The Engineering Entrepreneurs Program was the highlight of my education at NC State. Fortunately, they also sponsor an excellent Entrepreneur's Lecture Series which I've been able to keep attending after graduation. These events always feature a nice reception with food afterward, too. I actually ended up with a new job after chatting with Scot Wingo at the reception after the lecture last fall.

The event this past Monday featured Bob Young, co-founder and former Chairman of Red Hat. He had nothing prepared, no notes, no tie, and even admitted to forgetting he was supposed to give a speech that day until shortly before the event. Nevertheless, he had some good advice for entrepreneurs and delivered a pretty entertaining talk.

Following my usual speaker summary format, here's a list of what I found interesting:

• When they started Red Hat, many including the DOJ were talking about how Microsoft might need to be broken up to restore competition in the marketplace. After a few years, Linux was a viable, commercial competitor and the talk changed to the very real threat Microsoft faced.
• At first, customers had no clue why they would want the source code to their operating system.
• "Entrepreneurs want to change reality to the benefit of their company and their customers."
• On how capitalism can do more good, faster for society than government: "The thing that did the most to alleviate rural poverty since WW2 was Wal-mart." Good point about how it lowered the cost of living in the country and gave rural people comparable purchasing power as urban people with access to big discount stores.
• "Do something for some set of customers that they can't get anywhere else."
• Entrepreneurship is as simple as "looking for holes in the marketplace."
• You need to be tuned in to what customers really need, not what they say they want. "Your customers want ice cream cones, but need spinach.
• "Do things you love doing, because then it ain't work."
• Self-described world's worst student.
• Don't listen to your advisors. You're the one dealing with your customers, they're not.
• Responding to a question about marketing: "I only understand sales. It's about grabbing the guy by the collar and shaking him until the money comes out. Marketing requires real intelligence." :)

Comments are welcome. I'd like to know if anyone else finds my random notes from such talks at all interesting or if these posts are just for my own benefit.

Posted by JoshC at April 18, 2007 11:32 PM

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