Celebrating 22 Years with 22 mile run

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On June 21nd, Gold Systems celebrated our incorporation twenty-two years ago!  Now let me tell you a story about how I ended up running twenty-two miles from my house in Gunbarrel to the top of Sugarloaf Mountain to celebrate the occasion.

Sometime during the dot com boom I was sitting in my backyard with my friend Herb Morreale and we were talking about the difference between companies that give it all they've got for a year or two and companies that take the longer view.  From my backyard I can see a few mountain peaks, and I said to Herb, "See that green pointy looking mountain?  We couldn't possibly sprint to that mountain from here, but I'll bet we could get there eventually under our own power if we picked our route, planned a little and didn't kill ourselves along the way."  It was something like that anyway. 

My point was that we were both in businesses where it seemed like we were running a series of marathons rather than one fast sprint.  That idea always stuck with me and I reminded people at Gold Systems that to last we needed to sometimes conserve our energy and not burn out along the way.

Later I figured out that the mountain is Sugarloaf Mountain.  The peak is about twenty-two miles from my backyard and it stands 3,655 feet higher at 8,917.  It's one of our smaller Colorado mountains.  About three and a half years ago I started running after reading the book "Born to Run" and the idea of actually running to the top of that mountain started to get more real with every mile I ran.

Just a week or two before the anniversary of Gold Systems I decided it was time to do it.  I was in good shape, and it would fall on a Friday so I could run to work in the morning, get a few things done and then take off for the summit after our company Bar B Q. 

(Click on the images below to see them full size)

Friday morning arrived sunny and hot, but I was excited to get on the road.

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My first view of Sugarloaf after leaving my house came at about mile three.  I remember thinking it looked a long way away.  I knew I could run the distance but I wasn't as positive about the climb with the heat, but I figured I could just keep going even if I had to walk and I would make it.  The photos below make it look a little farther away than it appeard to me then, but not by much!

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I arrived at Gold Systems and had a problem to deal with, so that distracted me from the big part of the run head of me.  We had a nice Bar B Q around noon where we grilled out hamburgers (beef and vegi) and hot dogs.  I had a hamburger and chips and then of course had to have an anniversary cupcake.  I wondered how that would sit in my stomach later.

 
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After a few more emails and congratulations to everyone, I hit the road again.  The heat hit me and I realized I was going to have to be careful with water.  I had a small backpack with water and Gu, and I expected to be able to fill up at Eben G Fine Park towards the end of the Boulder Creek Path.

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The Boulder Creek Path is always nice and I used the time to reflect on twenty-two years at Gold Systems.  I can't even guess how many people have helped us get to this point.  Year ago I calculated that we had created over 1,000 years of employment and it is well beyond that now.  So many people have been a part of this and it has gone so far beyond what my co-founder Jim Fudge and I imagined in the beginning.  I appreciate everyone who's worked here, and all the friends, partners and customers who kept us going all these years.  It hasn't been easy, and it hasn't always been fun, but it's been a great accomplishment by everyone involved.

I remembered to stop for water at the park, but it was overrun with kids, and the line for the water was just too long.  I reasoned that I hadn't drank that much and though I got a quick drink, I didn't fill up my pack.  We have a saying at Gold Systems – "Lessons will be repeated until learned."

The Boulder Creek Path starts climbing up alongside Canyon Boulevard and I was suddenly out of the shade.  I wondered about finding another water stop but didn't want to add even more miles to a run that was looking big enough already.

This is what it looked like for the couple of miles that I was on Canyon.  I was worried about getting through the tunnel since there is only the smallest of sidewalks, but I picked my time and sprinted through when there were no cars in sight.  I made it to the other end just before a car came around the bend.  Sometimes even when you are running a long distance, you have to sprint, so it's best to have some reserves in the tank for the occasion.  Same as in business.

I also had to jump from one side of the road to the other quite a few times over the next two miles. The shoulder was OK, but it wasn't consistent on either side.  Minor course corrections are to be expected.

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The cars rushing by helped to make the time pass quickly and I was on Sugarloaf road in less than 20 minutes after leaving the trail.  That's where the real climb begins, and thankfully there were some clouds to keep some of the sun off of my head.  In just another 20 minutes or so I had climbed (slowly!) up enough to have a good view of the canyon and Boulder Creek below.  This was starting to get real.

