A Quote by Jay Samit
Big ideas developed in a vacuum are doomed from the start. Feedback is the essential tool for building and growing a successful company.
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Leaders cannot work in a vacuum. They may take on larger, seemingly more important roles in an organization, but this does not exclude them from asking for and using feedback. In fact, a leader arguably needs feedback more so than anyone else. It's what helps a leader respond appropriately to events in pursuit of successful outcomes.
We're very focused on building the hyperloop. And the hyperloop is exactly something we've described as an actual tube with levitation propulsion and a vacuum that essentially vents around sky inside the tube flying at 200,000 feet. That, to us, is the hyperloop, and we're the only company building that.
An editor is an accomplice, looking in from the outside. That objective view is essential. We don't write in a vacuum, and we don't publish in a vacuum.
During my time growing a company in the private sector, one of my guiding principles was to meet and hear feedback from as many customers as possible.
A vacuum of ideas affects people differently than a vacuum of air, otherwise readers of books would be constantly collapsing.
There are major benefits to building a game once and improving it over a long period of time based on user feedback and behavior. It's kind of depressing to have to build a game once, take all the user feedback, and then spend the next 3 years building another game.
Every company has messy data, and even the best of AI companies are not fully satisfied with their data. If you have data, it is probably a good idea to get an AI team to have a look at it and give feedback. This can develop into a positive feedback loop for both the IT and AI teams in any company.
The biggest challenge is to build the team and start the company, while hiring people, raising money, building a brand which has no history, all at the same time. You're doing a lot of things that in an established company are already done.
I prefer to invest in a company that's going after a small but rapidly growing market than a big but slow growing one.
At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.
If you start a chocolate company, you can't compete with Cadbury in the first ten years because they are a big company.
Entrepreneurs need to start building today. The barrier to entry in tech is low, so start designing, start coding it, launch it, build prototypes, build a working version of it. The Internet has amazing powers of distribution. You can test your ideas. You can see if it works, if it doesn't work, whether it's fun, and whether you're sufficiently motivated. People who go into entrepreneurship to get rich aren't going to be happy. It’s the building of things that makes you happy. You have to enjoy the process whether you succeed or fail.
Cryptography is the essential building block of independence for organisations on the Internet, just like armies are the essential building blocks of states, because otherwise one state just takes over another.
Literacy is a bridge from misery to hope. It is a tool for daily life in modern society. It is a bulwark against poverty, and a building block of development, an essential complement to investments in roads, dams, clinics and factories.
I realized why I need to start a new company. Not for the money. Not because I'm 'bored'. But because a company is a laboratory to try your ideas.
You'd better have the technology knowledge. I really urge you not to think you can start a whole company and business with just ideas on paper, because you'll end up owning so few of those ideas.
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