“Figuring it out is the fulcrum,” said the man with the billion dollar smile
Luck favors the prepared, as well as those who keep their eyes and ears open for “opportunities”. (Colleagues who do the same is a big help too.) The truth be told I consider myself quite fortunate to have made time for Steve Papa’s appearance at Princeton University late yesterday afternoon. Aside from being a graduate of Princeton (1994), Papa was also one of the founders of Endeca Technologies. Less than a year ago Endeca was acquired by Oracle for around $1.1 billion.
Here are some of the highlights from my notes:
- Rule #1 – Ignore the experts. When you’re doing something new there are people who just won’t get it.
- Learn to succeed despite the odds. Have faith, it’s part of the process.
- When financial times are tight, sell a painkiller (i.e., a product that increases revenue).
- Recession, reinvention & re-organization.
- Main lesson: Ideas <–> Figuring it out <–> Execution. There’s more to it than just ideas and execution. The fulcrum (that few talk about) is figuring it out.
- “Survivorship bias”—Don’t let early customers over-influence your product / direction. The customer is always right, but not every customer is the right customer at the right time for your company.
- Being entrepreneurial is the relentless pursuit of credibility.
- Fact: Entrepreneurs don’t create risk, they mitigate it.
- Be aware of macroeconomics
- “It’s always a good time to innovate but there’s not always time for every innovation.”
- You will hire people who will not do what is good and best for your company. This is particularly true of sales people.
- With regards to hiring:
– Repeaters vs creators
– Doers vs leaders
– Intellectually curious vs focused
– Experience vs potential
– Credibility vs talent, or both?
- Where the company / product is in the development cycle will drive the specifics of your hiring needs.
- Key to sales: Timing, territory & talent in that order. [Note: He made it a point to highlight that timing and territory come before talent.]
The two best gems came towards the end of the presentation:
- Luck plays a bigger role than most will admit. But luck favors the prepared.
- “I figured out the right approach by process of elimination.”
Needless to say, Steve knows his was around the playing field. Yet much like Jack Dorsey, there was a quiet confidence in Papa’s persona. No chest thumpin’ or other Thump-isms, just simple honest ideas, opinions and facts. Strictly business—humble, human and with a smile.