Scott Rocklage was asked by Ideamensch what is one failure that he had experienced as a businessman and how did he overcome that failure in business. Scott Rocklage said that most of his business failures had to do with the human capital side of the business he was in. He is specifically referring to the management side here.
Mr. Rocklage says that if you hire somebody that does a poor job at your company, it is best to let them go and move on as quickly as possible. From his experience, performance reviews and reevaluation of goals will do little to change the poor management experience. This is because Scott Rocklage believes that it is almost impossible to change the performance characteristic of an individual.
Next, Ideamensch asked if Scott Rocklage had any business ideas he was willing to share with the Ideamensch community. To this Scott Rocklage said he did not have an answer because he only deals with scientific innovation and ideas which only other scientists can really grasp. Ideamensch then asked Mr. Rocklage what web services or software programs he uses and what he likes about them. Mr. Rocklage gave a similar response to this question. He said that software and web services don’t play any major roles in his life science venture capital investment firm.
Ideamensch inquired if Scott Rocklage has a book that he has found to be extremely inspiring or influential in his life and that he would recommend others read. Mr. Rocklage says he highly recommends the book called Good To Great written by Jim Collins. Scott Rocklage considers this book to be a classic and one of the best ways to understand how business works. It also provides a lot of insight into performance and how to improve one’s own performance in the business world. To know more click here.
Scott Rocklage was asked what he considers to be a major reason why he is successful at his venture capital investment firm, 5AM Ventures. Mr. Rocklage says he attributes a lot of his success to his measured risk taking. This involves carefully deciding where to invest your money and gauging the risk to payoff ratio. Not being afraid to take risks is another key factor in his success.