Thursday, March 26, 2009

Interview on March 25, 2009 with Jayden

This is an interview I gave to an Australian student
via Skype. Apologize for any typos ;)

[ 09:09:25] Jayden : as an entrepeneur are you always convinced that your contribution is essential to a project’s success?
[ 09:10:36] David : of course, it will contribute. At the end of the day, there are however many external factors that will influence the project's success that you cannot control as an entrepreneur
[ 09:10:53] Jayden : Can you take action without having all the available information?
[ 09:12:06] David : There will never be full transparency of a situation or a project's environment that will effect it. I would call this information asymmetry. Personally, it is the gut's feeling that will determine a lot
[ 09:13:37] Jayden : Do you like to create challenges for yourself when you take on a new project?
[ 09:14:52] David : I dont know if i understand this question right. But i try to maximise my and the team's strenghts and minimize the weaknesses. But there is always a personal challenge component to a new venture.
[ 09:15:23] David : One always wants to exceed - personally, commercially
[ 09:15:44] Jayden : yeah thats great you ansewed it fine
[ 09:15:52] Jayden : Are you fairly at ease when faced with complex situations?
[ 09:18:20] David : The entrepreneur's role in today's world is actually to reduce complexity. Today's world has become very complex due to migration of industry to services, globalitzation, IT, computing power, the abilility to work cross border, etc.
So an organization cannot own all resources for a project / Venture anymore by itself. It is too complicated to manage all this. Therefore, complexity management also means coordinating resources and people that you do not own but just work and cooperate together with.
Best example is you as a flash developer :)
[ 09:19:10] Jayden : Do you see opportunities where others see only problems?
[ 09:20:30] David : That is what differentiates a good from a bad entrepreneur. The bigger the problem the bigger the opportunity. The bigger the opportunity the higher the risk also , but that is what start-up entrepreneurship is all about
[ 09:20:49] Jayden : Do you like to make your own decisions?
[ 09:21:46] David : yes. Relying on someone else's decision is bad. BUT: it is wise to take advise from people that have more experience than you. This could be someone in your board of directors / advisory board - some sort of mentor
[ 09:22:15] Jayden : Is becoming rich is one of your major life goals?
[ 09:22:21] David : No.
[ 09:23:29] David : Money is important of course, because a venture's success is measured by its commercial success - which means shareholder value creation - or the question to the answer: how much money in cash do you bring back. But again: Money is not the primary driver for being an entrepreneur.
[ 09:23:50] David : answer to question of course (to be corrected above)
[ 09:23:57] Jayden : The results you obtain depend on your skills and efforts?
[ 09:24:44] David : Leadership is more important. You cannot do it by yourself, so you need to hire smart people to help you do it
[ 09:25:26] Jayden : Do you tend to put off difficult tasks?
[ 09:25:47] David : Procrastination is my worst enemy :)
[ 09:26:34] David : In general the worst mistakes happened because I reacted to slowly. Such as making bad decisions to late
[ 09:27:35] Jayden : Do you consider yourself more ambitious than others?
[ 09:28:43] David : I cannot tell for others of course. That would indeed be too ambitious. But i consider myself a person who wants to change the way we do things or the way things are. If you call that ambition, than i am ambitious
[ 09:29:19] Jayden : Do you want to create something that will be recognised?
[ 09:29:58] David : Recognition - i must say - is a motivator , more than money.
[ 09:31:17] Jayden : Do you look for alternative solutions to difficult problems?
[ 09:32:56] David : My approach to solving problems is a pragmatic one. You can never (or mostly) tell before you actually have done it. Of course you need to make analysis prior to that. Then you go in small steps, learn and then find alternative solutions if your first step has not worked. So it is about doing it quickly, learning, finding alternatives in small steps
[ 09:33:26] Jayden : Do you abandon projects when you are not successful?
[ 09:35:07] David : I try not to kill them, but keep them alive on a small to zero scale. Projects often fail not because they were bad per se, but because they came to market in the wrong time , at the wrong place to the wrong people. There is a great chance that this project could become successful in a different setting
[ 09:35:42] Jayden : Do you believe that “luck” is partially of our own making?
[ 09:37:08] David : I am a religious person (at least try to be one) so i do not believe in the concept of luck, but pre-destination. But i firmly believe that you will reap later for anything you push with a lot of energy now
[ 09:37:31] Jayden : Do you prefer to be the one making the final decision?
[ 09:37:47] David : Yes.
[ 09:38:09] Jayden : Do you always try to learn something from your failures?
[ 09:38:47] David : Of course. Every venture is new, but you can apply past failures.
[ 09:39:07] Jayden : Jayden Spencer: Do you hate being the focus of attention?
[ 09:40:02] David : I wouldn't say i hate it. But i definitely do not need it. What i mean by that is: I do not have to appear on the main page of the Fortune Magazine to be a happy person.
[ 09:40:27] Jayden : Are you motivated by peer recognition?
[ 09:40:58] David : Yes.
[ 09:41:56] David : you have to feel good in the team so that definitely counts. But i would rather call it reciprocal motivation
[ 09:42:26] Jayden : Do you prefer to be your own boss?
[ 09:44:10] David : Yes and no. Yes: I prefer not having someone i have to report to
No: the concept of being your own boss - at least in my mind - does not exist. You will always have creditors
[ 09:45:28] Jayden : Do you like influencing others?
[ 09:46:16] David : Influencing no. Motivating and seeding vision, yes. Influencing sounds like persuading, which is never sustainable. People have to believe your vision and carry it forward
[ 09:47:03] Jayden : Do you think that today, one cannot do much with only a limited amount of money?
[ 09:48:30] David : Actually, starting an internet business today has never been cheaper. Hardware costs are low. Opensource software (linux, mysql, php, etc. ) is ubiquitous.
[ 09:48:50] David : It is currently the shortage of good ideas (at least in the internet space) that is a problem
[ 09:49:35] Jayden : Do you want to become an expert in your field?
[ 09:51:17] David : Expertise is good, because people will follow you if you are a competent person. But expertise also carries the risk of becoming blind and not open to new stuff.
[ 09:52:24] Jayden : Thanks for your time!, i know there where a lot of questions but thanks you for ansering them so well and enjoyed your ansers

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