Brad Feld: Great Entrepreneurs Go Out and Do [Entire Talk]

TL;DR

Great entrepreneurs make decisive commitments, focusing their energy on execution rather than merely trying. Brad Feld emphasizes the importance of passion for one's product and continuous learning. He advises entrepreneurs to eliminate the word 'try' from their vocabulary, encouraging them to fully commit to their ventures and learn from every experience.

Transcript

Brad serves on the board of Zynga among many other companies. And he is just a fantastic person to boot. So I'm really excited to have Brad Feld, Managing Director at, and founder of, Foundry Group here today. Brad? Thanks, Heidi. What Heidi didn't say is that we worked together for, seven or eight years. So Heidi... 70 dog years. 70 dog years. So ... Read More

Key Insights

• Great entrepreneurs commit fully to their ventures, avoiding the word 'try' to ensure decisive action.
• Passion for the product is crucial; entrepreneurs should be obsessed with their product's development and user feedback.
• Entrepreneurial communities thrive when led by entrepreneurs with a long-term commitment, engaging all levels of the startup ecosystem.
• Maintaining a work-life balance is essential; personal relationships and self-care should be prioritized alongside business pursuits.
• Venture capitalists should not be seen as generic; their value-add varies, and entrepreneurs should seek those who align with their goals.
• Investing in early-stage companies involves a willingness to lose money initially, focusing on long-term potential and learning.
• Curiosity and a desire to learn drive successful entrepreneurs, as continuous learning fuels innovation and personal growth.
• Entrepreneurs should create the life they want, integrating personal satisfaction with professional success to avoid future regret.

Questions & Answers

Q: How can entrepreneurs ensure they are fully committed to their ventures?

Entrepreneurs can ensure full commitment by eliminating the word 'try' from their vocabulary and making decisive commitments. This involves focusing all their energy on executing their vision with passion and dedication. Entrepreneurs should be obsessed with their product and continuously seek user feedback to refine and improve it. This approach helps in maintaining momentum and achieving success.

Q: Why is passion for the product important for entrepreneurs?

Passion for the product is crucial because it drives entrepreneurs to focus on development and user feedback. This obsession with the product ensures that entrepreneurs remain dedicated to improving and evolving their offerings. Passionate entrepreneurs are more likely to overcome challenges and pivot when necessary, leading to successful outcomes. Their enthusiasm also inspires their teams and attracts investors who share their vision.

Q: What role do entrepreneurial communities play in supporting startups?

Entrepreneurial communities provide a supportive ecosystem for startups by engaging all levels of the startup stack. These communities should be led by entrepreneurs who are committed to a long-term vision, fostering an environment where aspiring entrepreneurs can easily engage in the process of entrepreneurship. Activities like accelerators and startup weekends offer practical experiences, encouraging collaboration and innovation among entrepreneurs.

Q: How can entrepreneurs maintain a work-life balance?

Entrepreneurs can maintain a work-life balance by setting clear boundaries and prioritizing personal relationships alongside business pursuits. Brad Feld shares examples such as taking quarterly vacations off the grid and having monthly life dinners to discuss personal and professional goals. These practices help entrepreneurs recharge, maintain healthy relationships, and ensure that their personal life complements their professional ambitions.

Q: What should entrepreneurs consider when choosing a venture capitalist?

Entrepreneurs should consider the value-add that a venture capitalist can offer, ensuring alignment with their goals and values. It's important to research the VC's historical performance and the specific support they provide beyond funding. Entrepreneurs should seek VCs who understand their vision and can offer strategic guidance, industry connections, and mentorship, rather than viewing venture capitalists as a homogenous group.

Q: Why is early-stage investment important for venture capitalists?

Early-stage investment allows venture capitalists to be part of the foundational growth of a company, offering the opportunity to shape its trajectory. Brad Feld emphasizes the importance of being willing to lose money initially, focusing on long-term potential and learning. Early-stage investment involves identifying passionate entrepreneurs and innovative ideas, providing support and resources to help them achieve their vision.

Q: How does continuous learning benefit entrepreneurs?

Continuous learning benefits entrepreneurs by fueling innovation and personal growth. It keeps them curious and adaptable, enabling them to navigate challenges and seize opportunities. Learning from experiences, both successes and failures, helps entrepreneurs refine their strategies and improve their decision-making. Brad Feld highlights that a desire to learn is a key driver for many successful entrepreneurs, as it propels them forward in their ventures.

