Posts Tagged ‘Las Vegas Entrepreneur’

A Different Kind of Entrepeneurship

Wednesday, March 9th, 2011

I know that there are lots of arguments all over the internet about whether entrepreneurs are born or made and of course the right answer is it’s somewhere in the middle. Some people’s nature would never make it as an entrepreneur and some people’s environment makes it impossible for them to be entrepreneurs.

However, I’m a strong believer that you get what you want. If your heart is set on being an entrepreneur then you’ll more than likely end up with that result. It’s hard to stop a person’s strong desire and passion.

I think one of the biggest problem we have is what we define as an entrepeneur. Don’t get me wrong. I think there is a very big difference between small business and entrepreneurship. For example, a mechanic runs a small business. Unless they have a dozen repair shops. Then, they become entrepeneurs.

However, I think we also love to glorify the entrepreneurs who get hundreds of thousand or millions in funding which they burn through like a women burns through cash in a shoe store.

My favorite is when groups define entrepreneurship by revenue. So what if you have $500k in revenue if you have $1 million in expenses. I’d rather have the entrepreneur with $300k in revenue and $200k in profit. It is certainly a different approach to entrepreneurship, but just as valid as the former in many cases.

The key for me is that an entrepreneur sees a way to make 10 times the amount they were making with the same amount of effort.

Plus, the reality when your an entrepreneur in a place like Las Vegas is you have to be smarter with your money since the investment dollars don’t flow the same way in Las Vegas (at least for internet startups in Vegas). I think this is a really healthy thing and it is why I’m glad to be a different kind of entrepreneur in Las Vegas.

The Value of Living Modestly

Monday, December 27th, 2010

I’m really glad that somehow I learned very early on in my life to live modestly. I think it’s a principle that has eternal value and many people underestimate its power. I honestly wouldn’t be able to be living the dream and being an entrepreneur in Las Vegas if it weren’t for this principle.

However, I think one of the best features of modesty is the perspective it gives you. When you live a modest lifestyle, then your “splurges” still only amount to what people think are normal. However, from your perspective they’re absolutely fantastic and appreciated. For example, Christmas can be 10 times sweeter at half the cost just by living modestly the rest of the year.

Some of these same principles apply to business. In business it is called boot strapping it or a lean startup or getting by with what’s needed. I’m sure that some times I take them too far. However, I think that generally these principles are great business. At least when you’re building web applications.

There’s something incredibly valuable to a web application to be given constraints on what you can and can’t do. These constraints force you to narrowly focus on what’s most important. It means you have to be completely focused on a specific goal and nail it. There’s not room for fluff and extras which don’t add value.

Living modestly in a startup means you have a longer run way to test out ideas and improve those ideas based on customer feedback. Obviously, once you start seeing traction and you’ve been able to refine your customer acquisition model, then you can apply the gas. However, until then keeping your burn rate low (living modestly) means that you’ll still have enough gas to get to the next gas station.

Although, don’t underestimate the long term value of a company whose DNA is living modestly either.

Internet Entrepreneurship in Las Vegas

Friday, October 8th, 2010

I first moved to Las Vegas a little over 5 years ago. I’d heard good things about living in Las Vegas and to be honest I moved here to be close to family. Luckily family has moved away and so it’s just my wife and our family again and we like it that way. Although, that’s a topic of another blog post.

I must admit that I didn’t move to Las Vegas because I was an internet entrepreneur and Las Vegas is the perfect place to be an entrepreneur. Obviously, if i wanted to do that I would have just moved to Silicon Valley. Although, I’m not a fan of that area, so I’d probably move to the next best thing: Boston (and yes, I know there are a few other decent places as well). In fact, a couple years back I was really close to picking up my family and moving to Boston with a contest called YouBeTheVC to be a full time internet entrepreneur working the forever long hours in a very expensive place and wondering how exactly I was going to feed my family.

To be honest, it actually sounded really exciting to me. I’ve been to Boston a few times and LOVED it there. I hate the cost of everything, but I would have loved to be in that are and be part of what seems to be a much larger internet startup scene. Well, I didn’t win the contest (Thankfully since it turned out to be kind of a sham) and so I stayed in Las Vegas. Long story short, I kept building my blogs and learning about internet startup companies while I was in Las Vegas (you can see my full blog story at Word Camp Las Vegas in a couple weeks).

Now I’m working full time on the idea I was planning to build in Boston, Giving Sports Fundraising. However, I’m not in Boston, I’m in Las Vegas.

In the 5 years I’ve lived in Las Vegas, I’ve done quite a bit of networking. Let’s just say that I haven’t had many chances to associate with other internet entrepreneurs. I started thinking about this when I read Brad Feld’s blog post about creating a startup community in Boulder. It was cool to hear him talk about what’s happened in Boulder with internet startup companies. I wish that the same thing would happen in Las Vegas.

I’ve actually met quite a few entrepreneurs here in Las Vegas. Just not that many internet entrepreneurs. I wonder what could be done to change that. Especially since I really don’t have any immediate plans to leave Las Vegas. I never thought I’d admit it, but honestly my family and I are quite happy right here.