Q&A with Wil Schroter
This Wednesday, we had the pleasure of welcoming Wil Schroter, serial entrepreneur and Founder of Fundable, to be our final speaker for 2014. He engaged us with stories of his own experience, starting 7 companies, and the experience he’s had interacting with thousands of entrepreneurs through Fundable. A few key takeaways:
- Not knowing enough to start a business is an excuse, you don’t need to be the smartest, or even have a degree.
- Find something you’re so passionate about that it makes you jump out of bed in the morning. Successful people are tenacious, no matter what happens they keep running at the wall with an idea until they fall.
- You have to be willing to get the problem wrong 100 times in a row and iterate like crazy until you create something valuable that you can charge for.
- As an entrepreneur, at times you will feel like a fraud and ask yourself, “what the hell did I get myself into?” In the early stages there are very little indicators of success, often it breaks until it works or works until it breaks.
- It can take 1-3 years to even find out if you’re in the right market, 3 years to get a footing, 7 years to build a real company, and 10 years to IPO.
Bottom line is that it takes an extraordinary amount of time, persistence, and problem solving to be successful.
As for Columbus, Wil said it’s so easy to live here, almost too easy for people to not go out of their comfort zone. In coastal cities, like San Francisco or New York, there are more stressed, but also enterprising, people because the cost of living is so high. On the other hand, Wil says Columbus people are awesome and some of the nicest people in the country! He sees an upward trend for entrepreneurship here at Ohio State, but thinks it is still in its very early stages. He also gave the Business Builder’s Club a tremendous compliment, calling it the “MIT of Ohio State” because it has the highest concentration of tenacious people. He and Fundable are waiting for the next big startup to put Columbus on the board, will it be yours?