Eric Schmidt

GREAT ADVICE

 

Eric Schmidt

Executive Chairman, Google

 

“The way he thinks about business is extraordinary,” Tory said in her introduction of Eric Schmidt. We couldn’t agree more. He shared some of that insight with 50 of our women entrepreneurs.

 

ON SUCCESS

“There is no single path to success in business. While the norms in the markets differ, you should be who you are.”

 

ON THINKING BIG

“The world is bigger and the opportunities are greater than you think. You tend to define your aspiration to narrowing. You have to be able to articulate a strategy that starts with one thing but is revolutionary for everything.”

 

ON FINDING THE RIGHT TEAM

“It’s more important who you do stuff with than what you do — because if you are doing it with the right people you work it out.”

 

ON MENTORS

“I had a mentor who had intuition and was very tough. He was the best mentor I ever had because he established a level of professionalism and said, ‘Never, ever, ever go below this.’”

 

ON DOING YOUR BEST

“Operate at the very top of your game. Do not accept poor quality work out of yourself or others.”

 

 

ON INNOVATION

“When innovation arrives it changes the market. Where is the science driving innovation in your industry? What’s the new thing?”

 

ON DIFFERENTIATION

“Your attitude should be to seek the technological discontinuity. It will allow you to become differentiated. If you are undifferentiated in your product, it is going to be hard to build a new, fast-growing company — because why are you special?”

 

ON ENTREPRENEURS

“The solutions to the problems of the United States are more entrepreneurs, both venture-funded and individually funded.”

 

ON ENTREPRENEURS, PART 2

“Work harder. All of the entrepreneurs I know trade off a significant amount of their lives for passion. You can’t be an entrepreneur without really loving what you’re doing because you’ll burn out. Part of the path you have chosen is that you are not going to do a lot of things women your age do. You are serving a different goal.”

 

ON TAKING RISKS

“As you get more money and as you get older, you should be able to take more risk, but you take less risk.”

 

ON TAKING RISKS, PART 2

“There are a lot of studies that show when you give people two choices that are mathematically equal, they will optimize against the downside risk as opposed to taking the upside risk. The reason there are so few successful founders is that most people don’t take the affirmative choice. You know you are an entrepreneur when you are willing to take that risk.”

 

ON TAKING RISKS, PART 3

“The most successful business people don’t take stupid risks. They take calculated risks. They have a fallback.”

 

ON FINDING INVESTORS

“Think of it from their side. Here you are — this team of a few people — and you want some of their money. They are making a character decision about you. Hopefully your character is good. That is what they are looking for. You are looking for someone who respects your character.”

 

ON FINDING INVESTORS, PART 2

“It’s a matter of trust. Have a lot of dinners.”