Eight Ways to Be an Outstanding Entrepreneur
USP alumnus Albert Hu provides insights in this article from The Financial Post on “Eight Ways to Be an Outstanding Entrepreneur.” Albert and Tagg Jefferson co-founded GridCure Inc, which won the outstanding venture award from Next 36, Canada’s Entrepreneurial Leadership Initiative.
Albert, a citizen of Canada, graduated from Duke in May 2014 with a B.S.E. in Biomedical Engineering. Tagg, a fellow Canadian, also graduated with an engineering degree from the University of British Columbia. GridCure focuses on using smart grid data and advanced analytics to enhance home emergency medicine management. Its pilot program includes 175,000 homes in Tennessee and several investment deals.
GridCure, our venture, was selected The Next 36’s Outstanding Venture at Venture Day 2014. It is an enormous privilege, as there are some truly fantastic businesses in this year’s Next 36 cohort.
For anyone getting started on their own entrepreneurial journey, we offer a few key lessons/tips we picked up along the way:
Persistence is key It is fashionable in the startup world to say things such as “fail fast,” or to throw around statistics such as, “we pivoted three times last month.” Knowing when an idea isn’t viable is important, but too many entrepreneurs hit a snag in their business and stop moving forward with a good idea, rather than sticking with it and finding a solution. People see mountains when there might only be molehills.
Every meeting is an interview Some of the most valuable connections we made came from the most unexpected places. Always introduce yourself to that person beside you on the bus, and always make sure you meet at least a couple of new people each day. The volume of support and advice you’ll gather from seemingly nowhere will surprise you.
Gatekeepers run the world Gatekeepers — secretaries, administrative staff, front-line employees — rule the world. If the person controlling the calendar of the big-shot investor you’re trying to land doesn’t like you, your meeting is going to get deprioritized and moved around, if not outright forgotten. Always treat everyone with respect, but doubly-so the gatekeepers.
You’re not the smartest kid in the room When entrepreneurs have some early success, it’s all too easy to fall into the trap of thinking of themselves as somehow smarter or better than others. Pro tip: you’re not; there is always someone in the room who knows more than you. Find this person, learn from them, and get them on your team. If you are somehow the smartest kid in the room, change rooms — the one you’re in isn’t valuable to you.
Know when to break rules Someone much, much smarter than us once said that running a small business is about knowing when to break the rules. While not conforming to the status quo is what running your own business is all about, be mindful that not following a rule will make someone, somewhere, grumpy. Break rules strategically.
Do your research Always know what you are going to get out of an interaction, or, at a minimum, what you’re hoping to get out of it. Research people in-depth before you meet them, and understand what they need or want before they tell you.
Write a thank you card Hand writing thank you cards is a dying art, but a nicely composed card with a thoughtful message is more personal and memorable than yet another email. Be quick to thank people for the advice or time they give you with cards, bottles of wine, or chocolates; it’s a small expense and the least you can do to thank someone for their time, investment, or advice.
Commit Having amazing ideas, world-class coding skills, or any other ability is only half the battle. New companies are time consuming, so expect to be 120% committed to your venture for at least the next few years.
Tagg Jefferson and Albert Hu are co-founders of GridCure and alumni of the 2014 cohort of The Next 36.
