Succeeding as a technical entrepreneur is really about you
Being a good technical entrepreneur is all about you, not your technology. If you expect to succeed in the thrill-a-minute, rollercoaster ride of a startup, let me assure you it takes more than a good technical idea, a rich uncle, and luck. In fact, the idea is often the least important part of the equation. Most investors tell me that they look at the people first, then at the business plan, and only then at the idea.
If you want some specific tips to beat the odds, take a look at the following concepts adapted from Richard C. Levy's book, The Complete Idiot's Guide to Cashing in On Your Inventions (http://www.amazon.com/Complete-Idiots-Guide-Cashing-Inventions/dp/0028642201). He was talking about inventions, but I think his concepts apply perfectly to any technical entrepreneur starting a business:
Don't take yourself too seriously: Don't take your idea too seriously. The world will probably survive without your idea. You may need it to survive, but no one else does. However, there is no excuse not to love and laugh at what you are doing. I'm convinced that people who love their work are more innovative as well as happier.
The race is not always for the swift, but for those who keep running: It's a mistake to think anything is made overnight other than baked goods and newspapers. You win some, you lose some, and some are rained out, but always suit up for the game and stick with it. It's not speed that separates winners from losers; it's perseverance.
You can't do it all by yourself: Entrepreneurial success is almost always the result of unselfish, highly talented, and creative partners and associates willing to face the frustrations, rejections, and seemingly open-ended time frames inherent to any business startup with you.
Keep your ego under control: Creative and inventive people, according to profile, hate to be rejected or criticized for any reason. An out-of-control ego kills more opportunities than anything else. While entrepreneurs need a healthy ego for body armor, it can quickly get out of hand and become arrogance if not tempered.
You will always miss 100 percent of the shots you don't take: Don't be afraid to make mistakes. If you don't put forth the effort, you won't fail, but you won't succeed either. Inaction will keep opportunities from coming your way.
Don't start a company just for the financial rewards: We all want to make money. That's only natural. However, you should be motivated by the opportunity to "make meaning" as well. People who do things just for the money usually come up shortchanged.
Be prepared for criticism: Not every idea or decision works. For every action, there is always someone who will challenge and second-guess you. Odds are, you'll encounter far more criticism than acceptance. Don't be defensive, learn from your mistakes, and don't blame someone else.
Learn to take rejection: Don't be turned off by the word "No," because you'll hear it often. Rejection can be positive if it's turned into constructive growth. My experience is that ideas get better the more they are presented. "No" means "not yet."
Believe in yourself: One of the first steps toward success is learning to detect and follow that gleam of light, which Emerson says flashes across the mind from within. It's critical that you learn to abide by your own spontaneous impression. Allow nothing to affect the integrity of your mind.
Sell yourself before you sell your ideas: Be concerned about how you are perceived. You may be capable of dreaming up ideas, but if you cannot command the respect and attention of associates and investors, your proposal will never get off the mark, and you may not be invited back for an encore.
As with all the other "principles of success" guidance I have seen, you should take these tenets with a grain of salt. Yet, I'm betting that every technical entrepreneur out there can relate to these principles and practices, and most of the long aspiring and unhappy entrepreneurs have broken one or more of them. Don't be afraid to learn from your mistakes, forget the past, and go for the trophy anyway.
