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How much would you give up to start a company? A car? Your own apartment or house? Heat? From prized possessions like a classic motorcycle to priceless things like time with friends and family, it's clear that many entrepreneurs are willing to make extreme sacrifices. For these intrepid bootstrappers, however, these entrepreneurial sacrifices can also affect family members.
As with many companies founded by passionate entrepreneurs, Stonyfield Farm’s road to becoming one of the top U.S. sellers of organic yogurt was paved with personal sacrifices—in this case, it included giving up some creature comforts and adopting a spartan lifestyle, such as living in a wood-heated New Hampshire farmhouse (pictured above).
The wife of Stonyfield Farm co-founder Gary Hirshberg, Meg Hirshberg drew on these early experiences when writing “For Better or For Work: A Survival Guide for Entrepreneurs and Their Families.”
When reflecting on aspects of their 27-year marriage, Meg Hirshberg describes her journey as the passenger along for the ride: “The entrepreneur is the driver; the spouse, having no control, sways nauseatingly with all the curves the business takes. With respect to the business, the spouse inevitably confronts the question: 'Are you in or are you out?' That question is usually not verbalized but it hangs in the air. And if the spouse isn’t in, the relationship will suffer.”
Meg Hirshberg details some of the sacrifices that she made along the way:
LINKEDIN: It took nine years for Stonyfield Farm to have a profitable year. As you look back on those nine years, what were some of the biggest sacrifices that you made?
MEG HIRSHBERG: I’d have to say we didn’t look at it as a sacrifice, but rather as a set of choices we were presented with. Entrepreneurs do whatever it takes to try to make the business work. In our case, we lived in a pretty primitive environment—a freezing wood-heated farmhouse—and we shared the space with the business so we had no privacy. Of course we would have preferred our own home, but we couldn’t afford it, and we had to stay near the yogurt factory. Virtually all startups involve the sacrifice of financial security (and of free time), but in the case of home-based businesses like ours, you also sacrifice privacy.
The Hirshberg Family, 2009
LINKEDIN: Sacrificing time with family and friends often comes up as one of the bigger things that entrepreneurs give up. What would you say to someone who might resent the frequent absences (both emotional and physical) of the entrepreneur? Any tips on what you or Gary would have done differently in hindsight?
MEG HIRSHBERG: The extreme demands on the entrepreneur can make the spouse feel ignored, neglected, and low on the priority list. The entrepreneur needs to show the spouse that s/he is important. It really doesn’t take much—often it comes down to genuinely inquiring about the spouse’s day (since businesses can suck up all the conversational oxygen) or taking a little tech-free time with the spouse on a regular basis. Even a walk down the block (sans smartphone) can make the couple feel connected.
As with most startups, the business demanded that Gary be absent a lot (he was on the road seeing buyers, etc…) But on top of this, he also had a lot of volunteer commitments. I think that’s one thing he would have done differently—pared down on any outside commitments that were not essential to the business, at least during the crazy startup years.
LINKEDIN: Any other lessons you’d like to pass along?
MEG HIRSHBERG: The most important thing for couples living the startup life is to make every effort to communicate and stay in touch. That’s of course true of any couple, but a business can expand relationship fault lines into yawning chasms.