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From Sugarloaf Road to Sugarloaf Mountain Road it is 4.7 miles, and it is steep uphill all the way.  I ran as much as I could and walked when I needed to, but I kept going.  People driving uphill in cars would wave, as would people on bikes flying downhill.  I only saw one guy riding uphill and an hour later he passed me on his way back down and seemed really surprised to see me still going.  He said "wow!" as he zoomed past, and that one word carried me up the next couple of miles.  Whoever you are, thank you!

I've seen a lot of interesting things on the roadside as I've ran, but finding a telephone jack on the side of the road seemed surreal. How many phone lines have I touched in twenty-two years?  And what does it mean that this jack is just sitting here on the side of the road?  It probably fell out of a truck, maybe on its way to the dump.  Times are changing.

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Most of the rest of the way up Sugarloaf Road I ran on the road, with quick hops to the shoulder when I imagined that a driver was texting as they made this drive to Boulder for the ten thousandth time.  By the way, I was wearing my Fivefinger shoes all the way, until I got to the trailhead and changed into trail shoes for the last rocky mile.

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Finally I came around a curve and saw Sugarloaf Mountain for the first time since I was East of Boulder.  It was great to see it looking so big, but it was still a ways off and the clouds were getting darker.  I was also starting to worry about my water supply, like you do when you pass a gas station on the Interstate with an 1/8th of a tank of gas and an untrustrwory gas gauge.

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Around 4:30 in the afternoon, I got to my last turn.  I had a good map and a cheat sheet of the turns and milestones, so I knew I was getting close and that I could finish it when I turned on to Sugarloaf Mountain Road.

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And then right about here, on the last few miles to the trail head, I ran out of water.  When I say "trail head" that's where most people park their cars to begin the hike to the top of Sugarloaf Mountain.  I was expecting a friend to be there with a bag I had put together with water, food, and my trail shoes for the rocky last mile, so I wasn't worried when I ran out of water.  I also figured I could go back a mile or two and knock on the door of a house or cabin and beg for water if I needed it. 

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Unfortunately my friend missed the turn and went about 10 miles on down the road.  Lucky for me there was a guy there packing up his ATV and he gave me a couple of bottles of water, so I sat on a rock and enjoyed being off my feet until my friend found his way back to the trail head.  Although it still looks like a long way to the top in the photo below, it was only another .68 miles.

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It was a nice walk up to the summit, with great views on all sides.

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If you click on the photo below you can see my starting point that morning way off in the distance.  Maybe you can, because I couldn't see my part of the county much less my house, but it's out there somewhere.

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I expect I'll always remember this run, and I hope it always inspires me.  I had run the Colfax Marathon a month before and barely finished, and it was on flat pavement.  A lesson here is that things can and often do get better.  I could have convinced myself not to even try  the Sugarloaf run based on that marathon experience.  This should have been a harder run, but it wasn't.  Probably because I wanted this one so bad and I really did enjoy the experience of doing something that I had only imagined might be possible years before.  Or maybe it was just a different day and because I tried, I did it.

This run was really a tribute as much as it was a test.  Thanks to my wife Cindy (who has a new book for sale!  🙂 )  She still doesn't know why I would do something like this but she still supports me.  And I'm talking about both the company and the run.  Thanks to Jim for suggesting we start a company way back when, and thanks to everyone else who has worked here or been a customer or who has just dropped in to help when needed.  This run's for you!

 

 

 

 

 

Colorado Entrepreneurial By Nature

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Gold Systems is now over twenty one years old, and our offices are
less than a mile from where it all started here in Boulder.  It's really
hard to imagine starting Gold Systems anywhere but in Colorado, so I'm
happy to lend our name to Colorado Entrepreneurial By Nature.  It's a
grass roots campaign to make sure the world knows that Colorado is a
great place to live and to start a business.  I've benefited so much by
being in a community that supports and encourages entrepreneurs and I'm
happy to give back that support to the new people starting up here in
Colorado.

