One of the things I started doing early on was meeting with everyone who asked to meet with me, or who was referred to me by someone I trusted. At first I did it because I needed advice so desperately, but soon I realized that there were valuable contacts among all these lunches and coffee dates. (Side note: as a poor entrepreneur watching every penny, I didn't really mind if someone wanted to buy me breakfast or lunch.)
And I always make it rule to ask for something from everyone I met. I don't have much time for socializing, each meeting has to have a purpose. From most people I ask for a piece of advice, or the name and number of another contact they mentioned that might be worth pursuing. From some people I ask for reports, scientific articles, market data, etc. that I couldn't otherwise get without paying for it. From others I ask for information about competitors and their sales figures and product development efforts.
Still others turned out to be real gems. I had a few breakfast meetings with a PR specialist someone had introduced me to, and he took an interest in my business. By our third meeting, he offered to make a sizable investment in my company in the form of PR and marketing services. And since his firm specializes in my field, that investment has made a significant impact on my company. Two other people I was casually introduced to are now serving on my Board of Directors.
Sure, some meetings result in nothing, no new information or advice. But the majority have been valuable in some small way, and I highly recommend it as a strategy for gaining critical supporters, insightful advice, and valuable business intelligence.
Tuesday, July 29, 2008
Monday, July 28, 2008
Be Nice to EVERYONE
By far the rule (tactic?) that has yielded the best results for my business has been BE NICE. I can't tell you how many entrepreneurs I know blew leads, burned bridges, and generally screwed up opportunities because they weren't nice to people they met along the way. I knew from day 1 I was going to need a lot of help reaching my goals, so it was important to be nice to everyone I met because you never know when someone is going to play a critical role for you. And that role could be weeks, months, or in some cases YEARS away, but you couldn't have known it when you first shook hands.
Here's one example: an angel investment group expressed an interest in investing in my company nearly 8 months ago. But they wanted to see more "progress" before they were comfortable. So I kept up with bi-weekly status calls, multiple trips to another state for meetings, and completing tasks that were not really critical at this stage, but I did them because the investment group wanted to see them done. All the way, I was nice to every member of the group. I grew frustrated and annoyed at all the hoops I was jumping through, but I stayed nice. Last week, the group wrote me a two sentence email saying they weren't interested in investing. No explanation. All that work and I got a two sentence email. BUT...a few individual members of the group phoned me and said they wanted to invest in my company outside of the group. Why? Because I was nice, I did what they asked, I achieved the progress they wanted, and they grew to trust me. I built a bridge.
Here's one example: an angel investment group expressed an interest in investing in my company nearly 8 months ago. But they wanted to see more "progress" before they were comfortable. So I kept up with bi-weekly status calls, multiple trips to another state for meetings, and completing tasks that were not really critical at this stage, but I did them because the investment group wanted to see them done. All the way, I was nice to every member of the group. I grew frustrated and annoyed at all the hoops I was jumping through, but I stayed nice. Last week, the group wrote me a two sentence email saying they weren't interested in investing. No explanation. All that work and I got a two sentence email. BUT...a few individual members of the group phoned me and said they wanted to invest in my company outside of the group. Why? Because I was nice, I did what they asked, I achieved the progress they wanted, and they grew to trust me. I built a bridge.
Saturday, July 26, 2008
What this blog is about
I am not a genius, nor a shaman, nor a wildly successful entrepreneur. I am a person who decided to leave a plum job and start a company. That was about 2 1/2 years ago. I am now officially in start-up stage. Pre-revenue, product under development. With any luck, I will have my first product on the market before the end of this year.
In the last 2 1/2 years, I have learned a tremendous amount about starting a company. I have also learned a lot of things that the Average Entrepreneur ought to know. I happen to be surrounded by other entrepreneurs--my company is housed in a business incubator and I network with entrepreneurs--and I learn from them. What they do right and what they do wrong. I try to take the best of the best and apply it to what I do. I decided I was learning so many great things that I wanted to pass them on to other entrepreneurs.
This is by far the hardest thing I've ever tried to do, and at this point I don't know if I will succeed or fail. We'll find out soon. But if I can help others do their entrepreneurship thing better, faster, cheaper, more successfully, then I won't have failed completely. In this blog I will share the best lessons I have learned, and hopefully I will help you. Stay tuned...
In the last 2 1/2 years, I have learned a tremendous amount about starting a company. I have also learned a lot of things that the Average Entrepreneur ought to know. I happen to be surrounded by other entrepreneurs--my company is housed in a business incubator and I network with entrepreneurs--and I learn from them. What they do right and what they do wrong. I try to take the best of the best and apply it to what I do. I decided I was learning so many great things that I wanted to pass them on to other entrepreneurs.
This is by far the hardest thing I've ever tried to do, and at this point I don't know if I will succeed or fail. We'll find out soon. But if I can help others do their entrepreneurship thing better, faster, cheaper, more successfully, then I won't have failed completely. In this blog I will share the best lessons I have learned, and hopefully I will help you. Stay tuned...
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