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What they forgot to teach you about business that you need to know

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What they forgot to teach you about business that you need to know Steve Kirsch Chairman Infoseek Why pick me? Was it because: I ve started 3 successful companies? – PowerPoint PPT presentation

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Title: What they forgot to teach you about business that you need to know


1
What they forgot to teach you about businessthat
you need to know
Steve Kirsch Chairman Infoseek
2
Why pick me?
  • Was it because
  • Ive started 3 successful companies?
  • Ive donated over 50M to charity?
  • Dr. Evil was unavailable

3
No time for lawyer/VC jokes
  • Ryan Leaf
  • The Padres

4
If you leave early, youll miss the 10 minute
instructional video
  • How to make megabucks on the Internet
  • Stars Gates, Diller, Geffen, Spielberg,
  • Shows techniques Robertson used in mp3.com
  • Why do you think the mayor is here?!?!
  • NOT AVAILABLE IN STORES

5
3 stages to any business
  • Starting it
  • Growing it
  • Selling it
  • What do all these stages have in common?

6
The 3 things every entrepreneur needs to know
about MONEY
  • How to
  • make it
  • grow it
  • lose it

7
HOW TO MAKE IT
  • (and tips for starting a company)

8
Do you have what it takes to start a company??
  • Q Why are most startup companies started by
    mediocre people?
  • A The really smart ones know better!

9
How to recruit really good people
  • Take your time
  • Network
  • Advertise in places where great people NOT
    looking for jobs would be
  • Example
  • Im looking for 5 entrepreneurs for a very hot
    Internet startup that Im investing in contact
    me at stk_at_infoseek.com

10
Nobodys Perfect
  • No perfect CEOs
  • No perfect engineers
  • The whole trick is getting people to work
    effectively together to complement each other

11
Know your strengths and weaknesses
  • Focusing all your time on your strengths is a
    trap (e.g., technology, product)
  • Spend at least as much time in filling your
    weaknesses (e.g., marketing)
  • People tend to keep making the same mistakes over
    and over again (e.g., under hiring)

12
When recruiting remember Skills are easy to
acquire but simple behavioral change is nearly
impossible
  • Example
  • The toilet seat down problem
  • Solution
  • Learn how to compensate
  • Ive known excellent management consultants who
    consult for years before they realize this

13
The single biggest mistake you can make when
starting or running a company and how to avoid it
  • Hiring the wrong CEO
  • (like yourself)

14
People dont always tell the whole truth
  • My 4 yr old I didnt do it!
  • Our President
  • Bill Gates ...

15
Can you imagine Bill saying?
  • I switched to Linux on my desktop because I
    wasted too much time rebooting NT.
  • Yeah, bundling IE into the OS was a brilliant
    afterthought.
  • We could have easily complied with the Sun Java
    contract.

16
How I personally made over 200 million in a year
  • 1) Infoseek went from 5 to 100 in little over a
    year
  • 2) Having 6M shares didnt hurt either

17
How I made 10 million for my second startup
company as a result of attending a 4 hour free
course taught at a hotel
  • Negotiation skills

18
Two courses everyone should take after they
graduate from college
  • Presentation skills
  • Negotiation skills
  • Surveyhow many have taken these?

19
How to sell 30 worth of lemonade in only 20
minutes on the Stanford campus and how it relates
to commerce on the Internet
20
The most important skill for success in the real
world isnt taught at MIT, but thats starting to
change
  • Interpersonal skills

21
How to precisely value Internet companies
  • Finallyfor the first time...the secret formula
    revealed
  • Say someone asks
  • Is Yahoo overvalued?
  • You say...
  • Well If you have to ask, you just dont get it,
    do you?

22
How AOL makes big money...
  • The 2 step TOP SECRET strategy revealed here for
    the first time.
  • Make it really EASY to sign up
  • Make it really HARD to cancel

23
My two biggest mistakes
  • Refusing to acquire Yahoo for 20M in 1994
    because I thought it was overvalued
  • Telling Michael Robertson to pound sand when he
    wanted me to buy his company for 20M

24
Michael Robertsons top secret business technique
for instant wealth
  • If at first you dont succeed, try, try again
  • It doesnt hurt to be
  • in the right place
  • at the right time
  • with the right product

25
HOW TO GROW IT
26
How to legally avoid paying capital gains taxes
forever
  • Always sell at a loss
  • Donate the stock
  • Die
  • A complicated technique...

27
How to consistently get a 60 average annual
return in the stock market
  • Buy and hold
  • 10 stocks max
  • Microsoft, Cisco, Dell, EMC,
  • AOL, Sun, Intel, Worldcom, Nokia

28
What your stockbroker doesnt want you to know
why trading stocks may be riskier than gambling
in Las Vegas
  • Spreads
  • Stocks are completely unpredictable over the
    short term
  • YOU LOSE

29
Company announces great earnings (above
expectations) but its stock tanks. Why?
  • Who the hell knows?
  • Market explanations are always done AFTER the fact

30
Why mechanical trading systems dont work
  • Because Ive lost money in every proven, tested
    system Ive tried

31
HOW TO SPEND IT
32
Best thumbs up investment
  • EV1
  • Up to 170 mi range 6 hr recharge zero
    maintenance
  • Faster than my NSX
  • 180 mph (in first gear)
  • More effective than donating money to clean up
    our environment
  • You get to drive in the HOV lanes too!

