Joe Ballou

United States
Member since October 14, 2011

About

I am a(n):

First-time entrepreneur

If you're an entrepreneur or corporate innovator, why?

I want to change the world.

My favorite startups:

Grameen Bank, Aravind Eye Care System, Donorschoose.org, Teach for America, Kickstarter, LinkedIn, Dropbox

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

Running good pilot tests on a budget. Highly frustrating to aim for complete validity without having unlimited resources to fund it. Finding meaningful low cost strategies to test ideas is highly rewarding.

What's the No. 1 mistake entrepreneurs/innovators make?

Limited vision. This is a career, a lifestyle, and a mission. A successful entrepreneur has to oscillate between intense focus and global thinking in order to properly strategize, measure risk and opportunity, and get S**T done. You can't choose the small or the big. Everything matters.

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

1. How to manage my time. I'm up by 6AM everyday and I log every minute I spend on the business.

2. What a network really is. As an entrepreneur you lean on a lot of people, and the strength of that bond really gets tested. If you lean too hard, even the best bonds can break. Be careful how much and on who you lean. A real network means you can lean in any direction and someone will support you.

3. How to think about money. There are no illusions. VC and angel money is worth striving for, but it is hard to come by. Investment, debt, equity, revenue, marketing, and making really, really good products all play a role in my business, career, and personal financial strategy. If I need to I'll bankroll myself to launch, and I'll only take money I know I need and can use well. When I do finally take money, returns will be phenomenal.