Why Brown Students See Green

By: Ron LieberWed Dec 19, 2007 at 12:05 AM

Take a course at Startup U. Recent graduates of Brown founded CDNow, Nantucket Nectars, and Motley Fool. What's their secret? a 67-year-old professor who shows them the entrepreneurial ropes.

Do it now.

"The best time to start a business is when you're still young. You don't have a spouse. You don't have a mortgage. Failure at 40 can be a huge blow; but at 25, you go to the beach for a few days, and it's all better."

Don't worry about experience.

"The need for experience is a moot question now. If you're starting an Internet company, there just isn't a common set of principles that you'll need to spend years learning. But companies like Nantucket Nectars, which is in a mature industry, can succeed too. Experience doesn't have much advantage anymore."

Stay loose.

"Plan carefully. Figure out as much as you can beforehand: suppliers and distributors to use, customers to target, people to hire. But don't be afraid to explore other paths if only some -- or none -- of your initial plan works out. And don't be afraid to admit that you've made a mistake. Then try again by doing something differently."

Don't be shy.

"Ask as many people as possible for advice. There's a guy in Boston who graduated from Brown in the 1930s who still loves talking with people about business. People who are successful, but who are not potential rivals, are often happy to offer advice. And, of course, there are your former professors!"