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Hong: I d say do it. There s kind of a backwards logic that says: when you are
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young, you should learn from people who are experienced, so later on, if you want to do a startup, you can take the risk. And that s a myth that was created from school. You need to learn to get to the next level. The biggest roadblock to the entrepreneur are liabilities in your life. It s not whether or not you can be a good entrepreneur, it s whether you have to make a mortgage payment or support other people. Experience will come when you face certain problems and live through them. And the best way to do that is to put yourself squarely in the path of those problems.
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Livingston: What drives entrepreneurs
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Hong: I think entrepreneurs want to make money. It s not that they do it for the
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money, but they want to make money. Because money is the measuring stick; it s how they know if they ve won or not. And I think a lot of what drives entrepreneurs is the kind of legacy they are going to leave. They want to make a mark in the world and feel like their life mattered. Entrepreneurs are the kind of people who love ideas and want to build things, and add value to the world. Part of that is to quench their ego s thirst and say, I matter. That s why people like Bill Gates and Vinod Khosla spend a lot of time doing nonprofit things. It was never about the money. Carnegie dedicated the latter part of his life to giving all his money away. He was trying to convince people to give your money away once you make it. Because that s when it can start doing real good, too.
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Livingston: What else do entrepreneurs have in common Hong: The hardest decision you make as an entrepreneur is not one that you
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make while you re building the company. For me, the hardest decision was not about solving the hosting issues and all that. It was the one I made years before HOT or NOT even existed. When I said, I m going to be an entrepreneur, what I was really saying was, I m going to forgo the normal, safe route, where there s a clear path. I m going to take a higher risk and go for a higher reward. It s like Hewlett-Packard. Do you know what their first product was A bowling foul line indicator. The point is, they decided that they were going to be entrepreneurs before they knew exactly what they were going to do, and that s very common. All these things come out of new ideas. If you re not in school and you re not an entrepreneur, you re not working on new ideas. You are just a cog in someone else s wheel, and you ll never make anything new. So the hardest thing is to say, I m going to put myself in the position of being an entrepreneur by having ideas and trying things, and not giving up when I fail. You never know unless you try, and we live in a world where building websites and other small things doesn t take that much time and effort to try, so why not just try different things
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Livingston: What other advice would you give to someone starting a startup Hong: You need the early team to be savvy in everything. And you have to have people who understand the users and the product. If you do, then you ll have users. And nothing ever goes according to plan. You can t dwell on the fact that your plan didn t work. In our case, we didn t even have a plan, but it would have been worthless to have one anyway, since we just kept moving as fast as we could. You have to hustle; you can t just have a plan and cakewalk it. You just have to know what direction you re going in and run around like a rat in a maze trying to get out. Livingston: Now that you re out of the maze, do you get asked out on a lot dates through HOT or NOT
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