How do companies grow from zero to a gazillion? Legendary Silicon Valley entrepreneur turned investor Reid Hoffman tests his theories with famous founders. Hoffman was a co-founder at LinkedIn and today is a partner at Silicon Valley venture capital firm Greylock Partners.
Reid recently partnered with Tim Ferris, author of The 4-Hour Work-week to discuss 10 qualities that make startups successful. Titled ‘The Ten Commandments of Startup Success,’ here are the rules that are followed by the folks at Google, Facebook, Airbnb, and Netflix.
- Expect Rejection. But learn from every “No.”
- Hire like your life depends on it. It does.
- In order to scale, you have to do things that don’t scale.
- Raise more money than you think you need – potentially a LOT more.
- Release your products early enough that they can still embarrass you.
- Decide. Decide. Decide. It’s better to make a wrong decision than no decision.
- Be prepared to both make and break plans.
- Don’t tell your employees how to innovate. Manage the chaos.
- To create a winning company culture, make sure every employee owns it.
- Stick with the hero’s journey.
- Bonus commandment: Pay it forward.