Book Excerpt: Ben Casnocha's 'Start-Up Life'

Nov. 15, 2007 — -- Author and entrepreneur Ben Casnocha, 19, spent his teenage years building Comcate, a company that provides city government with software designed to track complaints from the public. Now the young CEO is sharing his strategies with the world in a book that includes his own brainstorms, as well as "braintrust" entries from leaders in business.

The following is a brainstorming excerpt from "My Start-Up Life: What a (Very) Young CEO Learned on His Journey Through Silicon Valley."

How to Maximize Luck

I made mistakes when we hired our interim CEO, but I also got unlucky. Sometimes that's the way things go. In my view, luck is the single most underrated component of success. Fortunately, there are many things you can do to maximize your chances of being lucky.

1. Expose yourself to as much randomness as possible. Attend conferences no one else is attending. Read books no one else is reading. Talk to people no one else is talking to. Who would have thought that giving a speech at a funeral at age twelve would introduce me to a man who would introduce me to my first business contact who would introduce me to several other important people in my life? That's luck. That's randomness.

2. Trust in probabilities of luck. I think life works in peaks and valleys. Every time luck doesn't go my way I believe a piece of good luck is right around the corner -- you always bounce up after hitting rock bottom. Similarly, whenever I get lucky I prepare myself for weathering a dip. Knowing this, I can always mitigate a rough stretch and make the most of the good times.

3. Trick yourself. Self-deception is essential for high self-esteem. It's OK to take more credit than you deserve, in your own mind, for successes. It's OK to think that you can outwork and outpassion anyone who competes with you. It's OK to attribute soaring victories to a tireless work ethic. It's OK if these are slight exaggerations. After all, how many people attribute "good luck" to their wins? Far fewer than those who attribute "bad luck" to their losses! Stay humble, especially on the outside, but consider yourself (privately) as unstoppable.

The Power of Mentors

A famous Harvard Business Review article published in 1979 reported that mentored executives earned more money at a younger age, were better educated, were more likely to follow initial career goals, and had higher career satisfaction. This isn't all that surprising -- experienced practitioners transferring wisdom is bound to do something!

I can't overstate the importance of mentors in my life. They have provided invaluable fellowship both personally and professionally. Personally, I have turned to wise adults on life matters -- trying to make sense of my place in the world. Professionally, my mentors breathed gently on flickering embers, nurturing a wannabe entrepreneur from raw passion to smart focus. What's important in developing effective mentoring relationships?

* Good people. When I founded Comcate I made several visits to the Small Business Administration (SBA) of San Francisco, which provides free business coaches through its SCORE association (Service Corps of Retired Executives). These men and women have done and seen it all before -- and their advice and guidance can be invaluable. And did I mention that they are free? Before your network is established, start easy and free! Over time, as you meet more people, don't be shy. The words, "I'm looking for mentors" is often enough. But be sure you've done loads of background research on the person. Know what makes them tick before initiating a relationship.

* Mentors versus advisors. There's a difference. My "advisors" tend to consult exclusively on professional-career issues whereas my "mentors" veer into personal issues. My advisors have domain expertise in an area particularly relevant to Comcate (local government or software development). The mentors I know are all over the map -- entrepreneurs, teachers, poets, you name it. I think it's important to have people in both camps.

* A two-way street. The reasons mentors like to mentor is because they derive a return, too. Talk to schoolteachers and they will tell you their students teach them as much as they teach the students, and that they enjoy imparting their knowledge and watching it grow. The person on the receiving end of the mentoring relationship should work hard to ensure it's not totally a one-way street.

* Diversity. People are helpful in different ways. There are some mentors in my life who I trust particularly on issues of emotion and spirit. Others are more hardheaded analyzers who help me digest complex situations. Each brings a unique perspective to our relationship, and I have learned valuable lessons from all of them. Maintain an eclectic group of mentors to help you take on the range of issues life throws at you.