THE EDITOR Letter from By Debby Zelman Rapoport ast month, the Beachwood Chamber of Commerce held its annual Just remember that until awards program at which Jeff Hoffman was the keynote speaker. you believe in yourself, Hoffman, a successful entrepreneur and motivational speaker, has it will never matter been the founder of multiple startups, the CEO of both public and private what someone else companies, and part of a number of well-known companies, including says because the most Priceline.com, uBid.com, CTI, ColorJar and more. important person doesn’t believe it – you. Furthermore, he is the best speaker I’ve heard in a long time. In his upbeat presentation about innovation, entrepreneurship and business leaders, Hoffman’s matter-of-fact business philosophy resonated with the audience. I loved his message, and whether or not you’re an entrepreneur, I feel you’ll get something out of this column. Since his 20s, Hoffman has been involved with start-up companies, focusing on inventions that make life easier. To date, he has two acquisitions, two IPOs, two failures and two companies still in operation. He explained that he built each company with a purpose – that of changing the world or solving a problem. “That’s how the most successful entrepreneurs operate, and in doing so, they design a life that works for them,” Hoffman said. “Entrepreneurship is not about making money. It’s about designing and owning your future.” He then looked at the crowd and asked, “What are your goals and dreams?” He paused, and said, “Make a list, keep it where you can see it and plan a career that achieves your dreams.” When you are focused on a dream, you can plan a career around it, making it your everyday job. Hoffman, who admits to having made every mistake possible, shared that his keys to success are spending time with people who are much smarter than he is, to keep learning, and to share what he’s learned. “Entrepreneurship is about solving real problems,” he said. “When faced with a problem, most people complain. Entrepreneurs stop and ask, “Does this problem bother anyone else? If it does, and there isn’t a solution, they concentrate their energy on finding a solution to fix the problem.” He uses the term “info-sponging,” saying it’s important to learn something new each day. At the time you’re learning it, you may not know why, but Hoffman suggests that you follow your curiosity and write down one sentence about each thing you learn. This increased knowledge works like a jigsaw puzzle, and at some point, you can piece the puzzle together. Hoffman gave a personal example of how info-sponging has helped him. One day he learned about distressed inventory, which had no relevance to him at the time. Another topic was perishable commodities, fruit, and how a new pricing and sales system is needed L as it ripens. Hoffman, who always enjoyed travel, was piecing a puzzle together, recognizing that airplane seats and hotel rooms both fall into the perishable commodities and distressed inventory categories, since once the night has passed or the plane’s door has shut, there is no longer value. He put this together as nobody had ever done before and created technology to discount and sell this inventory. Hoffman was then part of the team that created Priceline.com, which is now is a $62 billion-dollar company. Another “aha” moment came to Hoffman, again, while at the airport. This time, he was waiting in line for about an hour to get his boarding pass. As the time passed, he and those around him were getting annoyed. When he reached the front of the line only to have someone hit “print” on a computer, he thought there has to be a better way. He did his research and nothing came up. He then invented, patented and started selling kiosks, which are now found in airports worldwide. Hoffman then shared his dreams of producing music tours Continued on page 6. July 2015 n Beachwood Buzz 3