Recently,
the Executive Chairman and Co-founder at LinkedIn, Reid Hoffman at
the SXSW's Southwest Interactive Conference in Austine discussed on
two different topics, Web 3.0 and Entrepreneurship. He declared his
10 important rules of entrepreneurship and also discussed on the role
of Data in Web 3.0.
According
to Mr. Hoffman, the concept of the three epochs of Web is:
- Web 1.0 involves “go search, find some data”.
- Web 2.0 involves “real identities” and “real relationships”
- Web 3.0 will be “real identities generating massive amounts of data.”
His
10 rules of Entrepreneurship:
Rule
#1: Seek To Create Disruptive Change. Replace $10 of revenue with
$1. Example: Skype.
Rule
#2: Aim big. It's the same amount of blood, sweat and tears to
build a small company. So do something that affects an entire
industry and change the World.
Rule
#3: Build A Network to Amplify Your Company. Build your network
at all levels – board, founders, partners, vendors, employees,
customers.
Rule
#4:Plan for Both Good and Bad Luck. Opportunity will cross your
path and you'll have to pivot to reach it. Be ready to take advantage
of the good and to keep the bad from putting you out of business.
Rule
#5: Maintain Flexible Persistence.
Rule
#6: Launch Early Enough To Be Embarrassed By Your Creation. Time
is important, and you need to be the first to engage your intended
market.
Rule
#7: Aim High But Don't Drink Your Own Kool-Aid. Hoffman believes
it’s important to know when your head’s in the stars. Stay
paranoid so you can cope with the unexpected.
Rule
#8: A Great Idea for a Product is Important. But a great idea for
distribution is more important. (Amen to that!)
Rule
#9: Pay Attention to Your Culture. Worry about getting hiring
right from the very beginning.
Rule
#1o: The
aforementioned rules are not laws of nature; every venture is an
experiment.
Posted in SRISYS Blog on March 17, 2011
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