Summary: You know, startups aren’t all about ping pong and foosball – in fact it’s a pressure cooker!<br> We have all heard about the rapidly growing “unicorn” businesses that generate billion dollar status overnight, Über et al.<br> But that’s just the swan on top of the water…<br> In fact, there are lots of ups and downs, and it takes 7-9 years to reach unicorn success. Work/life/integration – you are always working, so you need to learn how to integrate work and life.<br> However, it is an inspiring time for entrepreneurialism and startups, which are changing economics and the business world as we know it. Successful startups cause a disruption in the business world. They have an understanding of what’s going on in a specific domain and develop solutions to customers’ problems.<br> Characteristics of successful businesses and those with the potential to become billion dollar businesses:<br> <br> * Idea: Focused on something that will alternate customers’ future in a major way. Look to future trends to be more successful.<br> * Team: Should be diverse – different skill sets, experiences, etc. Do you have people who are coachable and can work together on a team?<br> * Accessibility of market: Don’t focus on markets that are too small.<br> <br> Characteristics of successful entrepreneurs:<br> <br> * Identify a problem that they are passionate about changing<br> * Vision/delusion for how they want to change it<br> * Bold and audacious about selling their vision<br> <br> If you want to do a startup business, just keep doing it until it gets done. Don’t be afraid to step out of your comfort zone and push the envelope to be different.<br> About Michael:<br> Michael Baum is the Founder and CEO of <a href="http://FOUNDER.org">FOUNDER.org</a>, a foundation working with leading colleges, universities and research institutes around the world to advance student entrepreneurship. His entrepreneurial journey has spanned 25 years, six start-ups, five acquisitions and the IPO of Splunk (SPLK).<br> Michael’s projects have created more than 3,000 jobs, over 150 millionaires and more than $10B in shareholder value. He is a Computer Science graduate from Drexel University and earned an MBA from The Wharton School at the University of Pennsylvania.<br> Michael is also an inventor of several patents in big data, machine learning and financial transaction management. He is still chasing big ideas with student entrepreneurs around the world.<br> Challenged Issue:<br> In this podcast, we challenge the issue of if your business is not growing quickly enough or you’re wondering what you can do to the same success seen elsewhere.<br> Michael’s Actionable Tips:<br> <br> * Who are your customers and what are their expectations for the future? Create a new future for your customers.<br> * Look at how you are going about this. If it does not seem delusional, then you are probably not pushing the envelope hard enough.<br> * Be able to sell your desire to change the status quo. It takes practice to do it right.<br> <br> <br> Top Quotes:<br> <br> * “I’m working with young innovators right out of university that have ideas to build companies that are both going to have a positive impact on the world and be able to grow pretty quickly and need the input and expertise of people like me to help them along.”<br> * “In the valley, it has always been driven by the possibilities of technology and people’s passions to push that envelope.”<br> * “People are going to try something to make a life for themselves.”<br> * “I’m smart. I’ve got skills. I could do something on my own.”<br> * “If you want to create a sizeable company, you have to focus on a sizeable market.”<br> * “We find that customers are really great about articulating their problems. But it’s the innovator’s job – the entrepreneur’s job – to come up with the solution for the problem.