How To Boost Your Company's Value: Mind the Intangible Assets
BY CURTIS KROEKER
You may not be able to touch them, but things like patents, processes, and a good reputation just might boost your business's price tag
Mention business “assets,” and most people think of actual physical items, such as equipment and real estate-;things that are tangible. But intangible assets--such as copyrights, trademarks, a brand, a solid reputation--play an important role in the valuation and sale of businesses. In fact, all nearly all businesses, even those that exist solely in cyberspace, possess intangible assets. And if you’re selling your company, it’s critical to leverage such assets to both increase your own value and make your company more attractive to buyers. Assigning value to intangible assets is also challenging. There are several different methods for estimating the worth of intangibles. With so much on the line, most sellers will be well-served to consult a business broker or professional appraiser rather than trying to value intangible assets on their own. However, there are several things you can do to highlight and improve the value of your company’s intangible assets as you prepare to sell your business. Identify Your Intangible Assets. In the months leading up to a sale, sellers typically conduct an inventory of equipment, real estate, and other physical assets. But savvy sellers also include intangible assets in their pre-sale inventories. This list can be extensive. In addition to intellectual property, it’s important to consider the value of contracts, agreements, partnerships, customer relationships, Internet domains, brand recognition, and more. Essentially, any non-material asset that contributes to your company’s success has the potential to boost its value. Document Such Assets’ Impact For business buyers, the value of an asset is limited to its ability to generate bottom line outcomes. This is especially true when it comes to intangible assets, since many intangibles don’t have value beyond the context of the business itself. By documenting the impact of intangible assets, you can demonstrate their worth to prospective buyers. For example, loyalty metrics illustrate the value of customer relationships. Sales tied to proprietary processes show the dollar value of specific pieces of intellectual property. Standardize Systems and Processes Intangible assets tend to be unique business elements and can intimidate buyers who are unsure whether or not they will be able to leverage them to achieve similar results. So as much as possible, try to standardize and document the use of intangible assets, highlighting how they are integrated into processes that rely on key employees, tangible assets, and other resources that will exist after you have exited the business. Develop Your Intangibles Depending on the timing of your sale, it may be possible to create new intangible assets as well as increase the value of intangible assets that already exist. You can also make intangible assets more tangible. For example, if you have a proprietary process that differentiates your business from the competition, it may be beneficial to secure a patent for it before you list your business in the business-for-sale marketplace. Poof: something intangible becomes tangible. Of course, some intangible assets are more valuable than others to prospective buyers. To avoid investing time and resources in intangibles that may contribute little to business value and sale price, consult a business broker early in the process.
THE SHOCKING STATS ABOUT WHO'S REALLY STARTING COMPANIES IN AMERICA
FULLY A THIRD OF VENTURE-BACKED COMPANIES THAT WENT PUBLIC BETWEEN 2006 AND 2012 HAD AT LEAST ONE IMMIGRANT FOUNDER AT THE HELM. ARIANNA HUFFINGTON AND OTHER PROMINENT ENTREPRENEURS ON WHY THE U.S. NEEDS TO GET CREATIVE ABOUT IMMIGRATION POLICY.
What do Google’s Sergey Brin, eBay’s Pierre Omidyar, and Tesla Motors’sElon Musk all have in common? Each of these serial entrepreneurs who founded companies that have market caps in the tens or hundreds of billions--employing tens of thousands of workers--were born outside the U.S. From Yahoo to Facebook and LinkedIn, each of these innovative companies that have played such a large role in the U.S. economy had at least one founder that was born abroad and then emigrated to the United States.
Immigrants today are more than twice as likely to found businesses as their native-born counterparts and are responsible for more than 25% of all new business creation and related job growth. And while some of these immigrant-led businesses are next-generation startups and small businesses, many actually top the charts when it comes to America’s largest companies.
Currently, more than 40 percent of Fortune 500 companies were founded by immigrants or the children of immigrants, according to a study by The Partnership for a New American Economy, a group of governors and business leaders launched by New York City Mayor Michael Bloomberg and Australian media heavyweight Rupert Murdoch.
Yet today, more than 200 years after the U.S. declared independence and threw open its doors to immigrants looking for freedom and a chance to realize their potential, the land of opportunity has been inching its doors shut.
A recent study put out by the National Venture Capital Association (NVCA) found that venture-backed companies with at least one foreign-born founder are responsible for an increasing amount of IPOs and subsequent job creation.
The study concluded that 33% of venture-backed companies that went public between 2006 and 2012 had at least one immigrant founder at the helm. The study also found that those public, venture-backed companies with at least one immigrant founder represent a market capitalization of $900 billion.
These revenue-generating machines are an enormous boost to the U.S. economy--contributing to the GDP, paying taxes to help lower the U.S. debt, creating domestic jobs (immigrant-founded, venture-backed public companies employ approximately 600,000 people globally with the majority of jobs created in the U.S.) and helping to lift up the standard of living overall.
When I asked Mark Heesen, president of NVCA, why immigration reform is so important not only altruistically for immigrants looking for opportunity but actually selfishly for the U.S. economy, he said: “As Congress debates comprehensive immigration reform, understanding the contributions of high-skilled, foreign-born entrepreneurs to our country is imperative to ensuring meaningful changes to our system.
These individuals have founded many of America’s most successful companies, keeping jobs, market value, and innovation here in the United States. Our policies must not only accept, but welcome the next generation of immigrant entrepreneurs who are making even greater strides in starting and growing amazing companies.”
But let America’s immigrant entrepreneurs speak for themselves. From the Greek-born founder of The Huffington Post to the Romanian-born CTO of SAP turned founder of Tidemark, the six entrepreneurs below share one important thing: a unique perspective and way of seeing the world that only growing up on the outside can bring.
