Last week, GIGTANK was honored to have Paul Singh stop by and share some nuggets of wisdom. Paul is a venture partner at 500 Startups and self-described “Master of the Hustle.” He’s also the founder of a great new tool for startup communities called Dashboard.

Needless to say, our startups and specialists were pumped to hear Paul’s perspective on entrepreneurship. Below are a few of his thoughts:

  • “The odds of failure are high, and the reality of startups is Darwinian.” Launching your own business is, in part, a gamble – a lot of factors have to come together, in your favor, at the right time. But it really comes down to survival of the fittest – are you the best at what you do?
  • “Your job is to be notable.” Eighty percent of your time should be spent thinking about how to get customers and 20 percent working on your product. You have to make noise. Facebook wasn’t the first, but it was the loudest.
  • “The cost of starting a company is decreasing.” As long as you have a computer, technically, you can start a business. And thanks to the Internet, you can run it from anywhere. But that also presents a challenge: it’s no longer enough to be the best in your town. Are you the best in the country? In the world? Now that we’re all connected, the competition is elevated.
  • “Get rid of the people who smile and say, ‘That’s cool.’ They’re not helping.” You need real, honest feedback. Sometimes, that feedback isn’t exactly what you want to hear. Pats on the back might make you feel warm and fuzzy inside, but you won’t get far without constructive criticism