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Ed. Note: Taking over the podium today is Cecily Drucker, Peter’s daughter, (both pictured above from personal collection) who is off and running with her very first start-up.

Secrets Of a 64-Year Old Start-Up Virgin
By Cecily Drucker, CEO Bottom Line Time

Especially for WhatWouldDadSay


Got a good idea? Have the guts to go for it? I enthusiastically encourage you to just do it! Some thoughts to make it a bit easier (I hope).

The good idea? Start with the end in sight—be a solution to an existing problem, not a solution in search of a problem. The existing problem we solved was how to give high-value workers the ability to track and report work-task time without any change in their work habits, and without involving any additional “steps.” I knew from my own experience as a lawyer that I was losing at least $20,000/yr. of billable time because I wasn’t able to effectively track and report my email activities; I figured that if I had that problem, others did too, and verified this with anecdotal inquiries among my colleagues.

While many of my contemporaries were contemplating years on the golf course, or being a granny, I relished the excitement and challenge of building a software company, something I had never done before. With the good idea in mind (and a preliminary patent application), and not knowing any better (a benefit, sometimes), I just ‘dove in’. One year later, we are ready to launch our flagship product, are working to fully deploy our first product line, and are strategizing about other complementary business solutions.

How Did I Do It? In a nutshell, just kept ‘showing up’ and moving forward. There were lots of stressful, anxiety-ridden days & nights, but the result has been well worth the effort.

Some things I learned:
#1. Embrace the ‘fertile void’ of sleepless nights. Lots of creativity can occur then.
#2. Surround yourself with enthusiastic, talented, experienced & committed people, then delegate and get out of their way. I have been fortunate in finding a cofounder who understands what it takes to start and grow a technology company. Stay ‘informed’ about what your core team is doing, but don’t interfere unless mission-critical. Act quickly to remove anyone whose intellectual capabilities and commitment you don’t trust; you cannot waste time.
#3. Get rid of self-doubts. As you go thru the process, you may have self-doubts (if you don’t, then you need a reality-check!). Some of these may be ‘real’, some may just be your own mind-games. Others in your team also will have them. It is essential that the realistic concerns be articulated, quickly countered by solutions-oriented thinking—not denial, but awareness and immediate “course corrections.” This requires flexibility as well as honesty.
#4. Once you’ve invested your money, it is a company asset, and it no longer is ‘yours’. Stop worrying about getting it back, or calculating your return. Don’t allow your core team to defer to you to make decisions about how to spend it, just because you’ve invested the cash.
#5. Cash is king. Especially now. Invest in what you need to, and be parsimonious. See suggestions about preserving and stretching your funds in “What To Do If Your Startup Is Failing” by Jason Calcanis. Although you may not be in such dire straits, his advice about preserving cash (as well as other ways to steel yourself in this environment) is pertinent.
#6. Don’t get ‘feature-itis.’ Start with the most elegant, simple outcome. Don’t “jump” to address every new requested feature someone asks for. Solve the problem you set out to solve, or intentionally change course.
#7. Acknowledge everyone’s contributions. Your entire team is ‘making a bet’, and probably doing so with significant personal risk. They are doing the heavy-lifting; make sure that you, and your Board and your Advisors know who they are, and express appreciation in whatever ways you can afford (bonuses, a massage [or nice restaurant] gift certificate, stock options, etc.) It doesn’t have to be costly, just be sure that it shows some thought. (Our core team, Sunil, Chintan and Hugh, have all played a huge role in our success—from the smallest task, like proof-reading my “posts”, to solving all sorts of challenges in ops, software development, sales and marketing, financing, etc., etc., etc.; this wouldn’t have happened—or come anywhere ‘close’—without each and all of them!)
#8. Don’t forget to savour these moments. Without a doubt, this has been the most exciting year of my life.
#9. Don’t stop having a life! Engage in physical activities you enjoy, regularly, and get a regular massage, to get ‘out of your head.’ Have a “personal life” with your spouse, partner, kids, pets and friends—they may not always understand you, but they will continue to love and support you.
#10. Keep your sense of humor. This is not in a “life-threatening” situation. Step back, laugh at yourself, make jokes, and re-focus.
#11. Dream About Your Future. Envision what your business success will “look” like, and also think about your next gig. We are going to start an ‘angel’ fund to support other entrepreneurs who have a great idea, are committed and are passionate—we want you all to also experience what Vinod Khosla calls the “roller coaster” of entrepreneurial activity; I wouldn’t have missed it for the world.
#12. Look to the Market to Validate Your Ideas, and Adapt When Necessary. We have spent a lot of time with potential customers, interviewing them, picking their brains, getting their feedback about our product.
#13 Be Persistent But Flexible. No great idea gets launched without a vision (and a visionary), but hubris has brought many down to. Try to strike a balance between the stamina and drive necessary to succeed, and the flexibility to change when the market (see #12 above) tells us we should.
#14 Get Advice From Others Who’ve Done It Before. Develop your network, go see what others are doing (especially if you are in a location where there is a lot of start-up activity, such as Austin, San Francisco-Silicon Valley, Rte 128, Boulder, etc.,), but don’t join every group just to say you’re a member—your time is almost as valuable as your cash. Also, take a look at what other seasoned entrepreneurs are doing—one of the most famous, Guy Kawasaki, has a blog you might want to follow. GL’s blog here is also filled with tips from the real world on starting companies, be sure to read his 100 Attributes of an Entrepreneur.

I’d love to learn what new idea you are thinking about pursuing and how I can help you. Just leave a comment here about what you are doing or the new path you are about to take. I will read each one. Also, please visit us over at Bottom Line Time. I am not as wise as my famous father in dispensing management advice, but you cannot get his feedback anymore, and I’m a pretty good ‘second chair.’ All good wishes for your success!