Vivek Wadhwa
Vivek Wadhwa
Vivek Wadhwa is an American technology entrepreneur and academic. He is a fellow at the Rock Center for Corporate Governance; the Director of Research at the Center for Entrepreneurship and Research Commercialization at the Pratt School of Engineering, Duke University; and the author of the 2014 book Innovating Women: The Changing Face of Technology...
NationalityIndian
ProfessionBusinessman
CountryIndia
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The lesson is, because there will be many lemons in life, to learn to make the proverbial lemonade - and be open and honest. That's the best way of doing damage control and positioning yourself for success.
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Entrepreneurship is like a computer game in which you have to master every level before achieving success. Startups repeatedly stumble and have to go back to the drawing board. The best way to skip some levels and to increase the odds of survival is to learn from others who have already played the game.
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My advice to fledgling entrepreneurs is always the same: build a company that you plan to be with for the next 10 years - that is the best way to increase your chances of success.
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The best way of dealing with the press, customers, and critics is to come clean when things go wrong and admit when you make a mistake. We are humans, and no one expects us to be perfect.
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If you don't have savings, and your co-founders are as poor as you are, and if Mom and Dad won't loan you money, then your best bet is to find people that know you - your friends. If they, too, won't help, then you're stuck seeking out angel investors.
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I have no doubt that my M.B.A. from New York University's Stern School of Business was one of the best investments I ever made. It helped me climb the corporate ladder and become an entrepreneur.
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In the technology world, you have to execute fast or you're out of business.
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You may not believe in anything called a work-life balance, but your body certainly does. You need to monitor and nurture your body.
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One of the biggest problems that software developers face is that technology changes rapidly. It is very hard to stay current.
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Hiring foreigners is more expensive and more difficult than hiring locals, because of the visa fees and long lead times for visa processing. And companies face a backlash by anti-immigrant groups for hiring foreigners. So they do it only because they have to.
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Building a company isn't that different from climbing a big mountain. You need people helping you traverse treacherous paths and to lift you up when you fall.
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I advise all of the entrepreneurs that I know to attend at least one entrepreneurship event every week. The worst thing an entrepreneur can do is to confine his or herself to a cubby hole.
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I realized that, after tasting entrepreneurship, I had become unfit for the corporate world. There was no turning back. The only regret I had was having wasted my life in the corporate world for so long.
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Recruiting talent is no different than any other challenge a startup faces. It's all about selling.