HOTB Software Solutions
HOTB is a highly experienced software development company that provides in-kind angel capital to startup entrepreneurs with a viable technology based business. HOTB helps startups bridge the gap between their friends and family round and their venture capital round by subsidizing expensive technology needs. HOTB specializes in building custom software platforms to provide certainty of execution, experience, credibility, security and compliance. Additionally, HOTB Ventures has been formed for instances of passive investment when software development is not needed.

Manatt
Manatt, Phelps & Phillips, LLP is known for quality, for extraordinary commitment to clients, for integrated, relationship-based services, and for a range of capabilities typically found only in boutique firms. We are progressive and entrepreneurial compared to other major firms, and we are deeply committed to diversity, to public service, to involvement in the communities we serve and to excellence in all we do.

TriNet
Tech companies partner with TriNet Passport to compete for top talent by using our bundled HR products that cover the core services of payroll, fortune 100 benefits, risk and compliance, a scalable HR team all on a cloud platform. TriNet reduces the time businesses spend managing HR and administrative issues while providing enterprise-grade cloud capabilities. This enables entrepreneurs and management to focus on what’s important from raising funds to driving revenue. Join hundreds of executives in high tech who have experienced the TriNet Passport difference, working for companies in hardware, software, SaaS and telecommunications. Contact choy.chew@trinet.com for more information.

Eureka
The Eureka Building is a 3-acre technology campus in Irvine, California designed to help accelerate innovation. Founded in 2014 by Peter Polydor, our goal is to support local entrepreneurship by giving innovative companies and entrepreneurs in Orange County a home that is centrally located and easy to access. Through partnerships we are more than just a home, but are a support network hosting startup events while fostering mentorship relationships with our partners all within one of the most creative spaces in the region.

CrashLabs
CRASHLABS IS A VIBRANT COWORKING AND EVENTS COMMUNITY THAT ENHANCES WORK/LIFE BALANCE FOR THE NEW ECONOMY OF UNTETHERED WORKERS. CRASHLABS OFFERS CREATIVE AND FLEXIBLE SPACES SUCH AS OPEN DESKS, DEDICATED DESKS, PRIVATE OFFICES, AND EVENTS SPACE THAT SERVE EVERYONE FROM THE INDIVIDUAL TO CORPORATIONS.

Real Office Centers
At ROC you’ll find a cohesive and progressive working environment with professional support for entrepreneurs, innovators, and today’s leaders. Beyond merely providing the physical workspace, we contribute to your capital growth by facilitating innovation, inspiration, and collaboration. With professional support services, educational events, and a stimulating environment, ROC is where you and your company will grow. Our open-source work environment and friendly staff complete with private receptionists keep business running smoothly. ROC handles day-to-day operations and facility management so your company can focus on what it does best.

What Makes a Successful Entrepreneur? Genetics, Circumstance, and Perseverance

Posted by Adeo Ressi on 2015-04-01

Recently, I was asked, "what does it take to be a successful entrepreneur?".

In my opinion, successful entrepreneurship is a combination of three things:

                1. Genetics
                2. Circumstance
                3. Perseverance

Let's go through all three.                                                                                                                                                     

1. Genetics

The Founder Institute has completed social science testing on over ten thousand prospective entrepreneurs, measuring things like "Big 5 Personality Traits", Fluid Intelligence, IQ,  and more. The Institute then watched who became successful, and correlated back the measured traits that best predicted success, in a scientific process.

The traits that best predict entrepreneurial success are genetic, such as Fluid Intelligence and Openness. BUT, just because you have traits that MAY make you successful as an entrepreneur, does not mean that you WILL be successful. Similarly, just because you are tall does not mean that you are good basketball player.

In other words, you need the raw materials, but you also need other things.

 

2. Circumstance 

Being in the proverbial "right place at the right time" matters a lot towards your ultimate success as an entrepreneur. 

Timing is everything (..almost).

For example, Michael Diamant started iClips, a site exactly like YouTube, a few years before YouTube launched. iClips was a truly well-executed business, but the necessary bandwidth, camera penetration, and streaming technology adoption did not yet exist for it to gain massive traction. He was simply too early for the market.

Circumstances are not all market-specific, either. You can have perfect market-timing, but your personal circumstances might not be optimal. For example, you could have the best idea and timing while you are a high school student, and start to execute on that idea to the the best of your ability - but then a veteran entrepreneur does the same business with millions in venture capital and captures the whole market. 

Some circumstances are in your control, and some are simply outside of your control, but most successful entrepreneurs will concede that some of their success is attributable to circumstance. 

 

3. Perservance

You only fail in your business when you actually give up, so, in fact, no business would ever fail if people persevered.

I know the Founders of some of the most successful technology companies in the world, and there almost always were (and still are) times when the Founders simply refused to give up despite unbelievable problems, stress, and negative signaling. 

Entrepreneurship is like eating glass and walking on hot coals at the same time" - Elon Musk at the Founder Showcase

An entrepreneur faces all of the debilitating problems of their own life, coupled with all of the personal problems of their team, as well as hostile operating environments, limited capital, stretched resources, no time, regulatory burdens, changing technology... the list is endless.

The loneliness and darkness of entrepreneurship is not discussed very often, but it is very, very real.

Those that persevere succeed. Those that do not, do not.

This fact is why I created the Founder Institute, to create a teamwork-oriented environment to help entrepreneurs persevere, and the Founder Lab, to show entrepreneurs the best practices for building an enduring startup in Silicon Valley. 

 

* A Note on Ideas

You will notice that I have not mentioned your idea as important to success as an entrepreneur. This is intentional.

I am not saying the ideas are worthless, because they are not. And, there are definitely ways to help you determine if a startup idea is good or bad. But, the key operator in my last sentence is "help". Nobody can ever know for sure, and at best you are making an educated guess. 

We see "great ideas" flop all the time, while "bad ideas" become worth billions. Google was a "bad idea": it was another search engine at a time when everyone thought search engines were dead. Ebay was another "bad idea": they asked you to send used merchandise through the mail to people that you met online, and mail a $0.23 commission check to eBay (when stamps cost $0.25). These "bad ideas" have a combined market cap of $440 billion today. 

In the end, genetics, circumstance, and perseverance are much more important for entrepreneurs than ideas. 



Like this article?

 

 

 (formulas photo from Shutterstock)

What Makes a Successful Entrepreneur? Genetics, Circumstance, and Perseverance

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