I’m at the Endeavor conference in Miami and today’s keynote speaker is Reid Hoffman (Founder & CEO of LinkedIn). I’m going to try and paraphrase what Reid says – so this blog post is by no means verbatim and just highlights the key themes of his talk.
Part of the thesis upon which LinkedIn is based, is that all individuals are in effect small businesses and need to brand themselves as such and preserve their relationships with the people that you meet.
Entrepreneurs are typically always looking for people for advice, funding, employees etc. By using LinkedIn, you can narrow down and reliably look for people that are in your network who can assist you in your venture.
Innovation: You have to assume that they are ahead
Speed: The company who deploys the product or service first – becomes the leader
Adaptation: Fail fast – fail often – quick learning allows for iterative development and allows you to adapt.
Silicon Valley has a culture of sharing ideas and getting feedback, and then optimizing the business model for that feedback. Don’t operate in a vacuum.
Competitive awareness: LinkedIn saw the rise of Twitter a long time before the rest of the market and built special apps that pick up on it.
Reid invested in FlickR based on a personal introduction – which is a good filter for him. Also, applies to hiring – personal recommendations are much better for hiring people than any other channel.
In terms of find employees, LinkedIn is good for:
1. Finding a huge pool of passive employees
2. Reaching people in your network
3. Reference checking
“Entrepreneurship is throwing yourself off a cliff, and building a plane on the way down” – Reid Hoffman
Success as an individual is often achieved by leveraging the knowledge and experience of your network.
The hallmark of successful entrepreneurs and businesses is the ability to quickly assemble high quality teams to solve problems.
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Comments On This Post
May 9, 2009 at 11:40 pm
Wow! Mr. Lingham, I'm feeling those in my boots! Anyway, I think the striking similarity in what we all do as entrepreneurs is keeping tabs with change as drivers and not as passengers. Everytime someone say to me that I'm way too 'distant' to command a global attention – I simply tell them, "I'm just trying not to be surprised with other people's success, 'cos really I should." Having lived in Nigeria for more than 10 years, the things that Reid said are re-echoing massive opportunites in Africa, but sadly it may be a selfish cake for us insiders. Keep it up….I love yola!
May 13, 2009 at 4:25 am
I like to keep up with what key people are saying but I don't have time to be at all the conferences and seminars… which is precisely why I rely on posts like this. Thanks
May 18, 2009 at 6:47 am
"The hallmark of successful entrepreneurs and businesses is the ability to quickly assemble high quality teams to solve problems."
I think that that is a pretty great quote. just says it all.
Thanks a lot for writing this
May 19, 2009 at 11:27 pm
Of all the themes presented, competitive awareness is probably one that most entrepreneurs and small business owners don't spend enough time on. Researching your competitors, especially if they are Internet based, does not cost much (if anything at all) and can yield new ideas and better results for your own business pursuits. Great article Vinny.
May 22, 2009 at 12:56 pm
I think this post help a lot for my business. Thank you for posting this important post
Thanks again
May 27, 2009 at 9:32 pm
I have linkedin account, but haven't using it frequently, it's good for freelance and entrepreneur to making network.
May 28, 2009 at 2:57 pm
All individuals are small businesses who need to manage and market their own brands. This will become even clearer as more people enter the job markets around the world in the coming months. Those who have a clear idea of their features, benefits and marketable qualities will win out over those who don't. Of course those who have invested in networks like LinkedIn over the past number of years will also have a ready market ot fall back on.
The quote about jumping off a cliff is worth writing down … we know that feeling
May 29, 2009 at 9:26 pm
Thanks for this summary. He seems like he really understands the key concepts of being a good entrepreneur, and of course he has shown this through the success of LinkedIn.
May 30, 2009 at 8:25 am
I think that having LinkedIn networks are great but people are also looking towards smaller private networks in which the can meet with their networks, and friends of the same networks! Vinny, your regular parties in Cape Town is a great example of this, as is the SUTRA VIP that we have at SUTRA Magazine.
June 3, 2009 at 12:55 am
I really like: "The hallmark of successful entrepreneurs and businesses is the ability to quickly assemble high quality teams to solve problems."
That's really how you know if you are a capable entrepreneur, when you have a great idea and you say hey I need to make this happen and I need some people to help – and you are able to get those people quickly and make your idea a reality.
June 4, 2009 at 9:02 pm
While I am impressed by your blog – I am unimpressed that after 4 business days I can not get customer support to remedy the inability to edit, update, or change the style of my Yola supported web page.
Of even greater concern is the inability of Yola to make me feel like my website is as important to me as Yola is important to you. There is no phone number for Yola support and I am at the mercy of your customer service to email me – which has not remedied, but only identified the problem on Yola's end.
I look forward to your attention to customer service and Yola's commitment to excellence.
