My REAL Business Education

OK, despite my Big 4 consulting background, Wharton undergrad degree, and the fact that I had started two businesses prior to MBA school, my true venture education didn’t begin until after b-school when I and two partners tried to launch an online disease management website called easydiabetes.com. Our timing left much to be desired, but typical of idealistic freshly-minted MBAs, my bravado led me to believe I could not only beat the odds, but I could succeed right after the April 2000 dotcom bust. I’m actually featured in the Summer 2000 issue of UCLA Magazine—with John “The Wizard of Westwood” Wooden on the cover talking about how I can succeed in the face of impending doom. You can guess how our venture turned out.

The experience, however, was better than any class. Writing and pitching a business plan, building investment grade financials, and getting commitment for over $250,000 in funding developed skills I had never known. Arguing over equity, risk management, company direction, and intellectual property ownership issues with my partners were the least comfortable situations I’ve had to endure professionally. Although I don’t speak to my former partners today, I feel better about paying back the $25,000 I leveraged to launch that business than I do paying Sallie Mae.

With emerging venture PatientsLikeMe growing successfully, the experience in failure has led to budding success. Knock on wood....