Chris Larsen, a veteran entrepreneur, CEO and co-founder of Prosper.com shares the ups and downs he faced during the first year and a half of starting Prosper.com. He stresses the importance of being empathetic while also staying focused on the task at hand.
Larsen and Jim Breyer, Managing Partner at Accel Partners, stress the value of having approval in a regulated industry.This provides an excellent barrier to entry and is very attractive to VCs. Larsen draws on his experience from E-Loan and Prosper in suggesting that while it is cumbersome, if an idea is in the interest of the consumer, it is not difficult to obtain approval.
Larsen stresses the importance of having a strong positive culture. He believes that the consumer advocacy culture at E-Loan motivated employees even when the stock prices plummeted.
Larsen and Breyer explain the lessons learned during the bubble. They suggest that it is important to spend frugally and get the maximum value for every dollar spent, regardless of the amount of money present in the bank.
Larsen and Breyer provide career advice to students. The most important thing is to be passionate about what you do, they say. They also suggest that the current economic environment is perfect for fresh graduates to take risks and follow their dreams.