00:12 Scott Gerber: So you've obviously seen a lot of young entrepreneurs, you've seen a lot of older entrepreneurs, you've seen a lot of business models. What would you say is the biggest driver of the success that you've seen among entrepreneurs? And what do you think is the biggest constant, consistent failure of entrepreneurs?
00:29 Naveen Jain: So, if you go back and look at what is common between the successful entrepreneurs. There is really no such thing that there are certain skills that people who are innate, born with becoming an entrepreneur. But you have to have a passion, not passion for an idea, but passion to win. And if you have the passion to win, the businesses will change, the products will change, the business models will evolve. But if you have passion to win, you constantly adapt and morph yourself into to what the business needs to be. Entrepreneurs who succeed tend to create a wonderful team around themselves.
01:04 Jain: In some sense, they also know that there is no such thing as overnight success. We talk about a lot of overnight successes today, like Pinterest. Pinterest was there for five years before anybody realized there was a Pinterest. So, and I can go on and on about the companies that people some how say, "That came from nowhere". Well, these entrepreneurs worked and worked until they found the winning formula. Most entrepreneurs that fail, who do it for the wrong reasons. People do it because they think entrepreneurship is the quickest way of making money. What they don't realize is making money is a byproduct of doing things that you really enjoy doing, but if you make making money as the end goal, you actually don't even enjoy the journey. And most of the time, you don't even reach the end goal.
01:47 Gerber: Over the last decade, companies now are in the hypermedia reality. You have one action taken in eight seconds, later you have a blog post, somebody writing about it. Having been through the ups and downs of the media cycles yourself, how should an entrepreneur protect their online reputation?
02:05 Jain: In some sense, part of the thing is the old days of integrity of the journalist is no longer there. In old days there used to be checks and balances. So, in a newspaper or a magazine, a reporter will write a story, an editor will ask 10 questions, "Are you sure, I wanna see your sources, I wanna make sure it's accurate before you print it." In today's world, anybody, a guy who has no knowledge of any subject can be a journalist by being a blogger. That means every single person with no checks and balances can be a blogger. And that means you start to find a lot of people where they have conflicted interest. So, people write about things they get paid for. People write negative things of other people, because their competitor pays them to do things. So, I think in that industry... Things you can do as an entrepreneur to protect yourself.
02:54 Jain: But more often than not, you just have to learn to ignore and say, look, as long as you do the right things. There are gonna be a lot of people, your competitor is gonna have some friend blogger who's gonna say nasty things about your business. Just ignore it and continue to go out and find the people who believe in your business, and they will write positive things. And eventually the positive things, and the good things will take over all the negative stuff that is going to be there, so you cannot... It's... In a square, there are going to be... Somebody is gonna say, "I hate that blue shirt that Scott is wearing". It doesn't mean that Scott is gonna stop wearing the blue shirt. He'll just say, "You know what, great, thank you very much. There are other people who just love it."