The 11 Commandments of Business Success

Reid Hoffman, the co-founder of LinkedIn, knows a thing or two about business success. LinkedIn was founded in 2002 and sold in 2016 for $26B USD. Not a bad rate of return for “only” 14 years of work!

Prior to LinkedIn, Hoffman was involved at Apple, started SocialNet.com, and was an integral part of Paypal’s success and its subsequent sale to Ebay. Hoffman knows business so when he shares some of his husiness secrets, we should all take notes!

Recently, he spoke about 11 components to his success on Timothy Ferriss’ podcast (episode 248). Although he calls them commandments of start up success, they apply equally well to any successful business. I have been able to apply each of these commandments in any business that I have been involved with. Doing these 11 things well will definitely accelerate your business!

I have listed each of the 11 commandments below along with my brief commentary on each point.

Reid Hoffman’s 11 Commandments of Start Up Success

Action Beats Strategy

Strategy without action is just hot air. You cannot strategize your way to success. You must take action and execute the strategy to see any results!

As Brad Feld and David Cohen stated in their book Do More Faster, “David didn’t beat Goliath with a whiteboard.” David beat Goliath by picking up some ammo (a few round stones), taking aim with his slingshot, and hitting Goliath in the forehead with a well-placed “kill-shot!”

This is strategy in action!

It is way too common for business leaders to “whiteboard” a strategy and then never implement it. They simply fail to translate their vision into actionable steps.

So, throw away your whiteboard and take some action!

Implement Your Strategy

6 D’s to Exponential Growth

Peter Diamandis knows about exponential growth and business success. He is a pioneer in the fields of innovation, commercial spaceflights, and incentive competitions. He is also the founder of the XPRIZE Foundation and Abundance 360!

So, when Diamandis speaks about business, innovation, or exponential growth, everyone should take note!

Recently, Diamandis published a brief newsletter outlining the “6-D’s” to exponential growth. These 6-Ds are the six main phases that an idea, product, or technology pass through on their way to making a massive culture impact.

For example, the following 6D technologies have had a huge impact on society:

70% of Today’s Occupations Will Be Obsolete in 80 Years

Did you know that 70% of occupations in today’s marketplace will be automated or obsolete by the end of this century!

This is a stunning prediction that is hard to believe but it is happening before our eyes.

For those of you who find this hard to comprehend, this sort of job displacement has happened numerous times in the past . . . even in the last century. For example:

  • In the last 60 years, agriculture’s share of workers has seen an 80% drop!
  • Also, in the same period, manufacturing has lost 60% of its market share of workers

As technology, society, and our economies advance, the workplace has seen, is seeing, and will continue to see massive changes and upheavals.

Occupations That Will Be Obsolete or Highly Automated

How To Build A Business Without A Perfect Product

Most business owners understand that they need to create a differentiated, high-quality product or service to be successful in today’s marketplace.

However, many businesses derail because they are trying to create a “perfect” product. Perfectionism causes them to either never launch or launch too late to capture the market they are after.

Worse yet, many companies think they know what the market wants and they spend millions of dollars creating an amazingly perfect product that no one wants!

The Perfect Product  . . . Is a Myth!