Christian Gheorghe, founder and CEO, Tidemark, who was previously the CTO and SVP at SAP, immigrated to the U.S. from communist Romania with a master’s degree in computer science and mechanical engineering. To make ends meet--and learn English at the same time--Gheorghe took a job in NYC as a limo driver. But this highly educated and hardworking immigrant didn’t let language barriers or low-skilled jobs set him back--they only motivated him.
"In retrospect, not knowing English when I first arrived at the modern version of Ellis Island--a brightly lit immigration room at JFK airport--was a blessing in disguise. Freedom, the first word I ever learned by listening to Pink Floyd records in communist Romania before escaping to America, was one of the few English words I did know and muttered to the immigration officer when he asked me, ‘Why are you here?’
“I learned later what great things an open and benevolent American immigration policy can really do for oppressed people such as myself. One thing is for sure: At that moment, as the wall was coming down, I was given a chance to be free. Freedom, as it turns out, has shaped everything in my life since I was allowed to immigrate to America.
“From learning how to drive a limo in NYC to make ends meet, to later writing software and starting companies to realize the vision I have for analytics for the many, a common thread emerges. The most amazing thing that America has given to me is the gift of freedom to build something from nothing, to find and work with teams of people that share common values, and to build and create value that matters,” says Gheorghe.
Born in Zimbabwe to parents of Sri Lankan descent, Magdon-Ismail said his experience as an immigrant in the U.S. was very different from the experiences of his friends who immigrated to the U.S. and weren't lucky enough to become citizens.
“I came to America when I was in the 7th grade. I feel very lucky to have become a U.S. citizen before I went to college--I was automatically granted citizenship when my mom became a citizen because I was under 18. Some of my friends in college didn't have citizenship status, and I found myself planning my career differently. I didn't require a special visa to stay and work in the U.S., whereas some of my college friends did. I knew after I graduated, the doors were wide open for me.
I was free to explore, and start my own company. Some of my friends were dependent on company sponsorship in order to stay in the U.S. This seems like a good position for companies with enough wherewithal to sponsor students, yet still represents a minor inequality because the spectrum of companies I could work for versus some of my friends was slightly different.
“Venmo welcomes immigrants. They bring unique insight to our company because of their diverse experiences. I was immersed in a very different environment growing up and going to school in Zimbabwe. My immigrant perspective helps Venmo consider different markets, and a lot of the social encounters I had outside the U.S. continue to inspire some of the innovation you see in our product today. Nowadays, companies like Venmo can quickly reach global audiences. We want people from everywhere in the world to join our team.
“It would be nice if some of our immigration reform focused on helping international students pursue their dreams in America. I have met lots of bright students forced to leave the country because they didn’t have appropriate working status. America is the land of opportunity, and international students with lots of potential are like all other students that attend U.S. universities--we should do whatever we can to keep these amazing people here.”
Arianna Huffington, the Greek-born entrepreneur and founder of The Huffington Post--which was sold to AOL for $315 million in 2011--brought with her the values her mother instilled in her when she was a young girl growing up in Greece as she immigrated to London and then the U.S., first moving to New York and later settling in California.
The ambitious socialite turned political candidate turned businesswoman and media maven now runs one of the most influential and well-read publications in the U.S.--a publication that has an entire section dedicated to the topic of immigration.
“In the preamble to the Constitution, we are told that America is constantly moving toward a more perfect union, and the 40 million immigrants in the United States are a central part of that never-ending journey. Nowhere is that more evident than in our community of immigrant entrepreneurs.
“When I was growing up in Athens, my mother would tell me, ‘Failure isn't the opposite of success; it's a stepping stone to success,’ and when I came to America, I was given many opportunities to fail my way to eventual success. But my story is just one of millions. And it falls to all of us--especially those of us who have come here and started businesses--to do whatever we can to make sure the same opportunities we've enjoyed are there for the immigrants of today and tomorrow.”
Renaud Laplanche, the French-born serial entrepreneur who in addition to founding two successful companies also happens to be a two-time French sailing champion and an Ernst & Young Entrepreneur of the Year, initially came to the U.S. as part of a one-year assignment with the New York law firm Cleary Gottlieb. But halfway into the assignment, the entrepreneur left the firm to found TripleHop Technologies, a leading software firm that was acquired by Oracle in 2005.
But he didn’t stop there. In 2007, Laplanche founded Lending Club because his perspective of consumer credit growing up in France was vastly different than consumer credit in the U.S.--and he wanted to bring a friendlier credit model to his new home in America.
