Interview with Jon Fjeld(2)

2007-02-12 18:04:09 Zong Xing[ Big Normal Small ]

　　

　　Z: MBA always has a mixed reputation.

　　F: I think it’s very useful, let me put it that way. Whether it’s necessary depends on the individual situation. It certainly helped me, I was much more confident in forming a company strategy and building an organization based on having been through an MBA program. The basic management principles and framework in my MBA training were very useful.

　　Z: Forbes Magazine recently published a series of story entitled “the secret of great team work”. In your opinion, what makes a great team?

　　F: First thing is commitment to a common goal, agreement that everyone will put their own interests second behind trying to achieve a common goal. Secondly, there have to be shared principles and values, so that you feel good about these people and value the same things. So I say common values are very important. And then everyone’s capability to get their particular job done, and being capable and supporting the team from their own expertise.
　　 I think if you have those ingredients, you will have the basis.

　　Z: Startups rely on hiring the right people. What do you look for in new employees when starting a firm?

　　F: First thing I look for is people who can do things that I can’t do. Who are different from me and might have a different perspective and certainly different skill set. I think about the things I do now, and try to find people who have other skills than the ones I have. I am not trying to find people who are like me. Then people I believe can buy into the common goals, share the values I have.

　　Z: You have a lot entrepreneur and leadership experience. In retrospect, what are the five most important lessons you have learned about business and entrepreneurship in your lifetime?

　　F: I don’t know if I can come to five. Let me tell you the most important thing, and the thing that is most often responsible for a venture not succeeding, is that there isn’t actually a market or need for whatever the company is trying to bring to market.
　　There is no market because there is no need that’s been satisfied or no problems have been solved. The No.1 thing is find the potential customer for whatever it is you think you have. Make sure you are solving a real problem or satisfying a real need before you embark on your venture. Just because something is an interesting technology doesn’t mean it’s going to be a successful business. So I would say, more than anything else, that’s the No.1 mistake people make. And that’s the mistake that has the most drastic consequences. If you make other mistakes and identify them early enough, you can make adjustments. But if there is no market, there is nothing you can do.
　　 Beyond that, I would say, building a team is critical, getting the right people. Be careful who you hire, make sure you don’t tolerate people in the team who don’t carry their load. It’s not like a big company. In a start-up, you can’t afford to have people who are not contributing. You can’t afford politics or in-fighting or anything like that. Success or failure is hanging by a very thin thread. You can’t afford to have that dysfunction.
　　 The third thing, I would like to say, is to get the right financing. Find investors who share your objectives, and who buy into your vision of the company and can help you build that company. The financing of the new venture, especially a technology related venture, takes a significant amount of capital, it’s important that people who provide the financing are really strong partners for the business. So taking money from the wrong group can be very detrimental.
　　 I am not going to come up with five. But I will say the fourth. Once you start, you have to execute extremely well, hard and fast. There is nobody behind you with a safety net. You have to run it as fast as you can.

　　Z: What trends and changes do you see occurring in business today? What new technologies and industries will everyone talk about in twenty years? For example, commenting on Blog/Online Video/Social Network, Biotech/Healthcare, etc.