Many years ago I was listening to one of Brian Tracy’s audio programs where he recommended getting involved with some kind of trade organization, so you could surround yourself with potential mentors. He went on to tell his story of getting involved with his local Chamber of Commerce and how massively it catapulted him forward in business.
And upon hearing such advice, I prompty ignored it.
For years.
Technorati tags: volunteering, networking
JD at Drake Associates (via Mary Sullivan):
Many times startups seeking capital from professional or institutional investors focus almost exclusively on the financial aspects of the pending transaction. This is misguided to a degree as the primary benefit professionals bring to the negotiating table is not their dollars but rather their sense, experience, contacts and their existing relationships. Entrepreneurs who have prior experience with raising money have learned this lesson. Successful entrepreneurs almost inevitably get more than a cash infusion, they get a partner with additional non-financial resources dedicated to seeing them succeed. Often times ventures that just score funding and get little other assistance are not so fortunate.
Now, I know about all the Tony Robbins stuff, positive thinking, all that. And I’ve done that. Got up, dusted myself off, tried again using what I’ve learned from the previous attempt.
But, what if that isn’t enough?
Is there some “magic”, some unlearnable, some got to be born with ingredient that either you have or you don’t? Is there luck involved? Is it all about family connections?
Technorati tags: entrepreneurship, success, persistence
Kent German for CNET.com (via Jeff Clavier):
The most astounding thing about the dot-com boom was the obscene amount of money that was spent. Zealous venture capitalists fell over themselves to invest millions in Internet start-ups; dot-coms blew millions on spectacular marketing campaigns; new college graduates became instant millionaires (albeit on paper) and rushed out to spend it; and companies with unproven business models executed massive IPOs with sky-high stock prices. Of course, we all know what eventually happened to this world. Few of these companies actually made enough money to recoup that cash, and when their investors fled to the hills, these start-ups died dramatic deaths. These are the celebrity victims of the new-economy bust.
Scott Allen in About Entrepreneurs posts a highly useful article titled “How Much Should You Charge for Your Product of Service?”. It methodically steps you through all the factors you should consider when setting (or re-evaluating) your prices. It’s packed with information, and frankly you’ll need to spend some time considering all the points he mentions. If you do put aside the time and answer the questions honestly, you still won’t arrive at “The Number”, but you’ll be much better equipped to figure out what that number should be. Less error…less trial.
Wouldn’t it be nice to have Larry Page (Google founder), Guy Kawasaki (The Art of the Start), and Eric Schmidt (Google CEO) advise you during the startup of your microISV? Well, here ya’ go.
The standard no shop clause as Brad accurately quotes it provides that the company can’t look for other investors for a period of thirty to forty-five days. Brad calls this “serial monogamy” while the final deal is being negotiated and says that this is bidirectional because the VC is agreeing to act expeditiously and try to get the deal done within the window.
This is actually unilateral monogamy since the VC is still free to look at providing financing to competitors of the company during this time.
Technorati tags: vc, finance, entrepreneurship
Sometimes I get questions from young designers about breaking into the business. As with any career, there is a chicken-and-egg problem of getting started without being able to get started. That is, how do you get experience if nobody with hire you without experience?
I tell them to do what George did. Go make experience. Build web sites. Do it for free.
Technorati tags: freelance, consulting, diy
1. You can learn a lot about other people by studying yourself.
Simply by observing myself and watching my own tells, like seeing my hands shake when I looked down and saw pocket aces on the button, I learned to look for those same tells in other players.
I often look at a founder or a CEO, see the tired eyes, an anxious twitch in the cheek, or a missing beat in their step and think to myself or say outloud to others – “he’s got the weight of the company on his shoulders“.
Technorati tags: vc, leadership, entrepreneurship
Ken Dyck 