Q: What is the importance of creating the life you want as an entrepreneur?

Creating the life you want is important for entrepreneurs to ensure personal satisfaction alongside professional success. Brad Feld advises entrepreneurs to integrate their personal and professional goals, avoiding future regret. By aligning their business pursuits with personal values and interests, entrepreneurs can lead fulfilling lives and maintain motivation. This holistic approach enhances their ability to create impactful products and sustainable companies.

Summary

In this video, Brad Feld, managing director at Foundry Group, discusses his journey as an entrepreneur and investor. He shares valuable insights about entrepreneurship, building entrepreneurial communities, and work-life balance.

Questions & Answers

Q: How did Brad get into entrepreneurship?

Brad got interested in entrepreneurship while studying at MIT. He started his first company when he was a sophomore and eventually built a successful company called Feld Technologies.

Q: What was Brad's experience like during the dot-com bubble?

Brad experienced a challenging time during the dot-com bubble, with his worst year being in 2001. He also went through a personal emotional dislocation after the 9/11 terrorist attacks.

Q: How did Brad transition from being an angel investor to a venture capitalist?

Brad made around 30 angel investments with the money he earned from selling his company. He later co-founded Mobius Venture Capital, which then evolved into Foundry Group.

Q: What are Brad's principles for building entrepreneurial communities?

Brad believes that entrepreneurial communities should be led by entrepreneurs, have a long-term view, engage the entire entrepreneurial stack, and constantly attract new talent.

Q: What are some of Brad's other interests and projects?

Brad has written several books, including "Do More Faster" and "Venture Deals." He is currently working on a book called "Entrepreneurial Communities" and another one called "Startup Marriage: How To Survive And Thrive A Relationship With An Entrepreneur."

Q: How did Brad and his wife navigate work-life balance?

Brad and his wife had a moment of realization when they realized that their relationship was suffering due to Brad's work commitments. They established rules, such as taking quarterly vacations off the grid, to prioritize their relationship.

Q: What does Brad believe is the key to success as an entrepreneur?

Brad believes that successful entrepreneurs are those who make a decision to do something and then go after it with full determination. He emphasizes the importance of passion and obsession with the product or vision.

Q: How does Brad approach investing at Foundry Group?

Foundry Group focuses on making early-stage software and internet investments across the United States. They prioritize working with entrepreneurs who are deeply passionate and obsessed with their products.

Q: How has Brad's perspective on entrepreneurship evolved over time?

Brad's perspective has shifted from being obsessed with clients and the work product to prioritizing the passion and vision of the entrepreneurs he works with. He believes that effective entrepreneurs are focused on their products and value customer feedback.

Q: What does Brad consider to be his greatest accomplishments?

Brad takes pride in the effort he puts into his work and the things he learns along the way. He values continuous learning and discovering new things. He has enjoyed writing books and exploring self-publishing.

Takeaways

Brad Feld provides valuable insights into entrepreneurship, building entrepreneurial communities, and work-life balance. He emphasizes the importance of passion, obsession, and continuous learning in entrepreneurship. Brad believes in taking deliberate actions, surrounding oneself with like-minded people, and doing things that one truly loves. He also highlights the importance of communication and prioritizing relationships in maintaining work-life balance.

Summary & Key Takeaways

• Brad Feld emphasizes the importance of full commitment in entrepreneurship, urging entrepreneurs to eliminate the word 'try' from their vocabulary. He advocates for a deep passion for one's product, highlighting that successful entrepreneurs are those obsessed with development and user feedback. Feld also underscores the need for a balanced life, encouraging entrepreneurs to prioritize personal relationships and continuous learning.

• Feld shares his journey from an MIT student to a successful venture capitalist, illustrating the significance of passion and deliberate decision-making in entrepreneurship. He stresses the importance of creating entrepreneurial communities led by entrepreneurs with a long-term vision. Feld also discusses his approach to venture capital, focusing on early-stage investments and the willingness to take risks for potential long-term gains.

• Throughout the talk, Feld reflects on personal experiences, offering insights into managing life as an entrepreneur. He discusses the value of maintaining work-life balance and the importance of pursuing activities that bring joy and learning. Feld encourages entrepreneurs to choose venture capitalists who align with their values and goals, emphasizing the non-generic nature of venture capital and the importance of finding the right fit.