June 17, 2009 at 3:08 pm
Entrepreneurs is the people who always a strong endeavor and will power..Success can be achieved once we have a strong effort…It is very clearly explained for the business people…I appreciate your interest, though, nonetheless!
June 18, 2009 at 2:06 pm
Thank you for information
June 18, 2009 at 2:07 pm
thank info
June 18, 2009 at 2:25 pm
Great Post! Keep it Up!
June 18, 2009 at 7:03 pm
It's true that future business is depends on online resources.
So Winning the IT side is the next big challange for SME's
June 18, 2009 at 10:09 pm
thank you, really great post!
June 18, 2009 at 11:04 pm
I agree I personally work with ITs and the future is intended for technology to progress. Great article I subscribed =)
June 19, 2009 at 11:28 am
@ Emo Fap
Keep up guys
I also work with IT and I am more than happy eith the trend. + 1 subscription
June 19, 2009 at 5:17 pm
A great post. I Read about this conference in the papers as well. Linkedin indeed is very helpful.
June 20, 2009 at 12:14 pm
i really agree with this:
Success as an individual is often achieved by leveraging the knowledge and experience of your network.
June 20, 2009 at 11:15 pm
It is true. People are businesses. The internet allows you to put up a website, market it on the first page of a search engine and start making money instantly.
As far as Twitter threatening LinkedIn, that will always be the case. Its always going to be about the latest and the greatest. The new toy. Latest fad. Etc.
June 21, 2009 at 6:20 am
Great article .. it is really hard to get updated with all this technologies
June 21, 2009 at 12:00 pm
Nice article,thanks at info…
June 21, 2009 at 12:12 pm
Great information you sharing on your site, love it. You can check out my blog http://traderroundtable.blogspot.com
June 21, 2009 at 12:50 pm
The hallmark of successful entrepreneurs and businesses is the ability to quickly assemble high quality teams to solve problems
June 21, 2009 at 4:55 pm
Thanks for this summary. He really understands the concepts of being a good entrepreneur.
June 21, 2009 at 5:46 pm
I'm generally not surprised with other people's success, but i should. Reid Hoffman made a good job.
June 22, 2009 at 2:16 pm
People misunderstand the concept of being an entrepreneur clearly he knows the concept. Thank you for the good post.
June 22, 2009 at 2:19 pm
People clearly misunderstand the concept of being an entrepreneur. Thanks for the post Reid Hoffman is the man =p
June 22, 2009 at 8:44 pm
Great way to sum it up. Hoffman clearly knows what it is like being an entrepreneur.
June 24, 2009 at 6:24 pm
Cool post. I agree, hoffmans done a fine job.
June 24, 2009 at 11:18 pm
I think that having LinkedIn networks are great. Having another tool to get your name or brand and connect with other professionals is always nice to have.
June 25, 2009 at 7:54 pm
very true- You can spend of lot of time at events rather than "doing" – He has covered the main points and like most entrepreneurs, has little time for long detailed points- just the main points that matter.
June 25, 2009 at 7:57 pm
Re: "“Entrepreneurship is throwing yourself off a cliff, and building a plane on the way down” – i love this and its so true….short on detail- learn from mistakes while making them LOL
June 25, 2009 at 8:01 pm
I think you have to also be inovative, move like you are pushing up a hill at the same time, knowing there will be massive ups and downs, and doubt in your own ability (the little voice in your head that needs to be dealt with)
June 25, 2009 at 11:32 pm
I guess key to these type of sites surviving would be the way to provide the cashflow in the early days and leadership (and the funding) that understands the process/time frames and what works with it.
The dot com bust was a good thing- I makes business models stronger for the future.
June 28, 2009 at 6:39 pm
As I know Reid Hoffman was a great man, and I think LinkedIn was a great networks
June 28, 2009 at 6:41 pm
Good converance, as I know Reid Hoffman was a great man, and I think LinkedIn was a great networks.
June 28, 2009 at 7:52 pm
to entrepreneur bred be necessary for a long process of learning from the experts. your post is very good
June 28, 2009 at 11:41 pm
I have a LinkedIn account since a long time, but I never use it … I must be confused to do in … from now maybe I have to try it in my online life …
June 29, 2009 at 1:59 am
Nice article. It is gonna help my business. Thank you for your sharing knowledge about business.
June 29, 2009 at 5:59 am
firs,Thanks for this summary.
He seems like he really understands the key concepts of being a good entrepreneur, and of course he has shown this through the success of LinkedIn. and it's normal to people succsess.
regard,
rusli zainal sang visioner
June 29, 2009 at 9:00 am
I think this post help a lot for my business. Thank you for posting this important post
June 29, 2009 at 9:02 am
Cool post. I agree, hoffmans done a fine job.
June 29, 2009 at 11:33 am
yes, success is a combination of knowledge and network. This is why smart people don't always reach success.
