Marita’s Blog

You got into university – check. You’re either studying something you’re completely head-over-heels passionate about, something you did very well at high school (before the novelty died), you have no idea why you’re here, but the folks back home have great expectations, or you’re somewhere in between - check.

However far along in your studies you are, be it Bachelors, Masters or PhD, the big questions always looms: what am I going to do with my life?

- Post graduate studies/ post-doctorate studies/ post-post studies… Fairly self-explanatory. Gets you closer to a life of research, allows you to research something at the apex of your field; potentially world-changing in itself, the holy grail of which is to be awarded a Nobel Prize… sometime down the line.

- Finish up whatever study you’re doing and go into industry. Bad times now, so only the best and brightest will get the coveted ball-breaking finance jobs. The rest will have to look within their respective degree-related industries to find a job that inspires, or go into teaching (a steady job educating the young minds of the future – very respectable).

- Start up your own company, be your own boss, not work under anyone else’s orders – just you and the endless stretch of horizon that screams POTENTIAL. Apply the best of everything that you’ll ever know about yourself and create something in its reflection.

Starting your own company might sound scary to you. But the short of it is, there’s always no better time to start-up than now, and there’s especially no better time to start-up than while you’re at university. Why?

1. Competitions – you can earn money just by having an idea. Imperial Entrepreneurs has just launched Ideas Empowered, a business idea competition. The competition has two rounds, with a 1500 word executive summary submission on 5 April; the top teams go to the finals on 1 May and pitch their ideas to a panel of judges/investors. Winners will receive a £3000 cash-prize as well as in-kind services and benefits such as 6 months of mentoring by Connect London, profiles/ads on Cmypitch.com and introductions to investors. Teams also get the chance to be mentored by professional entrepreneurs throughout the competition and learn essential business skills at our workshops.

2. A haven of co-founders. Look around you. You go to uni with some of the brightest technical people in the country. Somewhere you’ll find someone who’s into creating stuff, up for a challenge, or willing to give it all a go.

3. Access to tools and facilities. Campus resources such as university lecturers, Imperial Innovations, research databases, the library and free legal services can add value to your entrepreneurial endeavours from the beginning.

4. Few major obligations. Most of us are living off scholarships, sponsorships, parent hand-outs, student-loans and part-time jobs. We’re expected to feed ourselves, learn and grow. What better way to learn then to start your own company?

5. An unbelievable learning experience. Entrepreneurs average 3.8 failures before final success. Even though you may not succeed the first time, as long as you give it your all and do your best, you’ll learn a hell of a lot out of the experience.

6. There’s still time. If you start up now, and you fail. There’s still time for you to go into post-grad studies, go into industry, or give it another round…

So if you’re still unsure about what you want to do with your life, and you’re willing to give entrepreneurship a shot, come to the next Imperial Entrepreneurs event to find out more.

Published in Felix, Imperial College London, Friday 13 March 2009. (Slightly modified)

As opposed to a 30-year company; as opposed to a 10-year company; as opposed to a 3-year company…

* It’s key to remind ourselves now that longevity isn’t the goal to every company created. While companies such as Stella Artois, which was created in 1366, Twinings in 1706 and Encyclopaedia Britannica in 1768, still exist today; everything a high-tech start-up does is geared towards a higher-valuation exit-strategy. Just different businesses created with different intentions in mind.

Building a 100-year company requires:
1. Time. Creating things that are going to last, that are of value and that are relevant, require time.

2. Relevance. The company must continue to innovate its solutions to the problems it solves to make the market continue to want them. It must be indispensible, and be current to the markets’ needs.

3. Resilience. The past 100 years has seen the world go through two World Wars, one Cold War, countless recessions, the introduction of the television, the refrigerator, the personal computer and the PlayStation2. Creating a company structure that is flexible enough to adapt with the environment is essential to longevity.

4. Respect. For the industry, for its competitors, for its employees and for its customers. The company must remain on the high-ground, avoid shady deals, avoid quick fixes with instant financial gratification in place of long-term strategies, and always act in the best interests of the customers. Playing by the rules lets you sleep at night.

