terrygold.com Category - Entrepreneurship

Colorado Entrepreneurial By Nature

Terry Gold — 2012-10-22T17:18:12-06:00

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

Terry Gold — 2012-10-04T07:00:00-06:00

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.

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!

ANZ Inovyz START announces Year One Results

Terry Gold — 2012-10-03T10:00:32-06:00

In July I wrote about my experience going over to the wonderful city of Adelaide, Australia, where I was a mentor in the ANZ Inovyz START technology accelerator. I had a great time, met some great people and found that I could be homesick for a city that I really didn't know anything about before that visit. Since then I've been spending a little time on Skype with two of the companies, Australian Baby Bargins and Be Intent. And there is a new company in Boulder that was part of the first group of Innovyz entrepreneurs, Beneath The Ink. They went a long way to participate in the program!

The books are closed on the first class of entrepreneurs and they are off to a great start, and they have just announced that they have been funded for the next season and applications are already being accepted. If you are an entrepreneur in Adelaide, Australia, or really anywhere in the world, check out http://www.innovyzstart.com/ and hit the "Apply Now" button if you think you've got what it takes to join nine or so other hot startups in the great city of Adelaide. U.S. folks - remember, it will be summer there in Adelaide while it's winter here in the states. Applications close November 30, 2012. Check out this FAQ too.

Nine Tips for the the bootstrapping start up by Art Reisman

Terry Gold — 2012-08-29T09:30:09-06:00

My good friend and local entrepreneur, Art Reisman, has written a thoughtful blog post with practical advice for the start up entrepreneur. The title of the post is "Nine Tips for Organic Technology Start ups" and it's well worth a read because it has advice you won't get from most places, such as "Be leery of late 1990's dot com moguls." Art has nothing against moguls I don't think, he just cautions that the new entrepreneur needs to be able to tell the difference between lucky and smart. Some were smart, some where lucky. By the way, that's the name of a book you might want to check out too - Lucky or Smart?: Fifty Pages for the First-Time Entrepreneur, by Bo Peabody.

Check out Art's post, I think it is worth reading if you are just getting started and it is a good reminder for those of us who have been doing this for awhile. Art has built a very successful company that is running circles around far bigger companies.

TC North on Olympic athletes on 9 News

Terry Gold — 2012-08-07T14:43:30-06:00

I've written about TC North before, and last week he was interviewed on 9 News by Greg Moss about what entrepreneurs can learn from Olympic Athletes. Check it out!

Click here to read the transcript or view the video. TC's website is at tcnorth.com.

Gold Systems is Growing

Terry Gold — 2012-03-29T16:47:20-06:00

Q1 has been a great quarter for Gold Systems, and we're hiring again. If you are a software project manager, or a .NET engineer, check out the job postings at http://www.goldsys.com/careers

(Note to recruiters. We have several great relationships with recruiters already, so only contact us if you have a specific person who would be a great fit for one of our jobs. Thanks!)

8 Qualities of Remarkable Employees

Terry Gold — 2012-02-29T11:02:39-07:00

Mike Gellman (@MGellman) at SpireMedia tweeted recently about an Inc. Magazine article, "8 Qualities of Remarkable Employees" by Jeff Hadan. I can always count on Mike to notice the interesting articles. It's a good list, and I'll add one more at the end.

They ignore job descriptions
They're eccentric
But they know when to dial it back
They publicly praise
And they privately complain
They speak when others won't
They like to prove others wrong
They're always fiddling

And I'll add one more . . .

9. They fit the values of the organization. Not the fake values that some companies put up on the wall to impress customers or to "motivate" the staff, but the real values that are core to how the company operates. (As I was writing this, out of the corner of my eye, I thought I saw Jim Collins, author of Built to Last. Not in person, but on my other monitor where I had the Inc. article up. When I looked, he was gone, which was kind of strange since it is his idea of Core Values that I'm referring to in number 9. Turns out I wasn't seeing things, but rather Inc. has a rotator on their website of different Inc. covers, and he had rotated through.)

Check out the full article and details on each of the items here.

