Just had an informal chat with Per Palmer who is a serial entrepreneur based in Sweden, who has started 5 companies successfully. He came to N-House to had a talk to a few of us. Board member and founder, Mr. Per Palmer has 20 years of experience in the field of strategic competence management. He founded Prohunt (intellectual capital management) in 1991, 3S (a survey tool company) in 2002 and Comaea in 2006.
Just a few key takeaways that I’d like to share,
- Entrepreneurship is fun – It has to be fun. You have to enjoy what you do and have the passion for it, and everything will fall in place. Exactly what I’m feeling sometimes where things are just falling into place, like how it should be. =) Quote of the night, “You are mad! Thats a good sign!”
- Entrepreneurship is born – Per is born an entrepreneur. He started selling stuff to his neighborhood kids at the age of 5, sold a S$3000 gold watch (which is quite huge back then – about 25 years ago?), and sold stuff in his university life to get through that. Yes, he earned his tertiary education. A serial entrepreneur, he shared that the first company he has serves as a starting point – you make mistake, learn from it, and improve on it. And you move on to your second and third one. To him, the 3rd company he started is the serious one which he raised 2 rounds of fundings up to million of dollars.
- Have absolute belief in what you do. – Love how he explained his services when he was directed a question, he used the term absolute. “I have absolute belief in what we do.” Definitely gonna use that term more often now. =)
- Promises and Delivery – To him, there is a fine line between promising and delivery. When you promise to deliver a product, it could be a delivery happening next month, doesn’t have to be instantly, BUT, you have to deliver it. For example, I promise I would provide you this, that gives me a right to demand a payment, and then I can deliver my product at a later date.
- Premium and perceived value – Reminded me of a post my friend shared a few weeks ago, where sometimes providing free services are not the best way to get users. It is important to ensure that you live up to the expectation and perceived value of your users if you charge them a premium for your product. Coincides with what Jeffrey Paine shared with me last night over at Founders Drink
- Not telling the whole truth, but not the entire truth. – Sometimes, it is good to not tell the whole truth. Learn to create demand for your own product. In an illustration by Per, he asked us who were there, “say you are a startup and you are selling products to retailers. Because you have limited funds thus limiting the number of current stocks you have, retailers might ask you why can’t you provide more stocks on demand“, instead of answering that you don’t have a demand yet, you could say: “we could not do that because we have too much demand right now and we ran out of stock.” Brilliant. =)
Definitely a good chat. Why? For me, a good chat is when you get something out of it and you can apply it in your real life, and where your thoughts are provoked and you get a new dimension of thinking. Wanted to grab him for coffee to ask him for advices on what Im doing but his schedules are packed for the following 2 days before leaving Singapore, but definitely gonna meet him when he is coming back in November. =)