5. Reach out. No company is a temple, which exists alone on an island. Every company requires suppliers, wholesalers, freight and transportation companies and infrastructure maintenance companies in order to exist. Take care of them and take care of your customers’ and employees’ communities. Not only will this increase the profile of your company, but it will make your employees feel like they’re contributing towards a moral, worthy and just cause. People want to work for a company that contributes and makes a positive difference to society.

6. Take care of your employees. The aura of a company is filtered from the top down. If you want your customers to be satisfied, first satisfy your employees.

7. Set big goals constantly. The company needs to have something to work towards. Why do most 2nd-best companies stay in second place? All their goals are to be better than the 1st-place company. It’s always in the back of their mind - what will 1st do? How do I do better? The best company on the other hand, sets its own agenda, its own goals and its own milestones to march to. March to your own metrics and be the best at what you do. Don’t compare yourself to others and be second-best.

8. Be willing to apologise. Quickly. Facebook is a prime example of this. Users didn’t like that all their buying habits were pulled from their accounts and shown to all their friends. It spoiled Christmas surprises and birthday presents. So Facebook apologised and pulled it. Recently, Facebook changed its Terms and Conditions so that it could keep users’ information even if and after their accounts were deleted. Users hated it. Within two days of the notice coming out, it was gone. Because of these, Facebook users know that their voice and opinions have an impact and this reinforces their trust in the company. Facebook currently has 175 million users.

9. Be prepared to stick to you guns. People are scared of change. The status quo works, so why change? Facebook changed their layout a few months ago. Some people liked it; a lot of people didn’t. So the groups came up: “I hate the new Facebook”, and “If 1 million people join this group, the new Facebook will go”. But Facebook stuck by their decision. The new system provided a better interface for presenting all the applications Facebook offered and made the site easier to navigate. A few months later, the new Facebook is still up and the protests have stopped. Mark Zuckerberg knew the new Facebook was for the best, and in time, his customers came to realise that too.

10. Persistence. It’s so easy to give up all the time. Every moment, it’s easier to just throw in the towel and say, “this is too hard, I don’t want to do this anymore” rather than stand your ground and say, “this is hard as hell, but what the heck, I’m here now - I’m going to keep giving it a shot”. That takes guts. Standing in the face of every adversity that comes your way and making your way through it, proud of all your actions, and then, whatever the outcomes, being willing to toil on - that’s what it takes.

Building a 100-year company isn’t easy. Indeed, that’s why there aren’t that many around! But the value that these companies have to the world is incalculatable. Create something of value - aim for the 1-0-0.

Do you ever think to yourself that you can’t do this? That you’re not smart enough? That you haven’t practised enough? That you’re not ready? That you’re not good looking enough? That people won’t like you anyway? That you don’t know what to do? That people will think you’re weird? That you’re going to fail? That you’re going to disappoint someone? That you’re going to embarrass yourself? That you’re wasting everyone else’s time? That you’re not important enough? That he-said, she-said, and hence that means that he-thinks, she-thinks? That the conversations in your mind go round and round in circles?

We have all these conversations going on in our minds all the time. We don’t think we’re good enough, we think of how we screwed up last time, we think of all the decisions we make based on our past activities, we think of what other people think of us… But, do you ever stop and think: what am I actually thinking about? And is it actually helping me?

Because if it’s not helping you achieve what you want to achieve, then give it up. If saying to yourself that you can’t do something is not going to help you get something done, give it up. If you’re letting what other people may think about you affect your actions, then give it up. For in the infinite wisdom of Dr. Suess: Those who mind don’t matter, and those who matter don’t mind.

When the Fonz was younger and attending lots and lots of auditions, he would see lots of guys who were taller than him, more good-looking, and who seemed so much more accomplished. Instead of letting it affect him and his performance, he would say to himself, “I don’t have time for that thought,” and not think about it anymore. He usually got the part.

What are you thinking about? Is it worth your time?