If you are an entrepreneur in Colorado, lend your name to the effort by going here:  http://www.entrepreneurialbynature.com/

The Greatest Business Decisions of All Time

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My old YPO buddy Verne Harnish has written a new book, and it is available today.  His previous book, Mastering the Rockefeller Habits is a favorite of mine.  After you read Built to Last and Good to Great, read Rockefeller Habits to learn how to opererationalize what you've just read.  I'm sure The Greatest Business Decisions of All Time will be fantastic, and the forward is by Jim Collins himself.  Every time I talk to Verne, he teaches me something and helps my business so I'll be ordering the new book first thing in the morning!

Before I got this blog post published, another book arrived in the mail from my other old YPO buddy Brad Feld.  This one is Startup Communities and it is the first in the Startup Revolution series.

 

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Boulder would be a very different environment for entrepreneurs if both Brad and Verne had not come to town and decided we needed a YEO chapter.  (Now EO)  Thank you guys, you've really made a difference in the community and the world, and it has been my pleasure to know you both.  Brad's book is what he's learned about helping communities attract and support start ups, and I just started reading it on my Kindle.  I'm sure it's great too!

A week at Innovyz START in Adelaide, Australia

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In my previous post I talked about my first full day in Adelaide. This post is about my time spent at the ANZ Innovyz START technology accelerator in Adelaide, Australia.

My good friend Jana Matthews has been going to Australia and other parts of the world for years to work with start-ups and fast growing companies. I was thrilled for her when she told me that she was going to be spending the summer in Adelaide, Australia working with a new technology accelerator. When she invited me to come over for a week and work as a mentor to the start up entrepreneurs, I thought, "that should be fun, and I can repay Jana for all she's done for me over the years." After getting home from Adelaide and thinking about my experience there, I realize now I didn't repay anything and I believe I'm now deeper in debt to her!

Jana and I have spent many mornings sitting at Turley's talking about the challenges of leading and growing a business. She's seen me at my worst times and at my best times, and through it all she has given me great advice that I've sometimes listened to. I'm not always the best student, but it is fair to say that without Jana's advice over the years, Gold Systems would not be what it is today.

Boulder, Colorado is home to TechStars, which is the #1 startup accelerator in the world. I was asked to be a mentor in the first year of the Boulder TechStars, and it was a fantastic experience. I learned a lot and I gained a close personal friend in the process. The Innovyz START accelerator in Adelaide is modeling a lot of what they do on TechStars, and they are part of the Global Accelerator Network which the TechStars guys also support. Both David Cohen and Brad Feld have helped get them off on the right foot.

My experience with the people of ANZ Innovyz START was fantastic. I was in the second week's flight of mentors to arrive and we were welcomed with a great dinner put on by Jana, Philip Vafiadis and Jerry Kleeman. I was the only Boulderite in that week's group of mentors, but Sherri Leopard, Catherine Merigold and Lu Cordova were also mentors other weeks. Most of the other mentors were from Australia or other parts of the world, and I really enjoyed getting to know everyone in my group.

Monday morning started with quick introductions and then we jumped into one-on-one's with each company. There were ten start-ups selected to participate in the program, and the founders had all relocated to Adelaide and for the most part seemed to live in their offices. They are working hard to make the most of the program and to be ready for Investor Day on August 17.

I felt for the entrepreneurs, because they had to quickly explain their company, and then process questions and suggestions from mentors that though they had a lot of experience, had just the smallest understanding of the company. As I think about it, that is one of the first lessons you have to learn as a new start-up entrepreneur. How do you to take all the advice people are willing to give you and make sense of it? Often the advice is conflicting and threatens to take your company into an entirely different direction. I did my best to let them know that while I might have an insight or an opinion for them, it could well be wrong and it was ultimately up to them to decide if it was helpful.

New entrepreneurs get a lot of advice on hiring. "You need a strong tech person" or "You need an awesome sales or business development VP." Maybe, but that advice can get a – into trouble. The founders first need to be competent in all areas. Maybe not great, but competent. A founder needs to be a fast learner and willing to dive into things they know nothing about, and then do the job until the company can really afford to bring in the experts. Except for running out of cash, nothing will kill a start up faster than hiring the wrong person at the wrong time. Getting someone who doesn't fit the values and culture that the founders want to create is deadly. Hiring a VP from a big company who "loves the idea of a start-up" but has no idea how to execute without a big staff is killer. I spent a fair amount of my mentor time with the entrepreneurs just reassuring them that they were in fact very capable people who could get the job done. Everyone of them was passionate about their idea, smart, and hard working or else they would not have been selected for the program.

