What’s more important? The idea or execution?

Most people might be confused and think all it takes to be successful on the Internet is a great idea. That’s completely untrue. It’s actually all execution. Let’s take a look at some key examples of some the biggest Companies/exits:

• YouTube: $1.65 billion merger with Google. Idea = share video. Execution = make it simple and consumer friendly.

• Google: $180 billion market cap. Idea = search engine. Execution = creation of a better ad targeting platform and consumer brand for just search.

• Yahoo: $40 billion market cap. Idea = portal/directory. Execution = creation of the most successful online destinations and starting points for consumers worldwide.

As you can see – there basic ideas didn’t make the company’s successful it was all execution of their respective business plans. So, if you’re an entrepreneur – focus less on just the sheer idea you have and more on the execution of getting it off the ground, making it scalable, and then profitable.

You can also get lost on where to start – so always start everything off by asking yourself “what is the lowest hanging fruit?” And remember, don’t focus on the billion dollar opportunity from day one…it’s a step up play. Baby steps.

Another key lesson here is – you don’t necessarily have to start a business that’s entirely different. That actually makes it harder. You end up having to reinvent the wheel and focus more proving the concept rather than on your overall execution. Innovation can always happen after you’ve reached parity…

Many people have asked me. Why are you raising capital? You don’t need the money – so why not self-fund it yourselves? I’ve been asked this several times in pursuit of the venture financing I’m closing for gWallet. The simple answer is: I know my DNA. You’re probably wondering what I’m talking about. Let me explain. Generally, here are the top three reasons why people want to raise money:

1. They need the money.
2. They are hoping investors will land them big clients.
3. They’ve reached the natural evolution in their company where they need to add a board.

Fortunately, in my last two companies – #1 never applied to me and even this time around it doesn’t apply to me. #2 – is also a first time entrepreneur’s dream. Venture money doesn’t always guarantee new business. Board members are going to make introductions – which means your product and your sales acumen will still have to speak. #3 – is a natural occurrence when you’re a first time entrepreneur and need expertise on how to grow a real business or if your business has matured and requires the experience of a proper board to take it to the next level.

Now let’s get back to my reasoning. I know my DNA. What does this mean? It means a lot to me. Part of my upbringing – we struggled as an immigrant family. Constantly, we’d have to live under the scenario: need vs. necessity. What do you really need and what is necessary? Survival. They are two very separate ways to live. Think about it. The need maybe a new car – but the necessity maybe just a car with four wheels. That’s how I lived growing up – and that’s how I founded both of my Companies. The first time I never raised any capital and I bootstrapped it the entire way. The second time around, I bootstrapped it for 1 year and then ended up raising $11.5 million but never actually used it (since we remained profitable at all times).

But, here’s what happened to me as an entrepreneur. I changed. My frugal mindset never changed. But, I was more comfortable making all the RIGHT decisions when I felt best we needed to make them. For example, after 12 months of starting BlueLithium, I made the decision to open Europe. It ended up becoming one of the best decisions for the Company since we ended becoming the 2^nd largest ad network a year later in Europe. Second example, in any interview I did, it was all about hiring the “best” talent or “rockstars” I like to call them. Never did I worry about “how am I going to afford this person?” or “Oh my god, this person is going to make 2-3 times more than me!” It was all about getting the best and paying for the best.

So here I am company #3. While I can self-fund the entire lot myself. I don’t want to hold back and I want to hit the ground running hiring the best and executing on the best decisions. That’s my theory and I’m sticking to it…

Hello Everyone. Welcome to my blog. This is actually my first blog post ever and I thought I make this one special. From my website you may already know my story, but I’m hoping this blog allows me to communicate directly with everyone. As you all know, I’ve had an incredible and fortunate journey in my life. Not a single day goes by – when I think about how grateful I am. Nevertheless, nothing came easy or was handed to me. It was all risk that turned into reward after some great ups and downs. Over the last 9 years – I’ve had an amazing career on the Internet. At 16 – I started my first Company, ClickAgents, and then one of the first things I did as an adult, at 18, was merge it with ValueClick for $40 million. At 21, I made one of the best decisions of my life, and that was to re-join this industry and start BlueLithium. And, as you may know, BlueLithium merged with Yahoo for $300 million last October. So what next you may ask? I learned one thing about myself while I was learning everything about the way the world works. I love to be challenged and I love to win.

