One thing every entrepreneur should keep in mind

Vivek Wadhwa, CEO, Vionix Biosciences, joins TheStreet to share some advice for aspiring entrepreneurs.

Transcript

00:00So this is your latest project. As an entrepreneur, what's one thing you think every aspiring

00:06entrepreneur should keep in mind? Conway, you have to do things for the right reason.

00:12You know, I'm 66 now. I had retired. I was teaching at Carnegie Mellon at Harvard Law School and

00:19I was on the speaking circuit. I've given all of that up because now my life's ambition is to

00:25I lost my wife to cancer and that was what caused me to give up everything and decide to

00:31focus on helping billions of people. You have to have a good purpose. It should not be about

00:37making money. The problem in Silicon Valley is it's all money, money, money, money, money. This

00:42is why I decided to move my R&D out of Silicon Valley. It has to be about purpose. It has to be

00:47about solving real problems of humanity. That's the advice I would give entrepreneurs is focus

00:53on a real need and have a real purpose in your heart for why you're doing all of this.

00:59And what other kind of advice would you give to someone looking to start their own company

01:04besides? I mean, I guess it's like passion. Is that the advice that you want to give out?

01:11It's passion. It's belief. It's solving real world problems. Don't jump on the next bandwagon

01:18just because everyone else is doing it right now. Everyone in Silicon Valley seems to be coming up

01:23with another bizarre use of generative AI, for example. Why? Because that's what the venture

01:28capitalists are funding and they're building more of the same stupid technologies which have

01:33no real purpose. I mean, they have no real need and that's the wrong way of doing things. Start

01:39off with trying to solve a real world problem and then get help from others who've done it before.

01:45Be open-minded and bring on other people who have failed, who've succeeded and build with

01:52passion with your heart.