Steven Cox - Founder of TakeLessons. Build Something You're Proud Of

Steven Cox Interview on The Big Biz TV Show

TV Interview: I had an opportunity to share the TakeLessons story with Sully and Russ of The Big Biz TV show last week. In the interview, we talked about the problems that TakeLessons solves for customers and musicians. We then talked about how we got started and our funding raise with CrossLink Capital.

 

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Steven Cox Interview on Fox 5 News - Finding the Right San Diego StartUp Company to Work For

 

 

http://StevenCox.com. Even with the unemployment rate in San Diego hovering around 10%, the city's startup scene is bustling with activity and creating new jobs for San Diegans. TakeLessons.com CEO, Steven Cox, talks about the 10x100x100 event where 10 startup companies that have collectively raised over $100 million in venture capital and will be hiring 100 new employees next year.

A lot of technical and web people move to the San Francisco area to find work, but you're saying there's work right here and they don't have to move?
• That's Right!
• Cheaper to buy and rent housing here than in other hotbeds such as SV, NYC.
• A lot of startups are hiring

What's it like working for a startup?
• Incredible! Faster pace. Quicker decisions. My startup: http://TakeLessons.com

For College Graduates:
o Instead of making coffee, make a difference.
o No cogs in the wheel
o Chance to work on things at a young age -- (BEST BUY example)

For Senior people
o A chance to take your knowledge and build something you're proud of.
o Make a positive, lasting impact.
o Grow leaders underneath you.
o Potential stock upside

Everyday, I wake up thankful that I get to go to work.
o Focused on building the new sort of company.
• A company with a conscious.
• A company that makes more than money, it makes a positive difference.
o Awesome people all focused on building a great company.
o Super laid-back dress code.
o No politics.

A lot of young Internet companies didn't make it in the dotcom crash. What should a job prospect consider when looking at startups?

Not all startups are created equal.
• Management -- is there adult supervision? People who have built and ran companies before.
• Culture -- Do they have a strong sense of purpose, yet flexible enough to change on a dime.
• Funding -- are they well-funded. http://CrossLinkCapital.com
• Product or Service -- is it something that truly adds value to people's lives?

What type of jobs do startups hire for and what tips do you have on landing a job there?
• Big focus on Software engineering, product management and developmet, IT
• Marketing, Sales, Customer Support, Finance, HR

Tell us a little bit about the 10 x 100 x 100 event.
• StartupsAreBetter.com
• 6pm Dec 1 at Sweet Labs (http://sweetlabs.com)
• Joe Kraus -- Google Ventures focused on mobile, gaming, local services
• Michael Robertson -- SD Local tech hero. MP3.com
• Focused on engineering and product talent

More information can be found at these sites:
http://10x100x100 and http://StevenCox.com

Interview with the Northwest Young Entrepreneurs Association

I had the opportunity to be interviewed by Nick Hampshire with the Northwest Young Entrepreneurs Association about building companies and what I've learned as we continue to grow TakeLessons.

Here is the Q&A:

Audio MP3 download of Steven Cox interview is located here:

 Nick Hampshire: What is your philosophy on life and business?

Steven Cox: PERSONAL MISSION STATEMENT
I live my life in a way that makes a positive lasting difference on people and my environment. I support my friends and family with my time and finances. I live with the full expectation of succeeding and excelling in all I do. I understand that the value of life is not in what I own, but who I love, and what I experience. I make my life count by being a man of integrity that accomplishes greatness by reaching out to help others, being passionate about what I do, and fully developing my mind.  I don't have the right to be ordinary. Therefore, I lead, I lift the human spirit, and I will create a legacy and an empire: an empire of both inner and outer wealth, and a legacy of love.

How did you get your start in entrepreneurship?

• College: Apartment locator service, bought seven houses on land contract/options, tried to buy a pizza business
• After school: Fisher scientific, but tried to open a gym
• Left my job to work for a startup ecommerce company

Do you remember your first "big" deal as a young entrepreneur and do you mind sharing a little about it (details, thoughts, feelings)?

• College – thought I could do everything. It wasn’t until things went bad that I started realizing that there was science and methodology behind operating a business. It’s harder than it looks.
• First Startup– landed University of Nevada. Wasn’t even in our wheelhouse. Changed the business.

What made you decide to start your own business?

• I grew up poor. Wasn’t happy washing dishes and working for other people.  I liked the creativity and struggle. I liked the uncertainty.

As you have started different businesses over the years, have the lessons you learned while starting each business changed? If so, how have they changed?

• Balanced optimism: I now focus not just on the upside, but immediately how to mitigate risk.
• Long term: entrepreneurship is not a quick fix to wealth. Some people get luck, but there is a very big chance that you or me will not be lucky. Thus, we have to understand there is a large price to pay, and we have to be willing to pay the price.  Else, just go get a job.

What do you see as the biggest challenges that entrepreneurs face?

External

• Blind towards risk
• Trying to do too many things for too many people– no focus
• Not clearly identifying a problem

Internal

• Arrogance
• Understanding your own weaknesses
• Stay up: “Certainty in the face of fear”

If you had to do it all over again, how would you start?