33
Best personal vanity purchase
  • Propecia

34
How to automate your house
  • My house was written up in Newsweek, LA Times, PC
    World,
  • See the video on my web site
  • www.skirsch.com

35
(No Transcript)
36
How to blow 100K in one nightStay in the
villas at the Bellagio
37
So how about a house???
  • Want to know how to buy real estate for no money
    down?

38
Where are they today?
  • President of Allen Club in Atlanta Jail
  • Charles Givens dead
  • Tom Vu 20/20
  • Dave Del Dotto selling long distance cards
  • William J. McCorkle, King of the Infomercials
    sentenced, along with his wife, to 24 years in
    prison on fraud and money laundering charges

39
Some of my other really cool toys
  • Panasonic digital phone system FLASH
    voicemail/attendant
  • Dragon NaturallySpeaking Mobile
  • Panja/Phast home control
  • Covad DSL
  • Tek 840/DP printer
  • Runco rear projection TV
  • Miele washer/dryer
  • Vantage lighting control
  • BlackoutBuster
  • Mouse Systems optical mouse
  • Dual Pentium NT system with 4 OSes
  • SGI 1600SW flat panel
  • Sony DCR PC-1
  • Olympus C2000Z digital camera

40
My best personal investment (it was 15,000 and
its more than paid for itself already)
  • Kodak DCS-520 digital camera
  • Check out the sample on my web page

41
(No Transcript)
42
So youve now got all the toys
  • House
  • Car
  • Vacations
  • Subscription to Fortune
  • Gateway PCs
  • Panja home control system
  • Private jet
  • Assets for guaranteed income for rest of your
    life
  • Now what?

43
Where do you want your estate to go tomorrow?
  • CHOOSE ANY TWO
  • Family
  • Taxes
  • Philanthropy
  • Who gets to spend your dough?
  • You? Or the government?

44
Giving it away is the best way to spend it
  • We have a 50M fund at our local CF
  • We DO give to make a positive difference in our
    own lives and the lives of people we care about.
  • We DO NOT give not out of a sense of obligation
    or payback or civic duty or because it is the
    right thing to do or to create a legacy

45
Why it is better to donate to charity sooner than
later
  • No tax advantages to giving after you are dead
  • No personal satisfaction to giving after you are
    dead
  • Giving can ultimately benefit you or your family
  • deviated septumpresbyopiahair
    losssnoringlactose intolerancepsoriasisrecedin
    g gumsnear sightedtorn ACLtype I
    diabetesmacular degenerationringing in my ears

46
Example
  • Ten years from now, you might be diagnosed with
  • Heart disease/stroke
  • Cancer
  • Macular degeneration
  • At that time, starting a giving plan will be too
    late to have an impact on your health
  • In hindsight, was keeping your assets sitting in
    stocks the right move?

47
Easiest way to donate
  • Gift appreciated stock to a donor advised fund at
    local Community Foundation (typically 5K
    minimum)
  • E-mail them whenever you want to make a grant
  • For any progressive community foundation

48
Charitable fund advantages
  • You can add stock (and liquidate) even if your
    stock is locked up
  • Can donate to fund when stock peaks decide on
    recipient later
  • Gift to charities at anytime from the fund
  • Less hassle (no personal recordkeeping, no
    periodic stock transfers, e-mail donations)

49
Advantages of charitable fund
  • Endowment compounds tax free forever
  • You get to give away an infinite amount of OPM
    and your annual grants will typically increase
    each year
  • All this from a ONE-TIME donation!

50
Giving may actually save you money!
  • Example
  • You donate to a CRT when your stock is locked up
    at 50
  • Trust can short other shares to lock in the gain
  • Trust pays you back your donation over time
  • Result
  • You can actually end up with more money in your
    pocket than if you sold that stock at 25 in a
    selling window

51
How to give intelligently
  • Figure out the areas important to you
  • Create your own criteria (I have 20)
  • Make a long term commitment
  • Realize that results are often hard to quantify
  • See my website for details
  • www.skirsch.com

52
How we give
  • Saving the world (NEOS, Ploughshares)
  • Encouraging philanthropy (talks, website)
  • Environment (we own two EVs, AB71, NRDC, EV tax
    credits, solar vehicle)
  • Fixing what is broken (knee surgery advice, stem
    cell ban, selling body parts, etc.)

53
How we give
  • Medical research projects (diabetes, bridge
    funding gaps)
  • Medical sponsorships (3 yr 540K grants)
  • Local (Tech Museum, AMTSJ, library, )
  • Education (MIT, people skills)
  • Misc (Mars Society, Buzz Aldrin, )
  • Socially responsible investing (Targesome)

54
Giving strategy
  • Make periodic small donations as your stock rises
  • Many notable philanthropists regret not having
    taken advantage of this strategy. Dont make the
    same mistake.

55
Questions?
  • Next up
  • How to make megabucks using the Internet
  • (10 minute video)

56
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