00:12 Scott Gerber: As many successes as you've had in the last two decades of your entrepreneurial career, you certainly have seen it all. But if you had to just name one setback, what is it?
00:22 Naveen Jain: One, I think that would be, is to have people around you that you don't trust or believe in. I always felt that when we acquired the company, you wanted to make that company, especially the management part of the new company. What I realized was having acquired about 29 companies at InfoSpace in two years, when you did that, you actually never created a single company. And that to me, the biggest lesson I learned when I started the next company was, you have to cut the head of the snake. That means if you want the body of the snake to be integrated into your team, you can't have the same management team running it because the loyalty of the team always stayed with the old entrepreneurs and they never became part of the new company. So to me after that, what I learned was every time I acquired a company, I let go or moved those entrepreneurs into something else, so they did not continue to do the same thing. Because then the new acquired company can become part of the new company.
01:18 Gerber: Those couple of years where there were issues post InfoSpace and everything else, you know, a lot of people would just say "I'm done". What is your best advice if similar things happen to other entrepreneurs? Why should they get out of bed in the morning and keep doing this, rather than go try to work a traditional job?
01:31 Jain: So, very simple thing is that, if you do nothing wrong, you cannot let somebody else define who you are. Because there are gonna be always detractors everywhere in the world. People who are going to say "It can't be done", people who are gonna say "You just can't do it, you're just not smart enough." or "You just don't have what it takes." The point is you can't let somebody else define who you are. You have to wake up in the morning with your head standing high and go out and do what you believe in doing, and don't let somebody else tell you that you can't do it.