June 30, 2009 at 1:08 am
greta posting, nice t know you
June 30, 2009 at 10:52 am
Agreed. LinkedIn is a good network for professionals who need assistance from other professionals on looking for a job. Building high quality team is indeed a great factor for businessmen and entrepreneurs' success.
July 1, 2009 at 4:05 am
Thanks for this summary. He really understands the concepts of being a good entrepreneur…
July 1, 2009 at 5:09 am
i like miami hohoho…
July 1, 2009 at 1:01 pm
from me also
July 2, 2009 at 6:17 pm
Your article is hugely insightful and I really enjoyed it! Thanks…
July 4, 2009 at 3:35 am
This post in very valuable input for me.
Thanx
July 4, 2009 at 9:10 am
LinkedIn is a good resource and having been a member for a few years, I've certainly seen how it has grown recently. One downside is the amount of unsolicited 'offers of help'.
July 4, 2009 at 9:10 pm
Reid Hoffman is the man great article thanks
July 4, 2009 at 10:38 pm
thanks for this summary. I Read about this conference in the papers as well. Linkedin indeed is very helpful.
July 6, 2009 at 11:56 am
I have tried to woek hard, 40 hours a week with super concentration high level. but i am still poor now, in fact a succes business man just spend 20 to 25 hours a week.
Reid Hoffman is a good business man, i guess we should learn something from him and this site
July 6, 2009 at 12:39 pm
Nice article. It is gonna help my business. Thank you for your sharing knowledge about business.
July 8, 2009 at 8:20 am
Reid is a perfect example of a great entrepreneur, his keynote is spot on.
July 9, 2009 at 9:10 am
Great keynote, was very useful. Thanks for sharing it!
July 9, 2009 at 6:14 pm
i'm still not completely sold on the benefits of linkedin. i mean i get it, but i don't really support it. am i alone? i'm sure it can be valuable, but i bet nobody on here has spent more than a few minutes on it in the last month.
July 10, 2009 at 12:44 am
Thank you for information
July 10, 2009 at 10:45 pm
Thanks Terrence – it's all about building community at a grassroots level. Eventually, you get to the tipping point. How is your mag coming along?
July 11, 2009 at 9:36 am
I am using Linkedin since a year ago, and I satisfied with that. Linkedin connect me with my colleague around the world.
http://www.tx-marketeers.com
July 11, 2009 at 9:39 am
People are in businesses using internet to put up a website or information about your business, market it on the first page of a search engine and start making money instantly.
http://www.cal4hhorse.com
July 13, 2009 at 7:05 am
i'm very impressed by your blog..
July 17, 2009 at 7:21 pm
I get so tired of the same recycled mantra.
July 22, 2009 at 12:00 am
nice info vinnyl..
http://www.loevi.com
July 22, 2009 at 12:01 am
hi,
Guide to Edinburgh – http://www.edenburgh.org
July 22, 2009 at 2:02 am
Thanks for this summary. He really understands the concepts of being a good entrepreneur.
July 22, 2009 at 4:27 am
“Entrepreneurship is throwing yourself off a cliff, and building a plane on the way down” – Reid Hoffman
It’s nice to see that there is a social networking site that specifically helps entrepreneurs, employers, and aspiring employees. How can it compete with networking sites such as Facebook and Multiply, with the former used to promote events and the latter for ordering products online?
July 22, 2009 at 8:44 am
I Read about this conference in the papers as well. It is true. People are businesses. The internet allows you to put up a website, market it on the first page of a search engine and start making money instantly. Nice article
July 22, 2009 at 8:49 am
“Entrepreneurship is throwing yourself off a cliff, and building a plane on the way down” – Reid Hoffman”
You could even say entrepreneurship has the same risks as the medical fields. Only you risk people’s survival through finance.
July 22, 2009 at 8:51 am
Winning the IT side is the next big challange for SME's. I agree I personally work with ITs and the future is intended for technology to progress. really great post!
July 22, 2009 at 1:08 pm
A very well written article with handy information. I’m already looking forward for more.
July 22, 2009 at 2:09 pm
I agree with the statement "rather than just trying to make money through advertising" but the advertising media is the beginning, or before the first stage of the launch of depth.
July 23, 2009 at 3:45 am
Interesting article and a good overview on the topic. Thanks.
July 24, 2009 at 6:40 pm
great post. great information.
http://wvu212.wordpress.com/
July 24, 2009 at 6:45 pm
good post, been using linkedln for some time:)
"“Entrepreneurship is throwing yourself off a cliff, and building a plane on the way down” – Reid Hoffman" ..sad but true. lol
July 25, 2009 at 5:56 am
I Really liked this saying from Reid, Entrepreneurship is throwing yourself off a cliff, and building a plane on the way down”
I felt like this when I first started out but could never really put it into works like that..
