45 Entrepreneurs Share Advice: Been There, Run That

It’s not possible to list all of Kay Koplovitz’s achievements, but here are a few highlights:

  • She is the Founder of USA Network.
  • She created the business model for cable networks.
  • She launched the Sci-Fi Channel in 1992.
  • She is the co-founder and chairman of Springboard Enterprises.
  • She was appointed by Bill Clinton to the bipartisan National Women’s Business Council.
  • She has served on numerous corporate boards ranging from Nabisco to Oracle.

So, after reading her recent book, Been There, Run That, I jumped at the opportunity to ask her some questions about her unbelievable career. Been There, Run That includes writing from 45 entrepreneurs who share wisdom on building and launching new ventures.

 

“Creating open teamwork is the best way to encourage innovation.” -Kay Koplovitz

 

Trailblazing through Innovation

Kay, I want to start by saying that I think of you as a business leader.  Your track record and results speak loudly.  But, I am reminded that you’re the first woman to found and serve as president of a cable network, and that makes you an inspiration to many women.  What unique challenges did you face as a woman?

More important than becoming the first women to head a television network, I created the business model for cable program networks, which is based on two revenue streams: advertising and licensing. It reversed the TV model of paying television stations to carry network programs. We collected a fee from the cable systems and also sold advertising. This is the reason so many cable program networks have been successful.

In many ways, you were trailblazing a path, opening up doors for women behind you.  Were you cognizant of that at the time?

Absolutely, and I believe I was a leader for men in the industry as well, as I preceded most of them. Throughout my career, I tried to provide opportunities for women to move up the management ladder. I co-founded Women in Cable, now Women in Cable and Telecommunications, to provide management training and the opportunity to learn to be great general managers. Today, WICT is one of the best training organizations in the industry.

After USA Networks, you turned to venture capital and found that over 95% of venture capitalists were men.  What have you done about this?

I co-founded Springboard Enterprises, a non-profit accelerator for women-led companies in technology and life sciences, in 2000. We are seeking to level the playing field for women-led businesses that need to raise venture capital. As of yearend 2014, we have brought 562 companies to market, 83% of which raise capital and 80% are in business today. Collectively they have raised over $6.6 billion, and 35% have had liquidity events, including 11 IPO’s. Readers can gain great insight from the advice of these wonderful entrepreneurs who contributed to Been There, Run That.

My two partners and I also are launching a for-profit Springboard Fund to invest in companies completing the accelerator program. We have many great companies: Constant Contact, iRobot, Zipcar, Minute Clinic, Viacord, and many more.

What’s the best way to encourage innovation throughout a large organization?

Creating open teamwork is the best way to encourage innovation. Give people permission to experiment by offering them both responsibility and authority to break rules for creative destruction and innovation.

 

“Invest in creating the right culture and you won’t be disappointed in the results.” -Kay Koplovitz

How Leaders Leverage Opportunity through Entrepreneurship

This is a guest post by Mohsin Memon, the founder and director of Memcorp Learning and Performance Solutions. Memcorp believes in entrepreneurship in its truest form.

How often have you heard the phrase ‘lead by example’?  Probably one too many times.  We’re all told that we ought to lead by example without any understanding of what leaders do, much less how they think.  First and foremost we must recognize that great leaders from all walks of life embrace entrepreneurship not only in action but entrepreneurship in its truest form. Which means they entrepreneu in all aspects of their lives.  Entrepreneu is a verb and it constitutes many elements, but we’ll focus on one key element of what it means to entrepreneu here: Leveraging Opportunity.

Great leaders are great opportunists.  They are patient and wistful about the right opportunity. This doesn’t mean they idly wait for the perfect time to make a move. It means that they make the best of their current scenario.  An effective leader does that in two ways.

Creating Opportunity

When we think of creating opportunity, we realize that we must make decisions that help us create the right opportunity.  Yet with decision making, we often think simply in the terms of a decision that leads to one good outcome and another that perhaps leads to one bad outcome. The key word to be understood here is ‘one.’   To create real opportunities, we must think of decisions that could be made that lead us to arrive at multiple positive outcomes.

Great leaders are in a constant hunt for opportunities where they can apply the law of dual reasoning, when their one action stems from two distinct and profitable reasons.  In such a scenario, through the outcome of their decision they will have positioned themselves in a way to have a choice of two positive options instead of one good and one bad outcome. This enables them to create opportunity with choices.

 

Great leaders are great opportunists. -Mohsin Memon

 

Leveraging Circumstance

More often than not we’re put in situations that we are not content with.  Life doesn’t always pan out as we plan it, which is why we must adopt the mentality of Leveraging Circumstance. The mentality of Leveraging Circumstance comes from the understanding of what the great author Napoleon Hill once said: “Every adversity, every heartache carries within itself a seed of equivalent or greater benefit.” When we truly understand what the author is trying to say, we can begin to leverage our circumstances. In simple terms, we’re speaking of that silver lining in things that don’t go our way.