I found this lecture very interesting because before this class I never really looked too much into the Dot.com to Dot.bomb history and facts, and I was really to young at the time it was happening to realize what was actually going on. Andrew talked about the five stages of the Dot.com to Dot.bomb era. First was the innocent beginning, where people were just discovering the power of the internet and what all the possibilities could be. Next was the boom, where it was becoming more mainstream and everyone was starting their own businesses and website, and even major corporations were wanting to get in on it. Next stage was insanity, where companies were being bought out or funded for crazy amounts of money. Companies that shouldn't have, ended up getting an IPO and you were starting to see that there were some issues because money was just flying around and people were getting very large lumps of cash when they were not very deserving because they had a bad business model. Next was the bust, where companies started failing because of that bad business model, a lot of major websites and companies got taken down during this time from lack of money and ideas. And finally the crawl back to sanity, when the dust cleared and all the mayhem ended, some companies survived and people were able to move on. The businesses that failed, people went back to work and things were starting to look up again. There is also a bonus state uh-oh, where there were some big purchases in the past decade which had a similarity to the insanity stage.
Thursday, March 2, 2017
I thought that Shadrach's life story was pretty interesting, he had many different business ventures and had a lot of real would advice to give. He talked about what selling really means, focusing on revenue. He said that if you aren’t a “Revenue hawk” then you wont be successful running your own business. He used examples from his last businesses where he didn’t focus on revenue and ended up spending money in which he didn’t have. I thought that his experience with all of his businesses was truly entrepreneurial, where he talked about them from start to finish. From how he got the idea, how he did the research to know that the idea would work. And then knowing the right time to execute to be successful. And then finally being able to start a company and sustain one on that original idea. Some major things that he focused on was to never underestimate legal when starting a company. That there are a lot of important documents and things to understand so you don’t get screwed over by not understanding the fine print of things. Another thing was to make friends quickly, but be careful. Making good connections is an important thing to do, but make sure that you always keep your guard up because not everyone out there is looking in your best interest. And finally some general things to becoming a more rounded person he said to, smile read and have a quiet space to let the mind think.