Great post.
July 26, 2009 at 12:49 pm
Thanks for this summary. He really understands the concepts of being a good entrepreneur.
July 27, 2009 at 7:28 am
A great post. I Read about this conference in the papers as well. I think that having LinkedIn networks are great but people are also looking towards smaller private networks in which the can meet with their networks, and friends of the same networks!
July 27, 2009 at 5:19 pm
Nice article,thanks at info…
July 28, 2009 at 12:44 pm
I've never really put LinkedIn to use. This post has inspired my to give it a real go:)
July 28, 2009 at 11:17 pm
Very nice post! It really helps a lot to business.
July 29, 2009 at 3:46 pm
Thanks for the post, good one…look forward to any updates
July 29, 2009 at 5:28 pm
Great post he clearly understands how to be a good entrepreneur.
July 31, 2009 at 5:29 pm
Hi there Toby,
I sincerely hope that your problem has been sorted out – I joined Yola today, and started designing my website, so the last thing I would want is a site where I can get no support!
Geraldine
August 2, 2009 at 1:50 am
nice article.
this article show me how to be a great entrepreneur like Reid Hoffman.
August 2, 2009 at 1:59 am
nice article.
i hope i can be as good as Reid Hoffman later.
August 2, 2009 at 2:29 am
Thanks for summary.
Reid Hoffman is a great entrepreneur and i will be as good as Reid Hoffman later.
August 2, 2009 at 3:38 am
Thanks for the article.
I want to be a successful entrepreneur and businessman after i read this article.
August 7, 2009 at 2:59 am
Good article, after i read that article ..it's give me emotion & inspiration to become sucessful entrepreneur …., thx for sharing this article..
August 7, 2009 at 3:04 am
nice article viny, keep up good work !
August 7, 2009 at 10:09 pm
Reid Hoffman knows his stuff. I have a lot of respect for him.
August 13, 2009 at 6:05 pm
Oww thanks very loll..vvv
August 14, 2009 at 9:13 pm
Competitive awareness is crucial to any company. "seeing" into the future has many benefits, and can really make your company stand out.
August 14, 2009 at 9:16 pm
how can you not be surprised. I am constantly amazed by peoples simple but great ideas.
August 14, 2009 at 9:19 pm
work smarter not harder. True you must put in alot of work when starting out. Keep your focus and optimize what is working.
August 15, 2009 at 3:44 am
you are right
August 16, 2009 at 3:24 pm
thank you for sharing this great post
August 16, 2009 at 9:27 pm
I'm generally not surprised with other people's success, but i should. Reid Hoffman made a good job.
August 30, 2009 at 9:44 am
Excellent article, thank you very much.
September 4, 2009 at 1:08 am
Full of sense and very impressive summary of what should be a good entrepreneur !
October 10, 2009 at 2:17 pm
I use Linked In very good and easy way to find people that are recommended by other people you trust. I think you should always make an effort to become part of your industry esp in Internet based business, go to the shows and party’s!
Dawn
October 10, 2009 at 2:19 pm
Agreed Linked In is a brilliant marketing tool. You should always striving to make more contacts!
Pete
October 17, 2009 at 11:28 pm
Linkedin is a place where you can get linked with like minded people as all other social sites are – this is what I knew. But reading this post I’m amazed by the ways that it can be used for specially in ecommerce and finding employees and employment. I too have a Linkedin profile but I have not used it yet. Seems it is time I put it to full use. Individuals like Reid are the ones who can build empires from their very thoughts. I liked his thought that – “individuals are in effect small businesses and need to brand themselves as such and preserve their relationships with the people that you meet”. I must thank you greatly for bringing writing this informative post.
October 20, 2009 at 1:08 am
All individuals are small businesses who need to manage and market their own brands. This will become even clearer as more people enter the job markets around the world in the coming months. Those who have a clear idea of their features, benefits and marketable qualities will win out over those who don’t. Of course those who have invested in networks like LinkedIn over the past number of years will also have a ready market ot fall back on
[Links Removed]
October 20, 2009 at 1:10 am
Wow! Mr. Lingham, I’m feeling those in my boots! Anyway, I think the striking similarity in what we all do as entrepreneurs is keeping tabs with change as drivers and not as passengers. Everytime someone say to me that I’m way too ‘distant’ to command a global attention – I simply tell them, “I’m just trying not to be surprised with other people’s success, ‘cos really I should.” Having lived in Nigeria for more than 10 years, the things that Reid said are re-echoing massive opportunites in Africa, but sadly it may be a selfish cake for us insiders. Keep it up
[Links removed]
October 29, 2009 at 3:59 pm
I’ve always felt that:
Speed: The company who deploys the product or service first – becomes the leader
Is one of the most important aspects of running a successful business
Sorry, comments for this entry are closed at this time.