“My cultural background played a key role in the genesis of Lending Club. As an immigrant, I was not familiar with U.S. consumer credit and was shocked when I realized that credit card companies charge 18% interest rates. I was looking at this with a fresh pair of eyes because there is no such thing as credit cards in France, and consumer loans are a lot more affordable. I think most American consumers got used to the idea of paying high interest rates on credit cards, but for me it was something really new and that made me question the efficiency of the system and gave me the idea for Lending Club.”
Dutch-born Peter Weijmarshausen founded Shapeways in 2007 within the Philips Electronics Lifestyle Incubator. Three years later, the immigrant entrepreneur left the incubator after securing venture funding for his 3-D printing marketplace, which is headquartered in New York. Now, Weijmarshausen is working to bring manufacturing back to the U.S., enabling a community where people can create, share, buy, and sell their own 3-D-printed designs.
"A company is nothing without its people and, as it stands, the freedom for employees to work wherever best suits them is not always supported by international immigration laws. Shapeways was started in the Netherlands and, after three years, we decided to move our headquarters to New York, which presented me immediately with the challenge of immigrating to the United States. We're an international startup with a team still in the Netherlands and offices and a factory in New York.
The team has roots from all over the world, and in the end we've managed to work within the bounds of the existing processes. But making them easier and more flexible will help Shapeways and other companies grow and compete in an increasingly global economy and internationally expansive workplace, both of which have been enabled by new information technologies."
Phil Jaber, the founder of the hugely popular Bay Area-based Philz Coffee, says the values he grew up with in the Middle East are the same values that have led to his success in America.
With 13 coffee shops spanning San Francisco and the Bay Area, Philz employs roughly 300 people and single-handedly fuels many of area’s entrepreneurs, startup founders, and tech giants from Facebook--which has a Philz coffee shop at headquarters--to Virgin America--which serves Philz coffee on its flights.
“I immigrated to the United States in the 1960s because I was looking for a better life. My older brother was already living in California and had opened his own business--so I moved out here and helped him around the shop. But from an early age, I knew I wanted to open my own business.
“Running a business isn’t just about the money. To be successful in business, you must really love what you do and you must treat people well--whether they’re your team members or your customers. My business is all about word of mouth--one person tells another person and quickly word spreads. So it’s important to treat each person the way you would want to be treated--after all, we all come from under the canopy of heaven.” Canopy of Heaven is coincidentally the name of one of the flavorful brews of coffee at Philz.
“Before opening my first shop, I visited more than 1,100 coffee shops to observe what worked and what didn’t work--I wanted to make sure that the culture and environment I was fostering at my coffee shop was a diverse, culture-rich, and welcoming one. From a young age growing up in Ramallah [on the West Bank], I learned how to live with and respect people of all cultures, and I wanted my coffee shops to reflect that. At Philz, we work to foster an environment that builds culture and community--an environment that helps people connect with each other.”
As I sat with Phil at his 24th Street location in New York, it was clear that his coffee shops were hubs of connection, collaboration, and diversity, as he pointed out a group of tech entrepreneurs drinking coffee during a brainstorming session, introduced me to a local doctor, and smiled looking at the young couple dancing in line to the café music.
“My heritage, culture, and family have played a big role in the way I run my shops,” Phil says, pulling out a laminated quote his father had written for him more than a decade ago that read: “Let the life I live speak for me."
As Americans, we all have immigrant friends who have personally made our lives richer. And we’ve all heard their stories of going through the immigration process, of the lengthy and tiresome process of obtaining an H-1B visa and eventually becoming citizens. We’ve heard too many times their worried voices when discussing whether or not they’d be able to stay in the country if they wanted to quit their job and start their own business—the same risks we as citizens are encouraged to take--or what would happen if they got laid off and were out of a job for more than a month. Would they be sent back home?
As the daughter of parents who emigrated from Iran and started their lives in the U.S. from scratch, literally bringing with them only two suitcases and the clothes on their back, I understand too well how much hardworking and educated immigrants like my parents really want to be here, how hard they will work to succeed, and how much our country will benefit as a result of letting them in.
Innovation is a Mindset: Secrets to Successful Entrepreneurship
Innovation is a crucial part of business. But can anyone be an innovator?
Innovation is one of the most overused words in the business world today. Companies that are innovating are laying the foundation for future growth, while getting ahead of the competition. They are winning, which is why everyone is either innovating or desperately trying to.
