Max Levchin, co-founder of PayPal and Slide is one of my favorite people in Silicon Valley. And while I don’t see him as often, I appreciate time spent with him. Why? Because he cannot bullshit and as a result he is good guy to have a thoughtful conversations. I ended up on Quora this past weekend and found some of the lessons he has learend as an entrepreneur. I have cut the list down to 10 that are more likely to have a universal appeal. You can read the full thread over on Quora
- It’s usually better to have a cofounder than go it alone.
- Being an entrepreneur is not about being in love with an idea, it’s about being in love with running a company.
- Having a highly homogeneous (background, education, values, preferences, etc) very early team is better than not — cuts down on time-wasting arguments.
- If there is any doubt about hiring a candidate for your first 5-6 positions, there is no doubt — do not.
- You cannot hire a cofounder.
- Figure out one thing each of your investors is genuinely really good at, and insist they help you with that. Among other things it will save you from their help in other areas.
- Leadership by example is the most effective type. It’s a little irrational, but it inspires people.
- Have a cardboard box at board meetings where attendees must deposit their mobile devices at the start for the entire duration of the meeting.
- If you have a cofounder, give them a board seat. If you can, keep one more for yourself, and leave it empty.
- You are not designing for yourself, and shouldn’t be. Most people using the Web don’t understand (most of) what makes it work and don’t want to. Design for those people — there are many more of them than you.