That's the basic idea behind accelerators. Get lots of entrepreneurs to apply, select the very best, and then give them mentoring, introductions and financial help. Do that, and most of the companies will exit the accelerator a few months later and be on their way to success.

I'm happy to have been a part of the first year of ANZ Innovyz START in Adelaide, but I'll bet that next year and the year after will be even better. Adelaide looked like a great place to start a technology company and I hope to get back there again soon. I asked Jana, "How is it possible to miss a place I didn't even know existed a few months ago?" I wish the best of luck and success to ANZ Innovyz START, the entrepreneurs, my new mentor friends and the city of Adelaide!

 
Photo 5 Wow.  Twenty years ago today, Jim Fudge and I received the incorporation papers for Gold Systems.  But that's not quite the beginning of the story . . .

The summer before, Jim and I spent the day together at the Boulder Kinectics Race.  I tell you that because that was actually the day we decided to start the company.  We spent the day in the hot sun, eating junk food, and watching crazy people have fun.  That evening we talked about why we weren't having more fun.  The reason was that we had to go back to work on Monday at a big company, and Jim uttered the words that changed everything – "Let's start a company."

We started getting together after work to talk about it.  For me, I realized it was really going to happen when I told Jim that I had found a used AT&T 3B2 computer for sale on Netnews that we could use as our development machine.  He whipped out his check book, signed a blank check and handed it to me saying, "do it."  I was blown away, and it was the first of many selfless acts by Jim and many, many other people who helped to get Gold Systems to this anniversary.  (We didn't buy that machine, and I still have that blank check . . .)

This anniversary is about Gold Systems, and the people who've helped make it work.  Thank you all, I am truly grateful to have been a small part of this.

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The original founders, left to right:  David Appell, Terry Gold, Jim Fudge, Kevin Obenchain.  Not pictured, but also there from the early days was Kathy Bishop.  Thank you all for helping us get started!  Update:  Check out David's blog post.  Thank you David!

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Jim drew up the first business card design.  Note the email address.  The "at sign" had not been invented when we started Gold Systems.  The phone number was my home phone number at the time, which we still have as Gold Systems' main number. 

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At our open house, Vince Fresquez surprised us by having the company name put on the door.  Thank you Vince!

There are many more stories to tell, and many more people to thank.  Until then, please know that I appreciate everyone who has helped us to get to this day!

Terry

19 Years and counting, and 13 lessons learned

Nineteen years ago yesterday, June 21, 1991, I received notice from the State of Colorado that Gold Systems was officially incorporated as a business.  I believe I also gave two weeks notice to AT&T on that day and officially started my entrepreneurship journey.

I've learned so many lessons along the way.  Some lessons are still being repeated, but years ago I wrote down some of the ones that had really stuck with me.  To commemorate the day I'm going to repeat a blog post that I did back in 2004.  Here's the original link, which amazingly still works.  I called it Thirteen Lessons Learned in 2004, but the list goes back to the very early days of Gold Systems.  At that time there were only twelve lessons, but the most important lesson was only added after we survived the dot.com crash.

Thank you sincerely to EVERYONE who's been a part of Gold Systems.  For everyone who's ever worked here, or been a customer or a partner or an investor – thank you!

Thirteen Lessons Learned

1. Get all of the business we can . . .

Too many times we thought we were going to get a big contract and slacked off on our sales efforts. Then we had to scramble when the contract didn't come through.

2. Don't assume anyone else is working in our best interest.

People have their own problems and sometimes wishful thinking made us believe that people were going to do more to help us than was realistic.

3. Always confirm sending a fax and appointments.

Faxes have a way of getting sent to the wrong number, lost, mis-filed or directed to the wrong person. We confirm every fax that goes out of our office. Confirming appointments can prevent you from driving across town and then finding out the person you are meeting is no longer available. It also reminds the person you are meeting about the time and gives them a chance to be better prepared.  I don't remember the last time I sent a fax, but I do remember the last time I sent an email and then wondered why it wasn't answered, only to find out it didn't go through.  The point is to confirm the important stuff.

4. Every phone call could be from a customer.

Always answer the phone assuming that a customer could be calling. Some people like to call at odd hours and leave voice mail. It is impressive when they catch you working late and you answer professionally.