1. Find a problem
2. See if it’s a big enough problem that, if you can solve it, it will make a difference.
3. Focus on solving that problem. Find people that will support it through money and/or time.
4. Don’t think about the exit.

To all of the young entrepreneurs getting started in business now, what advice can you give?

• Plan on a long journey. The ‘quick hit’ is the exception.

• The 4-hour workweek? Complete horseshit.
• Want to build something that lasts? Work ½ day. (12 hours!)
• Because it’s a long journey, pick something where you’re passionate about solving a problem for others.

Have confidence in yourself and your ideas, but don’t believe your own hype.

• Don’t let optimism overpower realism.
• Admit when something isn’t working.
• Measure everything.
• Fail fast.

Build a team. Your job is to:

• Share the vision
• Hire smart
• Build a culture where others can strive

Capital: Raise enough to allow you to make mistakes with respect to your plan, but not so much that it makes you cocky  which leads to laziness.

• Your forecasts will be off.
• Stuff you though would work, won’t.
• Competitors will not sit idle.
• Perfection is the enemy of good enough.

Know what your shooting for

• Have written goals – Quarterly, monthly, weekly.
• Hold each other accountable

I often get asked questions about "quick cash" techniques while someone is getting started with a venture; if you had to make $1,000 in one week with no list, minimal cash, and no contacts, what would be your strategy?

• Honestly, I would say that you need to go get a job. Entrepreneurship is not a one-week thing.

What systems have you created or borrowed to manage & grow your companies?

• I have a personal goals system that allows me to manage different areas of my life (spiritual, career, relationships, social) and see results year after year. I’ve applied that to business as well.
• SEED – SELECT – AMPLIFY: Don’t ever put out perfection. Just get it out and iterate.
• Culture matters - create a culture of owners where they focus on constant improvement.

How have you used Strategic Partnerships with other companies & individuals to grow your business?

• Life is about people, and business is about providing value for those people.
• When you cut deals, you have to focus on the value you can provide.
• Deals take forever
• Never count on them to go through.
• After they go through, most of them won’t work out
• So, don’t rely on them to make your business. Don’t ever be reliant.

If you could go back and do something differently, what would it be and why (business or life in general)?

I would’ve been less arrogant in my 20’s. Looking back, I now know to stay humble and learn from everyone I can.

What closing thoughts/suggestions/advice do you have for young entrepreneurs?

• Some people are built for companies, some are built for entrepreneurship. Find your flow. There is no one answer, only a right answer for you.
• Don’t worry about someone stealing your idea. It’s already been thought of and tried. Focus on building a team that can help you execute.
• Your first two companies or your first 3-5 years will probably not be a big success. That’s ok. It’s part of the journey. Breathe and be ok with it.

San Diego Urban Land Young Leaders Social Media Panel

Tonight, I'll be on the panel discussing how small and local businesses can use social media to their advantage. Here are my key points:

• Focus on quality instead of quantity. Be consistent. Be real.
• Make sure someone is assigned to the task with definitive plans.
• Focus on Google Places, Facebook, and YouTube
• Other secondary tools include Google Alerts, blogging, twitter, skweal.com and groupon
• Showcase customers - not just yourself
• Answer back customer praises and complaints

Finally, remember that the quickest way to overnight success is to work years on it.

Here are a few links that I've found that can also be of help to you:

http://mashable.com/2010/11/17/business-leaders-social-media/

http://mashable.com/2010/08/20/top-5-social-media-trends/

http://mashable.com/2010/08/19/facebook-places-guide/

http://mashable.com/2010/11/22/sms-marketing/

http://mashable.com/2010/08/26/business-facebook-page/

 

Thanks to Steve Martini at Quality First Commercial (San Diego Commercial Real Estate) for the invite.

Speaking Event: San Diego Young Entrepreneurs Slide Show

I had a great time at the San Diego Young Entreprenuers meeting yestday at the offices of DLA Piper. Cliff Currie and Robert Reyes are the hosts and founders of StartUpCicle (follow them on Twitter). Their idea is to be able to help startups get together, feed off each other's ideas, and watch young businesses become successful.

Here is the slideshow presentation of my talk. These tips came from my own struggles, failures, and successes, as well as points learned from my mentors.

5 Tips For Entrepreneurs

View more presentations from Steven Cox.

28 Speaking Tips from Public Speaking Pros

I have been on a hiatus for a week or so - my apologies. Very busy with the new site design.

I ran across a quick, light read from Forbes on ways to improve your public speaking persona. As a speech and communications major in college, I always loved to give speeches. It's such a rush! Not everyone feels the way I do, however. I've read that most people would rather have their finger cut off than to give a presentation.

For those with a little stage fright, perhaps these 28 tips will help you out. Here are a couple of my favorites:

"The dumbest thing you can do is chastise an audience when you've tried humor that's failed." - Jim Gill, Bryan Cave law firm

"Self-deprecation is always part of my speech. It helps the audience know we're all in the same boat." - Marty Markowitz, Brooklyn Borough President

"I've found that when speakers talk about what they know, it's arrogant. But when they talk about what they've learned, it's humble and a format of great story-telling" - Roy Spence, GSD&M Advertising

"Layoff the numbers and facts as much as possible. Attract with emotion. Lead with the heart." - M. Steven Cox