Nine Unusual High-Performance Traits

Terry Gold — 2012-01-22T22:23:24-07:00

My good friend, mentor and coach, Dr. TC North has been writing columns for ColoradoBiz magazine for the past year. His columns consistently place in the top-five most popular columns and his latest one is the best yet. TC writes about nine traits that he sees in high performance athletes and business leaders.

Willingness to fail
Motivation driven by excitement not by fear
Obsessive focus
Respect
Alignment
Positive accountability
Shared values
No whining, complaining or excuses
Meet or exceed

Check out the article to see his take on these nine traits. You can also subscribe to TC's newsletter where you'll get his weekly EnCourageMent email. TC coaches elite athletes, top sales people and CEOs. He's been a great help to me and I recommend him highly.

Gold Systems is hiring

Terry Gold — 2011-12-29T17:12:17-07:00

With just a couple of days left in 2011, I have to say I think that 2012 is going to be a great year. At Gold Systems we have a new product, Vonetix 7 Voice, and business is really starting to take off. We beat our sales goals for Q4 by a wide margin, and we're going into Q1 with a LOT of opportunity. To say I'm thankful would be an understatement. 2011 was challenging and I'm hugely grateful to everyone who helped us end the year on an upswing.

Now we're looking for some great people to join our engineering group. We're mainly looking for .NET and IVR people, but check out our job postings at the Gold Systems website and if it looks interesting, shoot us an email.

To all my friends and business associates - have a Happy New Year and I hope to see you in 2012!

Terry

Running a Marathon is NOT like running a business

Terry Gold — 2011-10-19T22:31:17-06:00

Many years ago I got the idea that running a business was like running a marathon. Or better yet a series of marathons, with the occasional sprints as needed. Well, last Sunday I ran my first marathon and I have to say it was EASY compared to running a business.

There are some similarities, and some really big differences and I've learned something about myself, which was the point of running the marathon in the first place.

Here are some of the similarities of running a marathon and running a business.

Both require a certain amount of preparation and planning before starting. If you don't plan, you have a very high chance of failing to finish, and you'll likely be miserable from the very start. There are a lot of people who have ran marathons in Boulder, and I talked to quite a few during my training so I didn't have any big surprises while running. Thanks Herb, Brad, Jim, David and everyone else who encouraged me to do this.

When Jim and I started Gold Systems twenty years ago, I only knew a couple of entrepreneurs, so we made a lot of rookie mistakes that we could have avoided if I had known more entrepreneurs at the beginning. If you are thinking about running a marathon or starting a business, find others who have done it who are willing to give you the important tips that you won't find or notice in the books.

It helps to know what to expect. It was easier to learn about what I was in for with the marathon than it was for the business. Having people give you advice is great, but it also really helps to hear what it is going to feel like once you are in the race or working in the business. For instance, I was not prepared to think about my business every waking moment, which I did for many years. I had no idea it was going to be so consuming. Had someone told me that it was normal early on, I think it would have been easier. I've learned to give my brain a break, but the business is still there ready to jump to the forefront of my thoughts anytime day or night, but now I know it is normal.

Have fun. One of the best pieces of advice about the marathon was to "enjoy the run." Whenever I started to feel bad, I reminded myself that this was supposed to be fun, and somehow that helped push the pain away. Come to think of it, I'm finding that works in business too. In business some entrepreneurs seem to brag about how miserable they are, and how much they sacrifice for the business. I've been that guy, but If you find you're having a lot more bad times than good times, it means something is probably wrong and an adjustment needs to be made. I'm a much better leader when I'm having fun, and I'm a much better runner when I'm having fun.

Pain is temporary. Until last Sunday, I had never ran more than 20 miles, but I was confident that whatever pain and soreness I would have right after the race would be gone in a few days, and it was. I've had more painful days while being an entrepreneur than I experienced with the marathon, but I still sometimes forget that the next day, the next week, the next month, it will be better. I like to say that lessons will be repeated until learned, but hopefully the next time I have a painful day I can remember that I just need to get through it and then things will be better.

Now for a couple of big differences between running a marathon and running a business.

