Silicon Valley sometimes refers to that place in California where tech startups tend to congregate. But this time, you are going to take a look at the TV show. If you've never heard of it, it's about an introverted computer programmer and his friends as they attempt to make it big. It's a comedy series, but behind the laughs there are a number of important lessons entrepreneurs can take away.
This guide will show you what you can learn from watching this show.
Have a Clear Vision
The show is all about knowing what you want to be. One of the main characters Richard and his friend Erlich Bachmann almost fall into the trap of saying that they are the 'Airbnb for X people'. And that's something a surprising number of entrepreneurs fall into.
Companies need to know who they are through a comprehensive vision statement, rather than just thinking they are a copycat of some other company. When Hooli defended Gavin Belson's image using the online reputation industry, they did so because they didn't want their image to be compromised. They didn't want to be someone they weren't.
In other words, you must have some sort of original image and you have to stick to that at all costs. Think about it like this. If your brand cannot be original with your vision statement, your product or service most certainly won't be.
Cloud is Winning
The show revolves around Erlich Bachmann and a company named Pied Piper, which allows people to upload video and audio files to the cloud at a faster pace than Dropbox. The focus on the cloud in the TV show is no coincidence. There are a huge number of startups working with the cloud.
In many ways, it mirrors the entrepreneurial spirit of today. If you are doing anything in business, you must use the popularity of cloud computing. The cloud will ensure that you get things done faster and that you can work from absolutely anywhere. By 2019, cloud traffic will make up 90% of all traffic.
It's also a message about adopting new technologies in general. Companies that embrace the latest technologies are more likely to achieve success in the long-term.
Invest in the Hygiene of Your Organization
Entrepreneurs tend to have a huge struggle with a lack of money. That's why most of their early months are spent seeking out investment. In the show, Richard knew nothing about business planning or how to make a pitch to investors. To solve this problem he hired a business development professional. The business development expert helped him to make sense of both his finances and how the business is run.
All this information is required for successful entrepreneurs to provide a credible presentation to investors. Richard then had the information to hand in order to answer all potential investor questions.
You don't necessarily have to hire a business development expert yourself, but the inner workings of your company should be on display for all.
Deliver More Than You Promised
Once Pied Piper was up and running in the show, they made a mistake by saying that their new company would make them billions. Its competitor also said their product would change the world before they even managed to produce their product. Both these organizations made huge mistakes in the show.
Be realistic about what you can achieve and never make a promise based on something you may or may not do in the future, such as on your landing pages. Once you start to make your ambitions public like this, you are essentially promising the world that it's going to happen.
If a startup says they are going to make two billion dollars and they make one billion dollars, they will still be considered a failure. And that's scary because, despite enormous success, they will have been brought low simply because of one ill-judged statement.
Tie Yourself to a Large Boat
Entrepreneurs sometimes need support from bigger fish to succeed. When Richard turns down an immediate buyout from his company, he accepts some funding from a venture capitalist, which also comes with business guidance. Rather than trying to make a quick buck, he decided to associate himself with someone bigger.
Partners in the industry as an entrepreneur can be a major saving grace. Learning from those more experienced than you can enable your company to go all the way to the next level.
This guide has demonstrated some of the things you need to know about running your business as an entrepreneur. Looking for inspiration from absolutely anywhere is a great way to improve as a businessperson and go on to accomplish more.