The term entrepreneur is derived from a combination of the French words entree, which means to enter and preneur, which means to take. And in the business world, this translates to taking an idea and commercializing it.
Following the steps to take a product to market is difficult, but building a billion dollar company is even harder.
Infinitely harder in fact- you’ve got a .000006% of doing it. One company to have overcome these astronomical odds was Eventbrite.
As of early 2014, the global ticketing site joined an elite group called the unicorn club, achieved after raising a fresh $60 million in funding.
Founded in 2006 by husband and wife team Kevin and Julia Hartz, co-founder and CTO Renaud Visage sat down with Hot Topics to talk through what it took.
“It’s all about execution” explains Visage, who prior to Eventbrite worked as a developer and set up a photography business.
Taking an idea from the depths of your brain to building a billion dollar company are worlds away. It’s a task that requires thinking about how an idea will be bought and sold, what the benefits are, methods of delivery and how it can be differentiated from other ideas.
Visage explains that you need to consider:
“How you take something that is just an idea, into first a product, then how can you build the team that can make that product adopted by people around the world.”
Building a billion dollar company doesn’t happen without overcoming steep learning curve. It needs constant iteration.
According to Visage, this is a matter of “enhancing what you had at the beginning, your own skills as co-founders, and take you to the next level along the way.”
“We’ve gone from 3 people to 500 and there’s been a lot of people that left along the way, so how do you keep the momentum going and keep on executing well”