5. You get what you want by helping enough other people get what they want.

I believe business is all about providing service to other people. I believe that Zig Ziglar might have said this originally.

6. Get your name in front of people.

Reputation and name recognition are two very valuable assets of a company.

7. Be honest.

Always. No exceptions in my book. Besides being right, it makes good business sense. People who lie eventually get caught and aren't trusted. If a person will lie about a little thing they will lie about a big thing.

8. Call the person who writes the check to make sure that we are going to be paid on time.

Don't wait until an account is past due to find out they never received the invoice. It is easy for an invoice to get lost. Make it easy to get paid.

9. It's not a "Done Deal" until Jim gets his sucker.

Jim Fudge is my friend and partner. He also used to take every check to the bank and he would celebrate by bringing back suckers. Until the check is in the bank a deal can go down the tubes. Don't relax until you get paid.

10. Always write down all commitments.

Make to-do lists and use a good contact management system. Customers hate when things "fall through the cracks". When they do (and they will) don't make excuses. I hate being told by someone that "they got busy". What, with their good customers? Own up to the mistake and try harder not to miss commitments.

11. Spell check everything.

I'm a terrible speller, but there is no excuse for sending out a document that has spelling errors. (Now watch, one will slip through in this list!)

12. Always get a copy of anything we sign.

It's pretty common to be told "Sign this and we'll send you a copy". Ask for a copy when you sign it. Sometimes they forget to send it and then you have nothing if you ever have to refer to the contract or try to enforce it.

This list of lessons was developed by Terry Gold and James Fudge during the startup and growth of Gold Systems, Inc., a custom telecommunications software firm in Boulder, Colorado. Feel free to use this list in your own business and to make copies if you keep this notice intact. Someday when life slows down I might like to use this list as a basis for a book.

13. NEVER RUN OUT OF CASH

I can’t believe it took me this long to add this lesson.  You can survive anything as a business as long as you don’t run out of cash.  Don’t do it.  Don’t get close.  If you are heading in that direction, create a massive sense of urgency to change what you are doing.  Note to VC backed entrepreneurs:  Big bank balances turn in to small bank balances surprisingly fast. 

 

Happy Talk from Jeff Thredgold

I've subscribed to Jeff Thredgold's newsletter for probably two years now.  He's an economist who can talk about economics in an interesting, entertaining and understandable way.  He's not afraid to give an opinion or to say when he has no idea how something is going to work out.  Twice a year he does a "Happy Talk" newsletter where he only reports good news – the rest of the time there is usually a balance between dark clouds and silver linings.  I always end up forwarding that issue multiple times as it comes up in conversations and people want to see the whole list of good news items.  This time around I emailed Jeff and asked permission to reprint a few, and he quickly replied that I could.  Check out his website here and subscribe to his free email newsletter if you like it.

I had a tough time picking the items to reprint here, so check out the list on Jeff's website.  To read the list click here.  Now for some good news:

• Donations to charities were near the all-time high in 2008, with more than $307 billion donated by individuals, foundations, and corporations. As a percentage of GDP, Americans gave twice as much as the next most charitable nation…England

• Smoke-free laws in restaurants, bars, the workplace, etc. reduced the rate of heart attacks by an average of 17% after one year in those communities where the bans had been adopted

• The income of women worldwide is expected to rise by $5.1 trillion by 2013 to $15.3 trillion, an increase of one-half

• U.S. exports to China have risen roughly 24% per year since 2001, making China the fastest growing market for U.S. goods

• Violent crime declined 4.4% during 2009’s first half, versus the year before.  Violent crime overall is down nearly 60% since 1993, with violence by teens down 71%.  School violence has declined by half from a decade ago

• Flexible work schedules are now the norm for 43% of workers, up from 29% in 1992 and 13% in 1985. This allows greater flexibility for more people, especially those with children

Thank you Jeff for allowing me to share your Happy Talk!

Entrepreneur Ship Quotes

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I had dinner with a friend a few weeks ago, and he emailed me today and asked for the "Ship Navigation Quotes" that I have on my desk.

I've always loved the water and I enjoy being on it, in it and under it.  My first memory in life, I think, is of my first swimming lesson.  Mr. Epling said he would give a penny to the person who could duck their head under the water the longest.  My memory is of him lifting me out of the water by my bathing suit because I wasn't ready to come up.  I won the penny.

