Stanford Entrepreneurship Videos

Levinson talks about how competition is unavoidable among businesses, and in the high-tech industry, it's fast-paced and often cutthroat. Keeping ahead of the competition comes down to two things, according to him: quick innovation and keeping your team small and focused.

Inevitably, when a company goes public, there's an enormous amount of change that takes place, says Levinson. While the IPO may be an indication of financial success, the true measure is within the company, and maintaining a level of normalcy and maintaing the company's original culture, he adds.

Levinson believes leadership skills are vital in maintaining a successful company. These skills include being able to see into the future, and predict where the company should go. He talks about the possible future of Finisar.

Number 7 in Frank Levinson's Top 10 Things You Must Have to Start a Business. Levinson believes you should take stock of your company and determine what it is that you really need. He is an advocate of using common sense and realizing the main thing you need is customers.

Levinson offers the following bit of advice to brand new entrepreneurs: Talk to customers. Identify potential customers and pick their brains: What do they want? Would they buy what you're selling? And how much would they pay?"

As a company grows and develops, it is possible that its methods for design and production change, says Levinson. The company may also look to new avenues of possible innovations. He describes the changes Finisar has seen over the years.

Levinson believes it is easy to feel like a little fish in a big pond when you're starting your company. He talks about leveraging what you have to make your company stand out from the rest, and it all comes back to customers.

Number 6 in Frank Levinson's Top 10 Things You Must Have to Start a Business. In the spirit of doing anything to keep your business afloat, Levinson explains why it's important to be open to all opportunities.

When starting a company, it's important to tell your family that they'll rarely see you, says Levinson, and to tell them how important they are to the whole process. The stress involved with a startup is often mind-boggling, and the support of family can be the saving grace, he adds.

Number 5 in Frank Levinson's Top 10 Things You Must Have to Start a Business. When starting a business, says Levinson, it becomes your life. Having a family that supports you and understands that they may not see you often is a great benefit. He talks about his family and the way they adapted.

The rate at which a company grows will vary for each individual venture, says Levinson. Sustaining the growth can be a tricky thing. He explains Finisar's rapid growth and weighs the pros and cons of quick growth and sustainability.

Clearly, without producing something that meets a customer's needs, says Levinson, a business is not a good position to succeed. However, it's important that the business create its own goals and work to fulfill its own needs as well. He describes the best methods to reaching a compromise in this situation.

Number 4 in Frank Levinson's Top 10 Things You Must Have to Start a Business. Niche markets aren't always the way to go, says Levinson. He advises that your company should stay flexible and be willing to work with, and for, the masses.

A company's IPO is often a symbol of success, says Levinson, but with that success comes a great deal of stress and change. He talks about his company's decision to go public, and their reasoning behind the decision.

Number 3 in Frank Levinson's Top 10 Things You Must Have to Start a Business. You and the members of your company must have the confidence that new ideas will always be present, says Levinson. He talks about creating a culture that encourages and expects new ideas, and learning to give those new ideas away.