John Roos, chief executive officer of Wilson Sonsini Goodrich & Rosati, recommends having a simple mission statement when thinking about a business. You have to know what you are good at, where your core strengths lie, have a game plan and then stick with it, he says.
Roos says that no matter what kind of industry you get into or the company you start, you should focus on building a brand because that is likely to pay off big time.
Roos shares the Three Circle Strategy used at Wilson Sonsini. He says it is important for all great companies to start out and keep to fairly straightforward strategies yet remain flexible with the moving times.
Roos strongly believes that the strength of Silicon Valley lies in the fact that it is built on merit and diversity. Additionally, the Valley is unique in that failure is not considered a stigma, he says.
Roos talks about how Silicon Valley is an ecosystem where everyone knows each other and everyone feeds off of each other. It is important when you are starting a company that you want to tap into that ecosystem, he says.
Roos talks about how the industry in Silicon Valley keeps changing. From the 1970s, the era of the brick and mortar technology industry, the Valley has seen a boom in semiconductor companies and computer companies, followed by the era of information technology and the Internet in the 90s. In this transition, the Valley has become global, he adds.
Roos gives five takeaways in his talk: 1) Take risks; 2) Don't be afraid to take a step back in your career if it will help you move forward in the long run; 3) Surround yourself with good people and give them credit; 4) Little things really matter; and 5) Integrity matters more than anything else.