6 issues for $14.97 Subscribe Now
Subscribe via RSS Feed

5 Essential Tips For Building A Great Business from Stanford

[ 0 ] Aug. 26, 2013 | SBO Editor

Long known as a vibrant environment for aspiring entrepreneurs, Stanford Graduate School of Business (Stanford GSB) immerses its students in the fundamentals of business and innovation — and those fundamentals in turn serve as a springboard for students who decide to pursue their own ventures.

What many of these business founders have in common is a desire to share their practical experiences — inspired by the lessons learned at Stanford — about what it takes to succeed. They are featured in an editorial series called Entrepreneurial Intelligence, in which Stanford GSB alumni share the highs, lows, and key insights they have gleaned along their respective entrepreneurial paths.

Here are just five of their key tips about building a great business. The complete interviews — and more — are available at www.gsb.stanford.edu/news/entrepreneurial-intelligence.

1. Don’t be afraid to jump in.

“I meet so many individuals who have great plans, but they take way too long to do anything about them. Just put something out there. It will be imperfect. The real work is in figuring out how to make it better. Wake up each day and say, ‘Now what?’”

— Jessica Jackley (MBA ’07), Cofounder of Kiva

2. Figure out if anybody cares about what you are doing first.

“It can be exciting to start a business but I have wasted a lot of time building businesses around solutions to problems no one else thinks are worth paying for. You should start by saying, I have a hypothesis, and then go out and get feedback. Don’t stop or get paralyzed when you get your first ‘no,’ but listen to the underlying reasons. Let people react to the hypothesis.”

— Denise Brosseau (MBA ’93), CEO of Thought Leadership Lab

3. Be mission-driven and authentically connected to what you do.

“The first and most relevant thing I can say is that being an entrepreneur must be your calling. It sounds lofty and grand but building a business takes so much commitment and effort. Only if you love it can you levitate yourself over the obstacles that stand in the way of creating a business.”

— Jessica Herrin, Founder of Stella & Dot

4. Look for cofounders you can spar with productively.

“It’s like getting married. You want to find someone who brings to the table skills you don’t have, but who is not so different that you have different core values. You have to be able to be brutally honest with each other and then heal from it.”

— Ian Kazi Shakil (MBA ’12), Cofounder of Augmedix

5. Align a winning culture with a sense of purpose.

“Define winning so that it has a sense of purpose. Great people are more compelled by a great purpose than by making money or being part of a new trend. If you can align a winning culture with a sense of purpose, you can attract the best people and build a place where people are proud to work and where they enjoy working with each other.”

— James Gutierrez (MBA ’05), Founder of Progreso Financiero

Tags: , , , , , , , , , , , ,

Category: Features