Pivots are gut wrenching. The more eyes there are on the company, the tougher they are. Therefore, public-company pivots are usually the most gut wrenching. Many public companies of the past ceased to stay public because their leaders couldn't face the pivot (change is a bitch - who moved my cheese?!), their business radically declined, and they eventually got delisted from NASDAQ or the NYSE.
Last Monday, I had the honor of keynoting the Texas MBA Class of 2015 Orientation. This is the McCombs School of Business at the University of Texas at Austin's largest class to date - I believe around 270 students. Around 80 spouses were also present. Tina Mabley, Assistant Dean of the Full-time MBA Program, introduced me. She introduced me as the Vice Chairman and Co-founder of Bazaarvoice and also as the incoming Entrepreneur-in-Residence at McCombs, a position I'm glad to begin in September. My grandfather, James Mann Hurt, taught at U.T. Austin for his entire career and I'm proud to follow in his footsteps. I promised the students I would post my speech, complete with links, and that is what follows here:
I'm going to greatly expand on this topic, so I'll keep this post as short as possible. I could write a book on this post alone. For now, I want to quickly get down my thoughts on the five most critical ingredients to build a big company - one that changes the world and creates a lot of jobs and economic impact. Here are the ingredients: