Some thoughts from Jack Dorsey (The Princeton Entrepreneurship Club, Sept 2012)

Yes, the Mr. Jack Dorsey—inventor of Twitter and founder of Square (the payment platform)—was on the Princeton University campus yesterday for a presentation + Q&A session sponsored by The Princeton Entrepreneurship Club. In front of a full-house in McCosh 10, a casual but poised and polished Dorsey put his mega-success on pause to share some business wisdom with what was primarily tech-aware university students. Fortunately for my colleagues and I, many of the The Princeton Entrepreneurship Club events are open to the public. Apparently, the club doesn’t subscribe to the infamous stealth-mode philosophy.

Here are most of the highlights from my notes:

  • William Gibson: “The future has already arrived. It’s just not evenly distributed yet.”
  • Constantly! Reset. Rethink. Reorganize.
  • Try to structure your company in such a way that it allows for multiple founding moments.
  • Square’s motto: An idea that can change the course of the company can comes from anywhere.
  • New energy + new people = new ideas
  • Disruption is an undesirable approach. The ultimate objective is revolution.
  • “We need more confidence.”
  • “Square enables people to do what they love.”
  • A beautiful company will lead to a beautiful product (but not necessarily the other way around).
  • Recommended book: “The Score Takes Care of Itself: My Philosophy of Leadership” by Bill Walsh.
  • In speaking about the Golden Gate Bridge, “Small groups of people can do epic things.”
  • Also about the GGB, Dorsey said it was an example of a brilliant combination of engineering, design and utility. He discussed the fact that most people who use the bridge probably don’t consider how magnificent it really is. He added that great things can (and sometimes should) be forgettable.
  • The DNA of the company is essential.
  • Come to meetings prepared.
  • Square has sit-down and stand-up tables. Dorsey drew laughs by adding that the meetings that use the stand-up tables tend to be shorter.
  • Naming the company is important. It sets the tone for everything. Square was finite and fitting, yet at the same time extendable.

Jack Dorsey was refreshing, humble and ego-less. It was often hard to believe that one of the 21st century’s business/technology heavy-weights could be so understated. There was no you’re so lucky I’m here. No, I have all the answers kids so listen to me. It was simply one very successful (young) man’s view of the world, and a sincere willingness to share it.

One of the key takeaways for me was what he didn’t say. He rarely used the word innovation (and dismissed the use of the start-up anthem of disruption). Aside from that, his next most important message was the emphasis on people. Finding the right people to work for his company so those people can develop beautiful products for people in the market who will be excited about its availability. The key was not technology but people. Surprise! Very old school, yes? None the less, Dorsey’s ideas shimmered with pure brilliance. Everything old could be new once again.

What is your IAR (Ideas to Actions Ratio)?

I’ve done it. You’ve done it. We’ve all done.

We come up with (what has the potential to be) a great idea and then we pat ourselves on the back because we think we’ve done something amazing. As if one idea in the massive and endless universe of all ideas is somehow instantly special. Really? Think about it, what are the odds? It can’t be that simple, can it? Actually, it’s not.

Over the last couple weeks I have apparently been serendipitously blessed with the inspiration and content for this article.  Two fortune cookies and a tweet from Mark Cuban. Yeah, I feel the same way, who knew?

There are no shortcuts to a place worth going.
“There are no shortcuts to a place worth going.”

Sloth makes all things difficult, industry all easy.
“Sloth makes all things difficult, industry all easy.”

Mark Cuban: Ideas are easy. The hard part is making a business.
Mark Cuban: “Ideas are easy I’ve never met a single person who didn’t think they had a world class idea. The hard part is making it a business.”

 

The bottom line…ideas are overrated. Without actions, without follow up, without persistence, without growth, without the glimmer of a plan,  ideas are about as valuables as dandelion seeds aimlessly floating in the wind. Or, as it’s rightfully said, “A penny for your thoughts.”

You’ve got a great idea? Super, you and a gazillion other people. The real question is, what are you ready, willing and able to do about it? What is your Ideas to Actions Ratio?