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My top tips for foreign entrepreneurs

Recently, one of our investors asked me to make a short video & screencast introducing myself and my company to a group of foreign entrepreneurs that wanted to peek under the covers and see what the life of a US startup CEO is like.

Since I believe in capturing content for knowledge sharing, I decided to go a step further and write this full post about how I work, so this investor would not only have the video he requested, but also have a URL to send to these foreign entrepreneurs with specific tips.

About me & how I work:

I've written passionately about Scrum before, and how it's a great way to create an agile development environment in a startup. I've adapted a flavor of Scrum for my personal daily routine. (This isn't full-on Scrum since it's something I just use personally, but it adheres to the most important principle: At any given point in time. You should be focused on whatever is most important, regardless of any arbitrary deadlines).

Ideas Are Like Sperm

On The Best of Sett

I talk to entrepreneurs who have ideas, and very often they ask what they should do first.

I've had the conversation enough now that I'm going to write a blog on it to give a much more detailed answer than I can in a 5 minute convo or a quick email.

The first thing I'd say is congrats, you have an idea. Not to be too crass here, but ideas are like sperm. They're required in order to bring your startup to life, but an idea alone isn't worth much. In fact, my first big piece of feedback is that your idea is for all intents and purposes valueless. Unseasoned entrepreneurs want to protect their ideas and not tell anyone about them. What I always say is this: If you really believe your idea is so valuable, then go try to sell it to someone. See how much anyone will pay you for it. Let the market tell you how valuable your idea is. If you can get $1MM for your idea, then you've just won the startup lottery and saved yourself from the really hard part: Executing on that idea. I'd sell ideas all day long if I could, but I've never been able to sell a single one -- not even for 1 cent (literally).

So just like sperm, ideas are bountiful and required for life, but they don't accomplish much on their own, and in fact from this point onward in this post I'm going to substitute the word 'sperm' for 'idea' just to drive my point home. And just like only a few dozen sperm reach their destination from millions initially, that's how it goes with ideas as you start to execute on them.

The second thing I'd suggest is you (life)hack together a prototype of your sperm. This doesn't mean the prototype has to be software based. For example, when I started a tech-based real estate brokerage in 2003, part of my model was to use technology to be more efficient, allowing me to give rebates to home buyers. My entire business model was based on establishing strong SEO, building a lead-gen CRM, getting a data feed of the MLS homes database, and lots of other things that would take tons of dev work.

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