Some lessons from a dinner with a serial entreprenuer.
1. Whenever there is change, there is opportunity. Always watch for big social, technological changes.
2. Adjust constantly. There will be countless times in which you will have to change and adapt your plans.
3. Be objective as much as possible. This is a very common mistake that kills entrepreneurs. Never fall in love with your own idea. You think it is good, not necessarily mean other people would think so. Try to verify it from as many as angles as possible.
4. Think about ideas that could be implemented now. Market and technology must be matured or about to mature.
5. Try not to go to markets under spotlight. Crowded market means competition. You have to be exceptionally good to surpass your peers. Finding blue ocean is the key. E.g., mobile is too hot now. You'd better avoid it.
6. Salesmanship.
7. Put a lot of efforts on hiring the first few employees. That could either make a startup prosper or kill it...
8. Network effect.
9. You need domain knowledge to compete. Don't go to market you don't know much about. If you really want to do it, hire some body who knows it.