But what’s the secret? Why can a company like Apple redefine the music industry, the mobile phone industry and the computer industry (for the second time, with the iPad) over the course of a decade, while other companies struggle to find their next big hit?
Some people argue either you have it or you don’t. I disagree.
The genius of people like Steve Jobs notwithstanding, I think that everyone can be an innovator. This is an especially powerful concept for entrepreneurs. By definition, you HAVE to be an innovator if you are going to successfully start your own business. Maybe you aren’t inventing the next iPad, but it can be as simple as designing a quicker way for customers to pay at your store.
What I’ve come to learn over the years, is that innovation is a mindset.
The definition of mindset is the following: “a habitual or characteristic mental attitude that determines how you will interpret and respond to situations.” The really insightful word in that definition is “habitual.” And habits are developed and determined by regular practices.
So, if innovation is a mindset, and a mindset is defined by habits, then creating processes that encourage the right practices or habits can provide a powerful foundation for innovation.
This isn’t just my opinion. I’ve seen it work.
Using Trulia as an example, we have worked to make innovation one of the core cultural values of the company. Our goal is to constantly innovate across the company. We do this within the framework of our product roadmap on a daily basis, but also devote one week per quarter to build things outside the roadmap.
Just like your happiness may be tied to setting aside time to go to the gym, to worship or to take vacations, companies need to establish a regime around innovating. It takes discipline and focus.
To help employees think beyond our product roadmap during the week I referenced, we encourage employees to devote much of their time working on creative projects. The results speak for themselves. Dozens of these small innovation week ideas have become core elements of our product offering and the program continues to expand.
By dedicating time and resources to creating an innovation mindset at Trulia, we are building better products.
By establishing a baseline of innovation practices at your company, you will begin to see that innovation isn’t usually a light bulb turning on from thin air, but the result of consistent dedication to solving the problems at hand.
Innovation is about being honest with yourself and your team about what you are doing. Are you really serving customers as well as you can? What improvements can be made?
Innovation is about being exposed to the right ingredients for new ideas. Lots of innovation happens at the fringes, or the intersection between disciplines and industries. You can take advantage of this phenomenon by being well read on multiple subjects and maintaining a healthy network of contacts across multiple industries.
It’s about making and admitting mistakes. Maybe you invested a lot of money to go in the wrong direction. It’s better to come clean and change your strategy accordingly. Knowing the wrong direction provides important insight to innovators. Heck, it might even be a brilliantly insightful mistake over the long term.
It’s about lifting your gaze out of the weeds and thinking on a larger scale. If people love our apps so much, why are we spending more money building features for the Web?
It’s about making time to think about the bigger opportunities and challenges you are facing, outside of the daily hustle and bustle.
The great innovators are well known and some will even be remembered in history, but innovation is a mindset and thus something that each and every one of us can aspire to.
Surround yourself with the best talent you can, the top people you can find. They are worth the cost. Do everything you can to hire, retain, and motivate them.
Find partners who are experts in an area you aren’t, who possess the talents that you are lacking. As a first-time entrepreneur, your idea is going to change. The monetization strategy may pivot, consumer adoption may stall, and things could get dire. You will need a solid group around you to successfully build your idea and execute.
Why is hiring A players critical?
Like attracts like. A top notch database designer is going to bring in a top notch web designer, who will attract the top sales and marketing team. A-players are attracted to working with a talented team that can execute. They will set the culture of excellence at your company early on. You want the A-players leading and setting the tone.
They aren’t threatened by people who know more than them. Instead, they want to work with people smarter than them. They are quick to admit what they don’t know, and learn from those who can teach them. They are working for long term growth, not short term ego boosts.
They aren’t afraid of sunk costs. As your idea, strategy, and goals change you are going to incur sunk costs. It is better to cut bait quickly and move on. Always make the best decision now. A-players are less prone to being swayed by decisions, time, or money they’ve already lost.
You become like the people you surround yourself with, so set yourself up for success early on. In the Company of Giants, Rama Dev Jager and Rafael Ortiz spoke to Steve Jobs about starting a company. He told them, “When you’re in a startup, the first 10 people will determine whether the company succeeds or not.” Steve Jobs’s Tips for Hiring Your A-Team
How much would you give up to start a company? A car? Your own apartment or house? Heat? From prized possessions like a classic motorcycle to priceless things like time with friends and family, it's clear that many entrepreneurs are willing to make extreme sacrifices 
