Great insight from Michael Doyle
Two stories to start with:-
1. Nokia refused Android
2. Yahoo refused Google
3. Kodak refused to go global
Lessons Learnt:-
1. Take risks.
2. Embrace changes.
3. If you refuse to change with time, you might perish.
Ivan’s comment :- a great piece of advice that world leading third generation VC, Tim Draper gave me when he was in Sydney afew months back ......
“Ivan, I would much rather invest a little in 10 companies that fail and see one home run - than not have invested in any!!!! “
He went on to say
“ before we would only invest in Silicon Valley - the world is now global and we will invest around the globe - innovation and opportunity happens everywhere - we and other VCs will be investing around the planet. If we don’t change we will die”
Ok two More stories:-
1. Facebook takes over WhatsApp and Instagram.
2. Flipkart takes over Myntra and Flipkart owned Myntra takes over jabong.
Lessons learnt:-
4. Become so powerful that your competitors become your allies.
5. Reach the top position and then eliminate the competition.
6. Keep innovating.
Two More stories:-
1. Colonel Sanders founded KFC at the age of 65.
2. Jack Ma, who couldn't get a job in KFC, founded Ali Baba.
Lessons learnt:-
7. Age is just a number
8. Only those who keep trying succeed
Last but not the least:-
1. Lamborghini was founded as result of revenge of a tractor owner who was insulted by Enzy Ferrari, the founder of Ferrari
Lessons learnt:-
9. Never underestimate anyone, ever !!
10. Success is the best revenge.
In summary
- Just keep working hard !!
- Invest your time wisely !!
- Do what pleases you, or what you think is right !!
- Don't be afraid to fail - failing is just a lesson and a necessary ingredient in learning and succeeding