen saver that shows all the signatures that are coming into Square in realtime, and I’m gonna go spend the weekend doing that, and I’m gonna finish it to my satisfaction so that when I go back to the company and say look at what I did, this is amazing, this is beautiful and I’ve had a lot of fun building this. And instead of saying, you know, that’s cool but we didn’t do it as a team so let’s not use it right now. Instead, let’s figure out how to say, that’s awesome, now let’s figure out how to put it into production.

    So, allowing folks to work on what they want and the strong ideas that they have at any point, and then figuring out how to build it into production, and speaking to that point of reliability as a feature. Ideas happen to individuals, they happen to groups, we should allow for all of it. We should take them all in and consider them. If we don’t act on an idea, then let’s put in on the shelf, don’t throw it away, just put it in the shelf, because we may use it later in a different way then what was originally intended. This gets us to become good storytellers, and that’s what we want to do. This is about the editorial.

    As a lot of you know, this is one of my favorite magazines. [Shows The Economist] This magazine is very interesting. It’s actually a newspaper — out of London. If you look through this magazine, you’ll notice a few things. First, it has a beautiful unfolding. You open the first few pages, you get all the news around the world in brief, little, 140-character news bytes of what’s happening. You want to commit some more time, then you page through and you’ll see the briefings in half pages or pages, a little bit more on what’s going on in the world, about what you just read. If you want to commit even more to any direction or any topic that you find interesting, you can read the full articles, which are multiple pages. And then at the very back are the indicators, the economic indicators, of what various aspects of the economy are doing.

    The other thing you notice about this is that there are no bylines at all, there are no names in here, not even the editor has a name, it’s The Economist, they’re building The Economist, they’re writing articles for The Economist.

    The editor says, I want to write about Obama, and how he needs to step it up, it’s time. He gets 5 or 6 articles, edits them into one thing that he thinks, or she thinks, will sell the magazine and tell the best story, and that becomes the magazine. This is done with every single article that’s in the magazine. And effectively every single product and feature and aspect that we’re building to our company.

    So, my point here is, this company is not going to be known by one person or by five people or by multiple people. It’s going to be known by the product that we put out. We, in the Valley, think that Steve Jobs is Apple. We see Apple and we think Steve Jobs. But the mainstream audience doesn’t know who the hell Steve Jobs is. They don’t really care. They know that the Nano works, they love it, and they want to buy the next one. They could care less what this old guy in the black turtle neck does. Square is not going to be known by me, it’s not going to be known as Keith’s company, it’s not gonna be known as any other individual’s company in here, it’s going to be known as Square.

    That’s what we want people to care about, and that’s what we’re trying to push, we’re trying to push, we’re trying to push the products and the brand and our story above everything else. And if you ever see that not happening, then let’s fix it. Tell me about it, we’ll fix it. Kay will help.

    So, building beautiful things, it’s not easy. You can give up easily. It’s not 9 to 5 job. This is a 9 to 5 bridge [shows new slide]. Everything about this bridge says do not cross me. First of all, I don’t trust that it’s going to stay up. It’s forcing me into these narrow lanes. It’s got this mile-per-hour limit. This does not inspire. This is not aspirational to anyone. This is not something I want to cross. This is not something I want to use. It’s not something that I look at and say, wow, that’s amazing, I mean wow, What the hell were they thinking?

    And a lot of people in our industry, this is what they’re building. It’s terrible. This is the bridge I want to cross. [Shows Golden Gate] This is how I want to arrive at a destination. This is classy. This is limitless. This is inspiring. This is gorgeous. Every single aspect of this is gorgeous.

    Think about all of the engineers and all of the architects and all of the people that drove rock to this bridge and their families and how happy and proud they are when they walk over this bridge and when they see this bridge in newspapers and they see it in movies and they are part of this bridge. That’s what we all want to feel. That’s what I want to feel, and I know everyone in this room wants to feel.

    So, this is why design is important and this is why this coordination is important, and this is how we’re leading and building this company. So, your homework for the weekend is to cross this bridge, think about that, and then also think about how we take those lessons into doing what we want do, which is carry every single transaction in the world.

    Hat Tip to @Tiffani for posting this link in Facebook