Transcript of "16 Things That Indicate You're An Entrepreneur Who Gets It"
16 Things That Indicate You’re An Entrepreneur Who “Gets It”
Many founders want to know, “How do you meet investors?”
Generally speaking, here are 7 steps: Be at an event, or get introduced Give your 1-2 minute pitch Trade business cards Ask for a coffee meeting Run through your 20 minute slide deck Make it through a 45 minute ass-kicking interrogation & unsolicited advice Send a follow up email
Here’s something to think about: What is really happening during that series of interactions?
In other words, in 7 steps and 60 minutes or less, what criteria are you being evaluated you on?
It can be summed up as, “things that indicate you get it”.
Here are 16 things you may be asked or evaluated on (even if not directly asked!), meant to extract information to confirm whether or not, you “get it”.
16 Things Across 4 Categories Intangibles: biz savvy, ego, appearance Traction: scorecard of accomplishments Execution: the ability to “get shit done” Concept Viability: can this make money?
<ul><li>“ Have they made progress since our last meeting?" </li></ul><ul><li>“ Do they appear professional, prepped for the meeting, and can they talk succinctly about the concept?" </li></ul><ul><li>“ Can this entrepreneur partner & delegate effectively?” </li></ul><ul><li>“ Does the team work well together, are they free from burnout strain, are there any underlying major issues between cofounders, partners, clients, etc.?” </li></ul><ul><li>Rapid-fire critical questions that appear to undermine your competence or attack your idea. </li></ul><ul><li>“ Is the entrepreneur just living the "lifestyle" of being an entrepreneur, or are they making strategic business decisions consistently that will prevent unnecessary risk/loss?” </li></ul>Intangibles
<ul><li>"Where is the product at, in terms of development, and how long have you been working on it?" </li></ul><ul><li>"Who is working with you on this project?" </li></ul><ul><li>"What has been invested so far, and what has it been used for? Let's take a look at your pro formas." </li></ul><ul><li>“ Who has invested in the concept so far? What partners are on board?” </li></ul>Traction
<ul><li>“ What have you done so far being self-funded? What are you currently working on? What will you do if you are not funded, versus if you are?” </li></ul><ul><li>“ What kind of mishaps/big problems has the entrepreneur faced in the project—and how have they handled them?” </li></ul><ul><li>“ Is the entrepreneur dropping the ball on a regular basis, or are they able to manage multiple high priorities successfully?” </li></ul>Execution
<ul><li>"What's the market?“ </li></ul><ul><li>"What kind of reception are you getting in the market, and when is your next release?“ </li></ul><ul><li>"What is your revenue model, and where are you at in terms of revenue?" </li></ul>Concept Viability
What Do You Get By “Getting It”? <ul><li>Credibility </li></ul><ul><ul><li>Founders don’t have job reviews. Professional credibility as an entrepreneur is based on what your network thinks of you. </li></ul></ul><ul><li>Real feedback on how you stack up </li></ul><ul><ul><li>A venture professional sees hundreds or thousands of deals in a year. You see mainly one– yours. Their opinion may not be something you’re excited about, but the perspective is invaluable. </li></ul></ul><ul><li>Passing the gatekeepers </li></ul><ul><ul><li>You get one coffee for free. Everything else, you pay for. Unless you can get past gatekeepers and tap into hidden and/or free resources in the network. </li></ul></ul>
But being an entrepreneur who gets it, is not about saying the right things, just to have good meetings.