Steve Sterba, CEO Auctionpay
How would you define what it is to be an entrepreneur?
An entrepreneur is willing to take on a new venture and accept responsibility for the outcome, along with the inherent risks. Typically entrepreneurs have a very strong passion and expertise for a specific market opportunity. This is true for founders and non-founders alike.
How did you get started as an entrepreneur? What in life prepared you most?
After working for two very successful and large public technology firms I wanted to apply my learned skills in a smaller, more energetic, less political environment where I could affect the bottom line every day. I left to join a small start-up and have worked for smaller privately held firms ever since.
Two things in life have helped to prepare me. The first aspect that has helped me prepare was working in sales. Many new ventures are not successful. Many sales campaigns are not successful. The sales experience has helped me manage the psychological and emotional challenges associated with losing. The second is having children. Raising children has been one of the most difficult things I have done (am doing) but one of the most rewarding aspects of my life. Being an entrepreneur, like being a parent, is about risk versus reward.
What is your philosophy and motivation as an entrepreneur?
My motivation to start or join an entrepreneurial venture is usually based on my passion for the opportunity and/or for the positive change that can be affected. My general philosophy is that taking tactical and strategic risks are absolutely necessary. If you fail, that's okay. Learn from your mistakes and adjust as appropriate. Making a decision that is wrong, at times, can be better than over analyzing a problem and rendering a late decision.
Having said that.the entrepreneur must also be able to recognize when total failure of the idea/venture becomes apparent and, when most appropriate, efficiently dissolve the venture for the benefit (limit losses) of all involved. Then get back up and go do it again.
Given the OEN Entrepreneur Awards "rebel" or "renegade" theme, describe how you faced up to and overcame the challenges you faced as an entrepreneur? Can you provide examples?
It's about believing in your mission or idea independent of popular belief or traditional expectations in creating value. Many times the idea or approach is very unconventional and therefore ridiculed. Rebels and renegades typically have an anti-establishment attitude which is not a bad mindset to adopt when starting a new venture. Some of the best ideas and companies have appeared, in the beginning, to be very unconventional. Don't let popular opinion defer your passion or energy.
When Craig McCaw started his company in Seattle many people thought he was crazyit will never work! McCaw Cellular invented and commercialized cell phones (-;
What advice do you have for to someone who wants to be an entrepreneur?
Take risks, don't be afraid to fail.
It is impossible to get everything done. Prioritize frequently and make sure you are working on the most important issues first. Then, appropriately manage the guilt associated without getting everything done.