Absorbing the lessons and making full use of company DNA

Entrepreneurship for many people is already not a new vocabulary, more and more with the ideal person to choose entrepreneurship this road to achieve value, then in the entrepreneurial time, which predecessors of the entrepreneurial experience is worth learning from.

Q: Some companies sell strong, some companies have strong technology, but few companies are very strong in both parts. How do you make the most of your company's DNA?

A: Because of the wrong judgment of the company's ability, Todd Vernon has brought a major failure to the company, paying a price of 6 million dollars, and has suffered a greater loss later. Todd Vernon learned from it and later became an expert on corporate DNA.

Vernon is the founder and CEO of the Lijit NX Company in Boulder, Colorado State. Most entrepreneurs, he believes, have a talent for technology or sales. But he reminded entrepreneurs that if you are proficient in one of them, do not fantasize about succeeding in the same way: "As entrepreneurs, you have to recognize yourself and know what areas you are unfamiliar with." ”

In other words, to give full play to their own strengths.

If Vernon had been able to listen to his present advice, he would not have suffered so miserably. He established the Lijit in 2006 to provide advertising and other services to online publishing companies, simply to help them create revenue with their own websites. Vernon is a technical person who has earned a degree in electronic engineering and thinks he can handle the company's sales.

Then he found the idea wrong. "As a technician, that idea is a bit naïve," he said. ”

When he realized that the sales job was not his own director, his company had burned 6 million dollars of money. "A lot of VCs have pointed out that our sales work is too bad," he recalls. ”

What did Vernon learn from his failure? If you are a start-up entrepreneur, use a board or advisory Panel to supplement the company's lack of knowledge and competence. A company created by a technician must hire an expert in sales, and vice versa.

He also advises entrepreneurs to talk to the leaders of other companies that have achieved success: "If you've realized your weaknesses, you'll have countless questions to ask." Talking to them will definitely benefit you. ”

Vernon is lucky, the VC forgave his failure, the company obtained the additional investment. Since then, Vernon and his colleagues have focused only on software design, helping publishers design and create ad sites on their web pages. The company now offers the above services to more than 125,000 websites.

In 2010, Lijit NX's revenue exceeded $1.8 million trillion, with almost all revenue coming from the fourth quarter of the year. In the quarter, their automatic sales bid system is becoming increasingly popular. Last year, the company achieved a real take-off, and their revenues surged to 13.2 million dollars.

Last October, Lijit was bought by Federated Media Publishing, which works directly with brands and advertisers to provide creative advertising campaigns for the site. Federated Media Publishing is a company that sells DNA. In Vernon's eyes, cooperation with federated Media Publishing is a strategy.

Vernon said: "When entrepreneurs start a business, everything is not easy." Don't force yourself to do something particularly difficult. Create a company that is similar to your DNA, and don't assume that things you've never done are simple. ”

It was the lesson of the blood he had gained.