Peter Diamandis On The Power Of Thinking Exponentially

James Cameron, Peter Diamandis, Elon Musk, and others experiencing weightlessness on a Zero G flight. 

I saw Peter Diamandis speak recently at the 2015 Founder Showcase.  In case you didn't know Peter started the X Prize, has backed Tesla, and created the Singularity University to name a few achievements. He starts his talk with the foundation that "an entrepreneur today can touch the lives of a billion people". Peter talks about how in just 30 doublings of something you can reach the number billion. 

"If you want to become a billionaire then help a billion people" - Peter Diamandis

The power of thinking exponentially and not linear has the ability to unlock a whole new world of technology and science. Peter shows this by tracking the success trajectories of companies like Kodak to Instagram across various decades. If we look at how that trajectory predicts the future ahead of us we are in for some unfathomable achievements in the world. Somebody has to start these dreams and companies. It might as well be you. So take some time and learn how to think exponentially. Watch this exclusive video below and don't forget to also subscribe to my Youtube Channel here:

The Single Biggest Reason Why Startups Succeed

I was recently watching Charlie Kim, founder and CEO of Next Jump, presenting at the Founder Institute. During his talk he cited a TED talk by Bill Gross titled "The Single Biggest Reason Why Startups Succeed".  I found the talk and enjoyed it so much I thought I would share it. You can find the link to it by clicking here.

Bill wanted to find out what is the single biggest reason startups succeed. He analyzed 200 companies. For each company he looked at the business traits of Funding, Business Model, Idea, Team, and Timing to determine which traits correlated most to its success. The quick synopsis is that the Bill Gross study showed that Timing (42%) is the single most important factor in a why a startup succeeds. Followed by Team (32%), Idea (28%), Business Model (24%), and lastly Funding at (14%).

What do you think? Agree? Disagree? Let me know in the comments below. 

Why You Should Tell Everyone Your Startup Idea

Entrepreneurship is hard. Really hard. But with countless tales of how entrepreneurs made it big with almost nothing, it's easy for a budding founder to jump into the startup world full of unbridled enthusiasm and some startup misconceptions.

As Director of the Founder Institute in New York one of the more common misconceptions I encounter with a lot aspiring entrepreneurs is that they are afraid of telling others their idea. There are numerous reasons though why entrepreneurs should share their startup ideas. While it is common among founders to be hesitant about divulging their startup secrets, the truth of the matter is that your company can benefit greatly from telling people what your idea is about and what you hope to achieve.

Myth #1: "I Should Save My Startup Idea Until It's Refined"
Reality: You should share your idea with everyone you meet. If you plan on pitching your idea to potential investors, why not practice beforehand? By sharing your idea with as many people as possible, you can get feedback early on to prevent wasting time on an idea that won't sell. In a Courtney Seiter-penned article titled Why No One Will Steal Your Startup Idea, Buffer CEO and Co-Founder Joel Gascoigne says:

"When you build a startup, you're basically creating something that doesn't exist already. In order to figure out if your idea is actually going to work, it's essential that you share it with people. You're going to have to do it sooner or later. The longer you leave it, the more risk there is that you spend a long time working on it, and then eventually you put it out there and find out it's not something that resonates."

Myth #2: "My Startup Idea Is Too Unique To Be Shared"
Reality: No, it's not. Just look at the countless companies that offer the same product. If you have an idea for a startup, there's a very good chance that there are a multitude of other entrepreneurs working on the exact same concept. But don't let that deter you, as you should focus less on the idea itself and more on how you plan to execute it. Here's what Cory Levy, Co-Founder at One, Inc., had to say in a Linkedin article titled Startup Secrets: Should I Hide My Business Idea?:

"Ideas are a dime a dozen; it's the execution that will set you apart from the rest. Chances are that there are people developing the same thing that you're working on now. We plan to compete not by keeping our idea secret, but by building the best possible team and by creating the best solution to the problem we are solving."

Myth #3: "People Will Steal My Startup Idea If I Tell Them What It Is"
Reality: Most likely not. The chances of someone stealing your idea are pretty slim. In fact, sharing your idea with others is a great way to drum up interest in your company and makes getting help easier. Still not convinced? Here's what serial entrepreneur Alexander Muse has to say in a Startup Muse article titled Should you share your idea?:

"If you keep your ideas a secret it will be impossible for anyone to actually help you. Could someone steal your idea? Of course, but as I've said before your potential competitors are more likely to become partners. You're far more passionate about your idea that anyone else - and most people want to partner with people with passion."

