Lessons of Successful Entrepreneurs
If he were starting up a new business today, said David Fialkow, managing director of General Catalyst Partners, he would first employ the “earnest young man routine” to get an interview with an old guy in business who could explain the ins and outs of the industry. “Keep your hand out of your pocket, show up, and be prepared to listen,” said Fialkow, a college dropout who helped create UPromise and a number of other successful ventures.The goal is to get to market as quickly as possible, Fialkow continued. If you have a good idea, put smart people around a table for a few days, give them good food, and let them figure out the business model, he continued. He also said start-ups should spend more time on market verification and market feedback than on the “front office” issues of building a business.
Fialkow’s lessons included trust your instincts; develop solid mentors; hire young, smart people; and pick industries that are going through a sea change. He recalled how a two-dollar ATM fee he once paid at an airport spurred him to start his own ATM network featuring out-of-town banks. Other ventures he helped create were a credit card processing center for supermarkets, duty-free shops on cruise ships, and his current stint at General Catalyst, a private equity fund.
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