Entrepreneurship is like crack

Biz lessons from the new Padres CEO Jeff Moorad

I had the good fortune of watching the Padres game from the owners box with Jeff Moorad yesterday.  Jeff has recently come to San Diego to take over leadership of the Padres as their new CEO.  Before this Jeff ran a successful turnaround of the Arizona Diamondbacks and before that was one of the most successful sports agents in both football and baseball. Jeff took time to share some of his lessons learned from his career and his strategy for the Padres.  Here are a few tips he shared.

  • Set your goals according to your industry, not based on what the norms are.
    • He believes sports teams can and should be cash flow neutral.  Neutral? I thought he was really setting the bar low.  But I learned that sports teams are almost never cash flow positive, but almost always cash flow negative.  So while I thought his goal seemed to be shooting low, for his industry that was a high mark.


  • Don’t micro manage, BUT hold people firmly to financial goals.
    • He made his success sound so easy. “I just hire the right people, and hold them accountable to their financial goals, if they are good they will figure it out eventually.

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Amy K. interviews me on San Diego Living.

We discuss a few lessons learned through my experience as an Entrepreneur.  You can see the video on her site http://bit.ly/ll1ag (along with a bunch of other great Entrepreneurial videos) or just watch it above.



Why diversification will kill a start-up

Shouldn’t entrepreneurs try many different opportunities so if one fails the other ones might make it?  No… and yes.  NO, meaning an entrepreneur should never try more than one opportunity at a time.  Yes, meaning if the opportunity doesn’t pan out quickly move on to the next.  Most of the time diversification is good, like when investing or dating, but the word diversification for entrepreneurs, especially in start-up situations, is deadly.

Here’s why diversification will kill a start-up

  • Focusing on more than one thing guarantees mediocrity
    • It’s hard enough to build one really good widget (website, product, content etc.) but try building two at the same time and those widgets are going to be half as good as they would have been if you just picked one.
  • Your competition already knows not to diversify
    • The competition is smart, someone over there already knows this lesson to stay focused and has all their resources focused on one widget, and it’s going to be amazing.  You can’t afford to have your competition  be focused and you be spread out.

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Cool way to check stats on Twitter users

You can see trends for posts, followers and friends (following).

TwitterCounter


Yammer is great for real-time collaboration and improves company culture

Our company is using Yammer (it’s like a private twitter/facebook for your office) for real-time collaboration but the unexpected benefit came from the real-time banter that has the office booming with laughter. Instant culture booster.


People I Follow

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