Some EduRev Micro-Learning Lessons

In the spirit of Micro-Learning here are a few quick lessons we’ve learned lately that we thought we’d share in the hopes that they might help you out.

Investing - The first check is the hardest. We brought in our first outside investment this month and since then our fundraising conversations have definitely gotten easier (not necessarily easy but easier…). Finding investors for a business is a lot like dating (seriously, reading The Game might be one of the best uses of an entrepreneur’s time). In dating there’s a theory called Social Proof which states that people are interested in you to the extent that they think others are interested in you as well. The same definitely holds true in the world of start-up investing. Once people know that some other people have put real money into your company (especially if your investors are sharp and seasoned businesspeople) then they’re much more likely to invest.

Investing Part II - Too many start-ups seem to think that there’s a cookie-cutter approach to finding capital. We’re examining a number of options outside the traditional realm of angels and VC funding including lines of credit, SBA loans, SBIR grants, P2P lending sites like Zopa and Prosper, etc. We think it’s important to assess all available options and make the decision from there. While we’re confident in our ability to raise money the traditional way we’re also very interested in doing things that aren’t necessarily traditional but in the end just might make more sense. We’re looking forward to sharing with you what we find going down these paths and would love to hear any feedback you’ve had about any alternative funding sources.

Developers - The search for developers is still ongoing. Finding good development talent is probably the biggest problem most tech entrepreneurs are facing nowadays (at least based on our informal survey of these peeps). I think there’s an excellent opportunity out there to create a website that makes it easier for entrepreneurs to connect with dev talent. Something like LinkedIn would be great except for the fact that most devs either don’t use LinkedIn or don’t have very many connections which subsequently makes it tough to connect with them. Finding a developer through your network is perhaps the best way to go because (a) you have some who has vouched for said dev and (b) the best devs in the world are typically already working on projects and rarely responding to jobs ads or listing their resumes online.

Building Your Network - A friend recently reminded me that in the 21st century our wealth is our network. A lot of truth to that statement. We’re in the process of connecting to more and more people these days and have already interfaced with an amazing number of really cool people. Four tips that I’d offer:

#1 - Approach every interaction seeking first to help rather than to be helped. One of the best ways to do this is to ask people “What challenges are you facing?” Everybody has something. Once you find that out you can see if there’s anything you can do to help them.

#2 - Share your vision as boldly as you. Don’t hold back when you meet people for the first time. Don’t sell yourself short. People get excited and want to help people with BHAGs. Paint a picture for them of what you plan to create and most people will do their darnedest to help you make that picture a reality.

#3 - Always make sure to ask the question “Who else should we be connecting with?” I’ve never asked that question and not been given at least one or two names of people to meet. Outstanding way to grow your network…

#4 - Follow up. It’s amazing how people will go to networking events, meet you for coffee, etc. and then not follow up afterwards. If you get a business card it takes one minute to send an e-mail letting someone know that you enjoyed meeting them and making sure they have your contact info and know they can get in touch you anytime for help.

Blogging - Every start-up should be doing it. Start-up life is really busy but there are few excuses for not blogging. It’s a great way to connect with potential partners and advisors and to find good employees. You’re sharing your world with the world and that’s an increasingly valuable thing in this connected universe. Finally, it’s a great way to document your experience doing your start-up. Regardless of what happens here at EduRev it’s fun to know that we’ll have a diary of sorts for posterity’s sake. Think about it…who wouldn’t love to go back and read Larry and Sergei’s early thoughts when they were starting Google?

OK, that’s it for now. I hope you’ve micro-learned something from this.

This entry was posted on Friday, June 1st, 2007 at 4:20 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.