A couple of weeks ago I had the opportunity to listen in on a conversation with entrepreneur and investor (and co-creator of The Next 36) Reza Satchu. Mr Satchu was invited by the Ismaili youth to a “coffee lounge” conversation with other leaders in the community.
The following are some notes and thoughts from the event:
- Satchu asked the crowd, “Why do you want to be an entrepreneur?” There were a number of interesting answers. However, Satchu proposed that the main reason why one should want to be an entrepreneur (and a successful one) is to “make an impact.”
- Satchu defined entrepreneurship as the “Relentless pursuit of opportunity without regard to resources currently controlled.”
- Why don’t most people not start a business? The never ending quest for perfect information. Paralysis of analysis OR I got an idea but I have no money or experience.
- Bezos started Amazon and Dell started computer direct sales. Both in the face of fierce competition and no experience.
- Satchu was turned down 150 times before his business got funding.
- On the only reason why an MBA at Harvard was valuable: Exposure to leaders shows what is possible.
- Goal of Next 36 in Canada is to hurdle cost and scale. To be truly productive is to have far more innovation and productivity.
- Canada has a highly educated labour force, Canadians work hard but productivity is 72% of the USA.
- We need businesses that are far right tail of businesses. Creating value for entire ecosystem.
- Satchu went into business for himself because his father chose the path earlier.
- People want to have as much impact as possible.
- Secret of success: Seeking positions of discomfort or creating positions of discomfort
- Concept of expectations: What do I expect of myself? Have large goals.
- Another secret of success: Willing to fail. We learn through failure
- Have mentors and people who will root for you and want to take credit for success
- I asked Reza Satchu about the upcoming general election in Canada and what he thought a new government should be doing to foster innovation and success:
- Canada should do as much as possible to incentivize the Immigration of talent
- Incentives for private capital to invest in Canada
- Pick places around the world where Canada can have power and influence
- However, should Canada have a national strategy on innovation?