Today's Entrepreneur

Today's Entrepreneur: Darryl Ballantyne

No. 1 mistake: Committing to specific timelines

Innovation series by Meliza Solan Surdi
February 15, 2011 | Comments
Short URL: http://vator.tv/n/1708

Entrepreneurs often choose the path of innovation, without realizing the kind of lifestyle that comes with it. They will often live unstable lives.

But as they courageously take risks, they'll make several mistakes which become valuable lessons for the rest of us.

They have their ups and downs.

But at the end of the day, these creative daredevils are the ones who are changing the world.

Within our community, you will find talented innovators.

We've just created new profiles for our Vator members to share their story.

So if you are a first-time, serial, or even an aspiring entrepreneur, we'd like to hear from you.

Today's entrepreneur is Darryl Ballantyne, founder and CEO of LyricFind and AdProject. According to his VEQ (Vator entrepreneur assessment test), Darryl is good at negotiating and networking, and is a thought leader.

I Am: An Entrepreneur

Name companies you've founded or co-founded:

LyricFind, AdProject

Name companies you've invested in:

LyricFind

Name startups you worked for:

LyricFind, AdProject

If you are an entrepreneur, why?

I want to build success and add value to the world.

List your favorite startups:

Groupon, Kayak, Uber, Slacker

What's most frustrating and rewarding about entrepreneurship/innovation?

Frustrating: Slow pace of dealing with large companies that can't move as quickly as we can.
Rewarding: Putting my signature on a big contract with a great client or supplier.

What's the No. 1 mistake entrepreneurs make?

Committing to specific timelines. Too often early on, we expected things to happen when people said they would - nobody works on your timeline, especially when you're a startup! And even your own teams internally will underestimate the time it'll take to build new things - because they're new!

What are the top three lessons you've learned as an entrepreneur?

1) Choose who you work with carefully, and get proper protections in place. You'll spend more time with them than anyone else in your life!
2) Cash is king. Save pennies everywhere you can - money is what keeps you going and gets you through when that contract doesn't get signed when you thought it would.
3) Be willing to do any job to get the company through - and only hire people of the same mindset. And remember, hiring the wrong person is way more costly than not hiring the right person.

Related companies, investors and entrepreneurs

LyricFind
Startup/Business

Description: LyricFind provides song lyrics content to digital music services, web sites, mobile services, and more. LyricFind has aggregated licensin...