Entrepreneurs don't have to hit homeruns

Vook founder Brad Inman's advice and how a journalist can become a CEO

 In this segment of Lessons Learned, Bambi Francisco interviewed former journalist and serial entrepreneur Brad Inman. He started Inman News and sold it to Classified Ad Ventures, and in 2005 he founded TurnHere. Most recently, he founded Vook which is an enhanced digital book.

BF: You started off as a journalist and there are many skill sets journalists have that don't port well as CEOs in management positions out there. What advice would you give journalists out there who are CEOs and managing?

BI: I think the biggest lesson for me was when you're a journalist, you are an individualistic contributor, you're a part of something larger and you don't totally appreciate and understand the obligation of meeting a payroll and I take that quite seriously. If I wake up at three in the morning and it's about anything, It's making sure that people who've given up something to join me, I will meet that payroll. And that is different when you're an acting journalist.It is an enormous responsibility. As a journalist, you only have to think about the story. But I also think reporters always ask questions.That is the nature of what journalists do. I think that building a startup is similar because I find myself asking questions and advice from others and my team. It's all about asking. I don't have it all cooked up in my mind right now. Taking that idea to reality is an iterative process. And, that's what journalists do.

BF: That's a great quality to have as CEO to listen to others and get feedback. So you've started four companies. Give us three pieces  of advice to entrepreneurs based on your experience.

BI: I've learned over the years that being humble is a good idea. It's a good style to find partners and recruit people. I don't go up to home plate to hit a home run. I'm proud to hit singles and doubles. I create a lot of value, hopefully, for the investors and the employees. There are a lot of most valuable players that aren’t homerun hitters. There are a lot of entrepreneurs exhaust themselves and too quickly fail way   because they try to hit that home run. They swing and strike out. There's a lot of opportunities and good business that I don’t think require that approach. And this goes hand in hand with this view of conquering the world. We like to think we are changing the world but you have to approach it differently.

BF: Take it one base at a time?

BI: That's a good way of putting it.

BF: What else? We've talked about driving to a business model.

BI: Yes. I strongly believe that our ideas need to be grounded with good values and products. I'm definitely a product guy.  But at the end of the day, you have to drive as quickly as you can to a business model, revenue, and profits. My experience is that you have to have a good product. My experience is that there is a lot of uncertainty since that is the nature of them. So I tend to try to hire people who need certainty. They are spreadsheet guys and business model guys but they give certainty to the natural uncertainty the entrepreneur brings. So driving as quickly as you can. 

BF: If you look at a term game in Inman News, where did you make the biggest miscalculation?

BI: It was consistent until lately. But it turned out well so I don't want to beat myself up. I am a product guy so I want to focus on the product. The day I hire engineers is the day I hire the sales guy and getting sales right away and driving the sales because if nothing else that person will understand the product to sell it and be more passionate about it. It's more successful when a salesman understands the product. This is coming from outside advisers, board members, such as Brett Bullington, one of the key founders of Excite, and who came to Homegain early on, who advised me to drive to clicks and sales and so on. He was right and that made all the difference and was a true eye opening moment for me at a difficult time. 

BF: Well I'm sure you are out there now trying to sell Vook.

BI: Absolutely. We are very passionate about sales and marketing.