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The Monk and the Riddle
In light of the recent meltdown of all thinks internet-related, a book about entrepreneurs making deals with Venture Capitalists might seem a bit quaint. This book might be the exception. By emphasizing what is eternal, while also criticizing several specific attributes of the formerly hot IPO market, Randy Komisar points us towards a prescription for the recovery which will come with the next round of investment.
The capsule bio says that Randy Komisar is currently a "Virtual CEO" which means that he serves as a vizier for the real CEOs of several startups. Nice work if you can get it... all the visionary stuff without any of that nasty nuts and bolts stuff... He started his career in Providence RI, where he helped to run a concert promotion business (sounds like it was pretty loose and crazy -- a good introduction to the unstructured environment of a startup). He got a law degree and practiced law at a "prestigious" law firm before chucking his chance for making partner to go work contracts at Apple Computer in the mid-1980s. He also co-founded Claris Corp when Apple spun it out. He was CFO of GO Corp, as described in Jerry Kaplan's book Startup. He served as CEO at LucasArts Entertainment (games) and another small game company. Among his "Virtual CEO" successes are WebTV and TiVo.
Liner notes:
"What would you be willing to do for the rest of your life?
It's a question most of us consider only hypothetically -- opting instead to "do what we have to do" to earn a living. But in the critically acclaiimed bestseller The Monk and the Riddle, entrepreneurial sage Randy Komisar asks us to answer it for real. The book's timeless advice -- to make work pay not just in cash, but in experience, satisfaction, and joy -- will be embraced by anyone who wants success to come not just from what they do, but from who they are. At once a fictional tale of Komisar's encounters with a would-be entrepreneur and a personal account of how Komisar found meaning not in work's rewards but in work itself, the book illustrates what's wrong with the mainstream thinking that we should sacrifice our lives to make a living. Described by Fortune.com as "part personal essay, part fictional narrative and part meditation on the nature of work and life," The Monk and the Riddle is essential reading on the art of creating a life while making a living."
The Monk and the Riddle might be viewed as self-help for the masses of soulless, gadget-laden marketroids patrolling Sand Hill Road, in search of a Venture Capital-financed conveyor belt to riches. Komisar presents his life's lessons as applied to the peculiar subculture of VCs, angel investors, and startup entrepreneurs. Owing to the author's varied career, he likely does have some wisdom to impart -- and the success he has achieved seems to indicate that he didn't need to write the book for the money.
The new edition includes a new preface which looks back on the e-commerce and internet meltdown. Komisar does not take credit for having "predicted" the collapse, but he seems to feel that the themes and observations of the book did indicate that venality had replaced innovation towards the end of the recent tulip mania.
Monk takes the form of a narrative interspersed with illustrative episodes from the author's (Komisar's) own career. The narrative traces a series of conversations between Komisar and a fictional would-be entrepreneur "pitching" his e-commerce concept in the hope of getting startup capital. In the narrative, Komisar uses the "show, don't tell" device of cinema to reveal some details about the culture of Silicon Valley. Since Komisar is not himself a VC, he can offer a few tidbits to the entrepreneur (and the reader) which a VC might not -- such as the reluctance of a VC to give a straight "no" answer to an entrepreneur looking for funding. He also offers some basic "Startup Business Plans 101" advice, such as the need to seek a sustainable competitive advantage.
Komisar does propose some specific techniques which a business can use to improve its chances for success. In the third chapter, he describes the role he assumes with the title of "Virtual CEO." Many executives and managers could use a trusted advisor or mentor to avoid some of the worst pitfalls, and such an advisory role is the one Komisar likes to assume. The proposed formalization of such an arrangement may be an important business innovation, particularly to the legions of inexperienced executives of startups. In the chapter titled "The Big Idea," the author presents the typical "so what?" question in a somewhat different light -- instead of asking why the market should be excited about the business idea, Komisar asks the entrepreneur to consider why the idea is compelling to the founders of the company itself. He argues that a company composed of people who are passionate only about getting rich are unlikely to succeed.
The central themes of the book are existential and philosophical, not the nuts-and-bolts of business plans and venture financing. Those marketroids who may have missed out on Existentialism 101 may benefit from this book, but more well-rounded and intellectual readers may find the message a bit obvious and belabored. Thankfully, Komisar spares us the typical schtick found in so many business books aimed at managers and executives. He appears to derive general management principles from empirical evidence, rather than serving up the usual conceited advice aimed at those executives who only read books in the airport. Komisar may hit us over the head sometimes, but when the lesson is that we should invest in people and not things, it's hard to fault him. Those who need this lesson likely need it to be stated as plainly as possible.
Overall, I would characerize The Monk and the Riddle as an engaging, if somewhat light, view into the culture of Venture Capitalists and Silicon Valley entrepreneurs. Those familiar with this culture will find episodes and observations to confirm their perceptions, while the accessibility of the narrative will offer a valuable glimpse of the nature of the place to outsiders.
Table of Contents
Preface to the New Edition: Postmortem
Prologue: The Riddle
Chapter 1: The Pitch
Chapter 2: The Rules of the Game
Chapter 3: The Virtual CEO
Chapter 4: The Deferred Life Plan
Chapter 5: The Romance, Not the Finance
Chapter 6: The Big Idea
Chapter 7: The Bottom Line
Chapter 8: The Art of Leadership
Chapter 9: The Gamble
Chapter 10: The Whole Life Plan
Epilogue: The Road
take a look at Growing a Business, by Paul Hawkin.
While it's not specific to the tech industry, it's an excellent discussion of how to make money without being miserable about what you're doing or feeling that you're "selling out."
"It is our blasphemy which has made us great, and will sustain us, and which the gods secretly admire in us." - Zelazny
I purchased this book based on a clever introduction that alluded to a profound, enlightening take on the subject. As I read it, though, I grew more and more disappointed that the author took himself so seriously while writing such shallow material. Basically, the book was ok, but not particularly worth reading.