Facebook, FB, Source: http://vator.tv/news/2012-05-18-who-won-in-the-flat-facebook-ipo
Change an industry
No singling out...time will tell which ones will endure and prosper
It takes time to build a real business that will endure...entrepreneurs are rarely patient and I'm no exception.
For me the most rewarding aspect of entrepreneurship has always been the opportunity to build a great team ...it really is an art that no one will ever perfect.
They take themselves and their idea too seriously. The chances are the entrepreneur doesn't know enough and needs help honing the idea as well as his/her skills.
1) Focus on cash-flow and never assume additional capital will be available in the future
2) Hire the best and the brightest people you can even if they cost more or maybe more challenging to manage
3) Don't get attached to under performers...you, your investors and your team deserve only the best
As a Baha’i (www.bahai.org) I was forced to escape Iran in 1987 at the age of 16. This was a dangerous path that through one of the most dangerous borders of the world would take me to Pakistan where I spent a year. My brother and I were able to come to the U.S. on June 20, 1988 as refugees. We entered the country with no more than $75 in our pockets. After graduating from University of California at Davis my brother and I founded Autoweb.com in 1994, the first online car buying service. Over 5 years we raised $100M and grew the company from concept to a significant enterprise. We took the company public on March 23, 1999. The stock was priced at $14, opened at $28 and closed the first day at $40. The company was the most active stock on NASDAQ for that day. Ultimately the company’s market cap reached $1.2B. In late 1999 I started PurpleTie. My goal was to create a national brand for dry cleaning. We needed $400M to take the company national. The brand represented quality and we focused heavily on environmentally friendly practices. In 2001 as the financing for start ups dried up we ended up shutting down the business. A few months later I learned that CarClub.com and iMotors.com had gone out of business. These businesses combined had raised $.5B in capital and I saw significant value in their brands. I purchased their remaining assets for about $100K and formed Reply! Inc. Reply.com’s mission is to make Internet marketing simple and profitable. We believe that the locally targeted market is not effectively addressed by the major search engines and ad networks. Current established solutions are too complicated, too imprecise and too expensive.