MixergyNotes on Gurbaksh Chahal, founder of gWallet and self-made millionaire.

I watched the Mixergy thing and read these notes, and have read other stuff about this guy. I was in Silicon Valley when he built and sold his startups. At the time, I did not understand what his startups did, and I still do not understand how ad startups like this work or make money. I especially don't know why they make $300M instead of $3M or even $3000. How does the product work? How is it sold? Who buys this service? Does it require heavy hitter sales people or are customers just entering their credit card number in to a web form? Do you just make up the prices as you go along?<p>Sadly, I believe my lack of understanding means that I'll probably never be successful as an entrepreneur. I'm still trapped in the "I must build a better iPhone to succeed as an entrpreneur" mindset. Obviously one can build an ad network instead. But I just. don't. get. it. Please advise.

<i>gWallet raised $12.5 million, 2 months after launch</i><p>You mean after gWallet's second launch? I find it interesting that G never mentioned that gWallet initially launched as a coupon website (similiar to retailmenot.com), totally unrelated to virtual currency.<p>Mentioning a few of Gurbaksh's failures would have been enlightening.

$40 million at 18 is mindblowing.<p>The "hire developers to make it" approach is not for me personally, but there are important pure-entrepreneur lessons here that some of us inventor-entrepreneurs forget all too easily:<p>- “When you go to market, you don’t need the best thing, you just need something.”<p>- “Startups primarily exist to execute faster and more efficiently than bigger companies that have gotten lazy and bureaucratic.”

Is this site run by Andrew Warner as well?

Its a bit annoying that there is no link to the actual mixergy interview (or if there is, I can't find it!).

The suspect thing I see about this is that it doesn't link back to Mixergy at all or even mention that it is summarizing another websites content.<p>Seems to step a little bit over fair use if it's an unauthorized site.

Flagged as spam.<p>The submitter, mixergyNOTES, has two submissions total, both pointing to mixergynotes.com; also, he has four comments (two of which were killed), all of which spam mixergynotes.com and are only tangentially related to the topic.<p><a href="http://news.ycombinator.com/user?id=mixergyNOTES" rel="nofollow">http://news.ycombinator.com/user?id=mixergyNOTES</a>