Brian Benko: Backbay Ventures
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Brian Benko – Backbay Ventures

MO:
Brian… Congratulations for being the inaugural interview on MO.com,what a thrill this must be (I kid… I kid…). You have been doing business online since before the turn of the century, when did you get started and do you think that early jump online has given you an edge as you’ve seen things unfold?

Brian Benko:
The web makes it easy for everyone. Nobody, for the most part, gets preferential treatment. We are all given free access to powerful tools, and we can work with anyone on the planet to build the next best thing. I really got started in 1998. Not too early and not too late. What 12 years will provide is a little bit of wisdom and a priceless rolodex. I had an economics professor in high school that would constantly argue that it is what you know and not who you know. At 16 years old I argued that it is who you know and almost never what you know. Twenty years later, I feel the exact same way and with even more passion. One good reason why I still feel this way: what I knew in 1999 is fairly useless today, but the people I met in 1999 are priceless.

MO:
It’s safe to say the Internet has been an all-time game changer for destroying the barriers to entry into the world of entrepreneurship. With so many opportunities now and so many folks chasing the brass ring… do you think people are born to be entrepreneurs or can it be learned?

Brian Benko:
No doubt it can be learned. I never had the desire to own a business. The first one just happened, and ever since then it has been an addiction. Nobody is born an entrepreneur, just like nobody is born a senator. It is up to the individual, and the internet is the perfect place to get started, regardless if you want to be a Senator or the next CEO of the biggest dot com to hit the information highway.

MO:
What 3 things would you tell people just starting out to focus on? Mine would be passion, capital, and cash flow.

Brian Benko:
Tough question and no right answer, and it is impossible to be unbiased. Speed, Cash, Focus Number 1. Do not waste time trying to get things perfect. They will never be perfect, and if you wait too long your competition will roll right over you. Number 2. Without cash you will never be able to focus or grow. I am not suggesting you need tens of thousands of dollars, but you need to be able to pay yourself and a small staff for some period of time to get the company off the ground. Number 3. Do not get distracted by your competition. Do not get distracted with useless partnerships. Forget about perfection and “JUST GET IT DONE.” The most valuable four words in life in my opinion.

MO:
Do you typically create a formal business plan or do you wing it?

Brian Benko:
I prefer to dress in formal business attire and wing it… Seriously…. business plans are for VC’s, lenders, and lawyers. They are meaningless when they start predicting trends, numbers, revenue etc; You need a mission statement and a short term plan. Anything more than that is just some words on a piece of paper that anyone could write in a day or two.

MO:
What have been some of the bigger disappointments along the way? For me: Tax on Capital Gains. Ugh.

Brian Benko:
The biggest disappointments come from failed partnerships. Business is never easy. Relationships are never easy. I have seen and been through partnerships that have destroyed friendships, and nothing is worse than losing a good friend over business.

MO:
Do you seek out the next big thing or do you let the next big thing find you?

Brian Benko:
The only thing that ever finds me is SPAM. I am always seeking opportunities but never looking for the next BIG thing. It is impossible to predict the next big things. What is important is to find a void and/or a problem and fix it. Trying to come up the next Viagra or Twitter is impossible. Both were started or born out of a different product or project and neither party could have predicted the product or service.

MO:
Any inspirational pearls for MO.com as we prepare to dictate and dominate in 2010?

Brian Benko:
Most parents want their children to be passionate and dedicated but also have fun. Business is no different. We only get one life so enjoy it and learn to be happy. Do not take anything too seriously and for goodness sakes make sure your next business plan includes happiness and fun. One more! Never Never Ever tolerate mean people. Put them in their place and move on regardless of what they might offer or provide.