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I had a hard time drawing the heart of the argument out of his talk. But many of the points he makes are strong in isolation, and come from someone in a unique
by jbyers 18y ago
I had a hard time drawing the heart of the argument out of his talk. But many of the points he makes are strong in isolation, and come from someone in a unique position: tremendously successful (in monetary terms, at least); now broke; aware of own luck and shortcomings; simultaneously dispensing advice and admitting advice from others is most often bunk.
Here's what I took away:
- Can't decouple risk from return and risk from impact. Risk takers must be ready to lose.
- Entrepreneurship might not be for you. Do you love what you're doing even in a terrible climate?
- Good people mandatory, smart people who have done real things. Not "smart-asses."
- Build on revenue.
- Act instead of talking.
- Frugality and focus on value, not cash in the bank, is healthy.
See also: http://en.wikipedia.org/wiki/Morten_Lund http://en.wikipedia.org/wiki/Morten_Lund
- fallentimes 18y agoHe recently invested in a ticket company (Live Stub) during a recession so he'll have a chance to act instead of talk. Unfortunately the press releases spent more time discussing Morten Lund than Live Stub. http://www.reuters.com/article/pressRelease/idUS56235+25-Aug-2008+PRN20080825 http://www.reuters.com/article/pressRelease/idUS56235+25-Aug...
- delano 18y agoIs that worse than having an investor that doesn't bring press?
- fallentimes 18y agoProbably not, but that's a straw man argument.
- jyothi 18y agoI really liked the part where he said "I took the metro here and had a look at the ticket. When I buy tea I look at the menu for the price.". This is what real entrepreneurs go through and his advice is strong and supreme.