After the merger with Yahoo – I stayed on an interim basis as CEO. In the beginning of 2008, my job was done. One thing I know about myself is that being idle is not something I can do. I figured out very early on – I’m not the type of guy that can simply go on a never-ending vacation or just sit on an island for the rest of my life sipping a margarita. I was ready for my next challenge.

I was introduced to the William Morris Agency and shortly thereafter signed up with them. As you may know – William Morris is one of the oldest talent agencies in the world and represents some of the greatest personalities in entertainment. I felt fortunate that I was in great Company. Things started to move fast. I had some great ideas on some TV shows that I was working with them on, as well as, a memoir that I wanted to write about my journey.

Within several weeks – I was presented an opportunity about a new show that a major network was producing. The more and more I learned about it – the more I fell in love with the underlying premise of the show. Several weeks later – I was casted and selected by the network to star in it. The filming took several weeks and was an incredible experience for me. You can definitely say it was very different than starting a Company. But, like I said – I am always up for a challenge, and this was definitely a memorable one. The show is slated to come out on a major network come this Fall – and as things come closer – I am hoping you all watch it and enjoy it as much I did being a part of it.

Meanwhile, after the filming, I met with several of the top book publishers. I was looking for the right publisher that understood the reason why I was writing this book and the message I wanted to get across. Far too many times – people hear my story and they ask…How? Why? And how can I? The short answer is – it’s not easy and there is no easy way. But, the long answer (you will find after reading the book) if I can do it – you can too! I believe everyone can find that same magic I was able to find in myself. After meeting with Palgrave Macmillan – I signed global rights to my book, “The Dream.” William Morris also helped me find my ghostwriter – Pablo Fenjves (NY Times bestselling author) to help create a very powerful book that I am hoping inspires people to find their magic. Pablo and I have been working on the book for several months now – and it’s been a privilege to work with such an incredible writer. We’re about 90% done – and will be turning over the manuscript next month (June) and are looking forward to releasing it during winter 2008.

So, now what, you may ask? Sell Company #2 – film a show, write a book, what could be next? Like I said – being idle is dangerous for a guy like me. So, I decided to go back into my roots. I love creating something out of nothing. The joy of it – is the best adrenaline rush you can get.

I started researching a couple of months ago – of what the market needed and what Company #3 could do. Obviously, I have a non-compete so I can’t start another ad network. But, what is something that I can use my skill set toward and have a great time creating? Then, it all clicked. And over the last 8 weeks, I’ve been in stealth mode launching gWallet (www.gWallet.com).

I realized how much the credit crisis was hurting America. In a recent report, almost 18% of American homes will either have zero or negative equity. Even the government is looking for a quick fix. President Bush’s recent economic stimulus package was the result of injecting cash back into America. But, the underlying problem still is going to exist. How can you maximize the value of that dollar? Hence, the ideas of gWallet were defined. And, I went to work.

You can say – I am back into full swing and loving it! The adrenaline rush is back – since this is what I love doing. Everything from picking out the name, to the logo, to creating the team is almost like solving the most intricate puzzle. Except – you’re stuck with it after your done building it. Therefore, you have to be careful every step of the way.

Today, VentureWire released an article that outlines how much progress we’ve made in just the last 8 weeks. We’re already well under way for raising $10 million for gWallet. I start my pathway again. I hope this time – it is just as exciting as it’s been the last two times, if not more. Wishing everyone continued success as my journey continues…