If you're still reticent about sharing your idea with others, take into account the multitude of opportunities that your company can benefit from by simply divulging what it is you do and how you're going to do it. And remember:

"If someone does take your idea, they will never have the passion you have for it because they didn't come up with it." - Joel Gascoigne

Is Idea, Execution or Timing Most Important for Success?

Years before I started getting involved in entrepreneurship and before I even knew that entrepreneurship was its own sort of niche industry, I thought that simply great ideas defined a successful entrepreneur. I know today that I was wrong, well sort of.

In college I had a lot of great ideas. I even kept a notebook of them and overtime it grew to several pages. The ideas seemed to just keep coming. Everywhere I looked I saw problems and sometimes shortly after I would see a solution in my mind. As time went on, I started following the technology industry very closely and discovered how fast the industry could generate very viable solutions in the market. From the outside looking in it seemed that people were having an idea today and had a product out on the market within the next month.

What I didn’t know at that time was just how much it took to get from the idea stage to something real and tangible. I underestimated the challenge of creating something from nothing. Now that years have gone by, I recently took the time to read back through that list of ideas I had created. I was surprised to see that since then most of the ideas on that list have actually come to market and that they now exist due to the hustle of other people in the world. I realized two things from re-reading my old list:

• My old ideas were on average about three to seven years ahead of the time they came to market.
• About 80 percent of them now exist in the world.

These two realizations led me to realize how important some of the lessons I have learned over the years are.

Lesson one: The idea. A great idea is important. You have to constantly fall in love with problems you see around the world. Once you fully understand the problem and the users it impacts you can begin to work out solutions to test. You also have to follow the market you want to make the biggest impact in. This means really understanding where it is going, as well as where it has been so you can lead your idea in the right direction. Does this idea make sense and has it been done before? Other important factors are due diligence and constant refinement from user feedback. Make sure you love the idea and everything around it or you will struggle down the road. A great idea is important, but as you will see it is not the only thing that matters.

Lesson two is timing. Ideas can come too early or too late. Having an idea early can be advantageous as it gives you first mover advantage. Getting the timing right of when to bring an idea to market is truly underestimated. Being too early can be the kiss of death, ask Myspace or Google Glass. In the case of Myspace we have the luxury of hindsight and know Facebook was better timed. In the case of Google Glass we are in the midst of seeing what happens in real time when an idea is too early. Google Glass and other wearable technology are going to come to the masses in the next 10 years. The wearable device industry right now could be compared to where the mobile phone industry was with the pre-iPhone Palm Treo about ten years ago. The counter to being too early is obviously being too late with an idea. In this case you will most likely struggle to steal market share from the preexisting big players. Lesson two is to get the timing of your idea right. You have to find the right time of when your idea can make the biggest splash in the market as a product.

Lesson three: Execute. Just go for it! Timing and great ideas are completely useless if you never do anything with them. The ability to execute is what separates great entrepreneurs from people with good ideas. Odds are that you’re not the only one with great ideas too. As stated above about 80 percent of some of my best ideas got developed and it was not by me. Other people executed on their ideas. Even though I was able to guess what was potentially coming to the market three to seven years in the future because I followed the technology industry news very closely it didn’t matter. This is where the competition heats up. Whether or not you can beat the competition will depend on your ability to time the first mover advantage while you put forth an overall commitment and passion for the idea you are building.

It appears that execution can be just spinning your tires without a great idea or timing. Timing is useless if you don’t have a great idea and don’t do the work. An idea is worthless without working to bring it to the world at the right time. So in this complex version game of “Rock, Paper, Scissors” that’s more “Idea, Timing, or Execution” what is the right ratio? In my current opinion the perfect recipe for a successful entrepreneur would be the following:

• 15 percent timing
• 20 percent intelligent, high quality and excellent ideas
• 65 percent ability to fully execute on ideas

Imagine not just the idea, but ask yourself if it is the right time and then make your plan to execute on it. You need the right blend of idea, timing and execution to make a successful idea manifest itself in the world. All three skills are a requirement for success. I am not saying this is the only ratio that will enable success, but this is what I would want to see to most confidently know success is around the corner. What do you think is the most important factor in determining a successful entrepreneur? Let me know on Twitter @TheSiskar.