Thursday, July 24, 2008
Guest Speaker Series: David Gardner
David Gardner, co-founder of the Motley Fool, invited the LaunchBox08 companies to the Fool Offices in Alexandria, Virginia on 7/8. David shared his guidelines for entrepreneurs and answered questions about the Motley Fool and its exciting new service, CAPS.
Four basic rules for entrepreneurs:
1. Do something that you love
David and his brother grew up with a passion for learning and teaching about the stock market, and they were fascinated by the basic concept that one can own a part of a company that provides great products and services. Their passion has provided the necessary fuel that propelled the Fool into the successful business that it is today.
2. Make sure it is needed
"Business is there to solve problems and/or create new possibilities. The best businesses do both," advises David. His maxim certainly applies to the Motley Fool, which was founded in a time when getting financial advice was expensive and time-consuming. The Fool brought an easy-to-use service to the internet that helped to fill the information void.
3. Do it differently
"Take an angle that people haven't seen before." David and his brother created their service with an entirely different approach by siding with the small investor and creating a lighthearted atmosphere that was drastically different from typical financial advisory firms. Entrepreneurs have the advantage in that they can find the superior business model, even if they are much smaller than the competition.
4. Be ready to evolve.
The ability to respond quickly to changes can make our break your business. In 2001, David and his brother decided to turn the business around from an ad-supported model to a premium services model. The change resulted in a huge rebound in revenues, and brought new levels of success to the Fool.
Four basic rules for entrepreneurs:
1. Do something that you love
David and his brother grew up with a passion for learning and teaching about the stock market, and they were fascinated by the basic concept that one can own a part of a company that provides great products and services. Their passion has provided the necessary fuel that propelled the Fool into the successful business that it is today.
2. Make sure it is needed
"Business is there to solve problems and/or create new possibilities. The best businesses do both," advises David. His maxim certainly applies to the Motley Fool, which was founded in a time when getting financial advice was expensive and time-consuming. The Fool brought an easy-to-use service to the internet that helped to fill the information void.
3. Do it differently
"Take an angle that people haven't seen before." David and his brother created their service with an entirely different approach by siding with the small investor and creating a lighthearted atmosphere that was drastically different from typical financial advisory firms. Entrepreneurs have the advantage in that they can find the superior business model, even if they are much smaller than the competition.
4. Be ready to evolve.
The ability to respond quickly to changes can make our break your business. In 2001, David and his brother decided to turn the business around from an ad-supported model to a premium services model. The change resulted in a huge rebound in revenues, and brought new levels of success to the Fool.
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