Focus. Phylis pointed out to me that to run a marathon, you pretty much just focus on finishing, but in business it can be very, very hard to focus. In business I've come to terms with the idea that there are more things to do than there are hours in the day. It's my job to figure out which things I should get done and which should get passed on to others, or simply left undone. There are always more good ideas and opportunities to consider than time and resources allow, so I think it is much harder to focus in business than it is to just keep putting one foot in front of the other until the marathon finish line is crossed.

The Finish Line. Cindy pointed out that in business there is no finish line, or if there is, you don't usually know where it is. That's an amusing thought to me. Consider a race where everyone lines up not knowing how long the course is, or whether it will be hot or cold, hilly or flat. Then somewhere along the way, someone yells, "finish line in 1 mile!" and everyone starts sprinting. Then the runners hear, "just kidding, keep running." In business I've seen entrepreneurs quit because they got tired of the race, or they thought that they somehow had entered the wrong race.

So there you have it. Running a business is a little like running a marathon, but running a business is in my opinion a lot harder and I think even more rewarding. Stay focused, keep putting one foot in front of the other, be prepared to change when the race changes, and above all, enjoy the race as much as you can.

Update 10-21-2011. The marathon is done, I'm completely recovered and ready to go again. I'm getting up early and jumping on the treadmill and I'm looking forward to the weekend for a long run outside. Thanks to everyone for the comments! Greg put a link to another post into his comment about running and entrepreneurship, and it is really worth checking out. Here it is: http://blog.finette.com/post/11370209405/never-walk-a-talk-about-entrepreneurship-and-running

Update 10-28-2011. Soon after I posted this, I received a very nice email from Miguel Chang who lives in Taiwan and has a website called Sportsnote.com. Miguel asked if he could translate my blog post into Chinese, and of course I was happy to have him do it. Here is a link to this post at Sportsnote.com Thank you Miguel!

Carmin Turco is playing in Boulder Tuesday night

Terry Gold — 2011-08-15T11:37:52-06:00

Carmin Turco is an entrepreneur, and I met him when TechStars selected him and his partner Sebastian Replanski as one of the very first companies that they brought to Boulder in 2007. I soon learned that Carmin was also a musician, and a very good one at that, with tours and CDs in his background. We became good friends and now he's making a quick trip through Boulder this week, and he's got a gig where you can hear him play.

Carmin will be playing at the Rock N Soul Cafe Tuesday August 16th at 7:30 PM. The Rock N Soul is a nice little venue with lots of live music, located at 5290 Arapahoe in Boulder.

I'll be there, and I hope you can make it too.

Terry Gold — 2011-06-21T11:20:55-06:00

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.

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!

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.

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

Looking for women CEOs in Colorado

Terry Gold — 2011-02-09T13:43:32-07:00

If you are a female CEO, President, Principal or Partner of a company with revenues of more than $1 million, or if you know someone who is, please take a look at this.

My good friend Jana Matthews is working to start a Women CEO Forum in Colorado. The forum will consist of 12 women who are leaders of non-competing companies each with revenues over $1 million. An introductory reception will be held at the City Club that will include a number of successful women speakers, including Heidi Ganahl, Founder and CEO of Camp Bow-Wow, Sherri Leopard of Leopard, an Ogilvy Company, and Diane Gibson, Founder and President of Craters & Freighters.

Having been a past member of YEO (Young Entrepreneurs' Organization, now EO or Entrepreneurs' Organization) and YPO (Young Presidents' Organization) I can say that being a part of a great peer network was one of the best decisions I ever made as an entrepreneur. You may think you don't have time, but as my friend Tim Miller used to say, it doesn't cost time, it makes time for you. Imagine every month getting together with 11 other CEOs, who are there to help and to share what they have learned about the problems you are having right now. Jana helped in the early days of YEO and I know she will set up the Forum so that egos are checked at the door, everything is confidential and the entrepreneurs create an environment that helps everyone.

The reception is open to anyone who would like to know more about the CEO forum. Register by calling 303-666-5511 or go on-line to events@womenceoforum.com

Happy Talk from Jeff Thredgold

Terry Gold — 2010-05-20T19:51:00-06:00

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

Terry Gold — 2010-04-09T12:37:06-06:00

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 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.

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

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.)