By Larry Chiang
Albert Einstein mitigated all his risk on his way to becoming legendary.
Many innovators sitting right here at Memorial Auditorium during Stanford University Startup Academy could die poor and non multi, multi millionaire. Taking risks as an academically well qualified engineer is one step toward “Billy Durant”. Durant founded GM. Founded Chevy. Died broke managing a bowling alley*
-1- Following Effort Not Passion
Einstein muted his desires for physics innovation and wallowed in another mathematical field called accounting. Perhaps he was passionate about particles and the wave like nature of light, but he followed his effort first.
Rule of 72.
When Einstein was calculating EBITDA for his VC clients, TVPI for his LPs, engineering up Income Statements for CEO’s, he discovered a simple rule of thumb for calculating compound interest.
It’s called the Rule of 72. 72 divided by the interest rate your Capital One college Visa credit card charges you (29.99%), is how quickly your balance will double. So, 72 divided by 30 is approximately a year for your credit card balance will double (I added in junk fees)
What is your “Rule of 72” innovation?
-2- Fund me as an accidental entrepreneur.
Princeton University housed and funded Einstein’s research.
Pre-entrepreneurs, pay attention to the pattern of accidental (but purposeful) entrepreneur. I wrote about the risk mitigation risk, elimination strategies of quasi accidental entrepreneurs HERE: https://www.duck9.com/credit-secrets/i-never-wanted-to-be-an-entrepreneur-jack-dorsey-at-tcdisrupt-disruptsf/
-3- Einstein managed his treasure.
Albert Einstein has an incredibly high credit score.
If Albert Einstein had chased rainbows at the beginning of his career, perhaps he would have been too busy making ends meet versus becoming a legend.
Do not listen to VCs and attempt to corral Unicorns right after you “go viral”. Crank out a Ga Ga Guaranteed Exit. Plan for starting and selling your Ga Ga Guaranteed Exit 2013 at a class I don’t even teach anymore.
ENGR 145.
ENGR145’s Anchor Concept: Lemonade and Gua Gua Guacamole
It moves you to the right on the entrepreneur bell curve
Disclosure: I residually benefit from having taught ENGR 145 at Stanford Engineering in Stanford, CALIF 94305.
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