So – the quotes are really about life and entrepreneurship and they relate so well to what I've experienced since Jim and I started Gold Systems.

The picture that I started this post off with is of a ceramic tile that my wife brought home from the Netherlands for me years ago.  It says "De beste Stuurlui staan aan wal" which translates to english as "The best steersmen are ashore."  It's really easy to stand on the dock and tell the sailor what they are doing wrong, but it gives you a whole different perspective to sail into the storm and to be responsible for the ship.  If people are shouting advice from the dock, they might have good advice, but remember their perspective and that ultimately you and the other people on the boat are responsible for bringing it home safe.

The next one reminds me that good times are easy.

Anyone can hold the helm

"Anyone can hold the helm when the sea is calm."  According to the fortune cookie, Publilius Syrus said this in the first century B.C.  The next quote gets to that idea from another angle.  "A ship is safe in harbor – but that is not what ships are for."  by John Shedd.  The dates don't quite match the John Shedd from Chicago, but I'll bet it's him.

A ship is safe in the harbor

Too many boats (and people) spend their life in harbor because it is safe.

I am not afraid of storms

I've looked to that last quote a lot, especially in 2001 and again this past year.  "I am not afraid of storms for I am learning to sail my ship." by Louisa May Alcott. I'm not suggesting we should sail into storms just to become better sailors, but if you find yourself in a storm, try to learn from the experience and you'll be better prepared for the next storm.  You may still not like storms but after enough of them, you at least gain some confidence that you'll get through them. 

Before quiting my nice safe job (HA!) I thought that if I was in charge, things would be different.  Some are, some aren't. When things get tough I remind myself that THIS is what I wished for and I'm right where I wanted to be all those years ago.  If I ever cross an ocean in my own boat, and I find myself in a storm, I'll try to remember then that "I'm living the dream!"

(When typing in the tags for this post, I noticed the word EntrepreneurShip.  Coincidence?  I don't think so.)

Jim Collins and Steve Martin arrive today


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What an interesting day!  The new book from Jim Collins arrived today and in the same box was Steve Martin's new Banjo CD.  I got in a chapter or two at lunch and I expect I'll finish it tonight. "How the Mighty Fall and Why Some Companies Never Give In" is available now and looks really interesting.  It seems to be trying to answer the question, "What happened to the companies mentioned in Built to Last and Good to Great that have fallen from greatness?  Where did they go wrong, and what lessons might we learn from them?"

I think I might cut out the quote from the back cover and stick it on my wall.

 


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"Whether you prevail or fail, endure or die, depends more on what you do to yourself than on what the world does to you." — Jim Collins

And what about the Steve Martin reference?  Everyone knows that Steve Martin is a funny guy, and some people know that he plays banjo, but not many people know that he's a REALLY GOOD banjo player.  He's also a friend and student of Boulder's own Dr. Banjo aka Pete Wernick, and he's just released his first serious music CD.  Pete played on some of the cuts as did Dolly Parton, Vince Gill, Earl Scruggs, Bela Fleck, Tim O'Brien and Mary Black.  You might remember that Pete is the Banjo Player for Hot Rize and Tim O'Brien is the mandolin player, so there are a couple of Boulder connections.

The Crow: New Songs for the 5-String Banjo is available at DrBanjo.com and other fine music retailers.  It comes with a nice set of liner notes (is that what they are called now?) and I'm looking forward to getting home and listening to it while reading Steve's comments about how he wrote the tunes and who was playing on each one.

The Crow cover 

Here's a Youtube video of the title cut. 

Saturday is the last day for TechStars applications

Now is a great time to start a company.  One source for some funding and a lot of great connections and mentoring is TechStars, and Saturday is the last day to get your application in for this year.  You still have time!  If you do start a business, you'll get much less realistic time frames from customers and partners, so as Jim used to say in a slightly different context, "Get used to it."

You can find everything you need at Techstars.org.  And don't forget, they've expanded to Boston too so if you can't stand the idea of spending part of your summer here in Boulder, Colorado then I'm sure the Boston entrepreneur community will welcome you too.  If you do apply and get accepted, give me a call when you get to town.