What I’ve Learned: Week 3
The Image in my Head
Think of an entrepreneur. Not necessarily a specific person, just the type of person who is a good entrepreneur. Do you have an image in your head?
Now, take it a step further. Think of the type of person who is a venture-capital-backed entrepreneur. Got it? Now hold on to it for a few seconds.
Seven years ago I co-founded a successful small business in the United States, and I have many, many friends who are entrepreneurs. Of course, they all look different. In spite of this, I think for most of us an image persists of what an entrepreneur “looks” like. Blame the mythology of entrepreneurship, our heroes, our teachers, the media, whoever…
In an effort to intentionally weaken my stereotype of a successful entrepreneur, I went through the portfolio of JME Venture Capital, the startups I’ve analyzed this summer, the people I’ve met at demo days, etc.
The VC-seeking founders I’ve interacted with in just the past month are:
- From anywhere — I’ve met with entrepreneurs from Latvia, USA, Argentina, UK, Portugal, India, Canada, Ecuador, and (dominantly) Spain in the past few weeks
- Female, male, single, married, engaged, fathers, mothers
- Building their first startup all the way through their fourth startup (although most frequently they are on their second startup)
- Their businesses range from 10 months old to 59 months old (with an average of 27 months old)
- Only one had no post-high-school education, but most have a master’s degree, some have up to three master’s degrees, and a few have PhD’s (plus masters degrees)
- They range from 20 years old to 48 years old (with the most common age being 33 years old)*
We all have mental images in our heads. Sometimes these images help us, and sometimes they hold us back. No, I certainly didn’t hold the college-dropout-hitting-the-jackpot-in-a-garage wunderkind as my image of an entrepreneur.
But I’m also sure, a year ago, that image was more narrow than it is today.
P.S. If you want to launch a business, pivot careers, or change your priorities, please, please, please don’t let the image in your head hold you back. Actively break down your stereotypes. Do a similar inventory of “success” and be surprised to see the diversity of the people doing the “impossible.” Then join them!
P.S.S. This also means that if you have a truly great, venture capital worthy startup, regardless of your age, race, gender, etc., get in touch with us. You can find the email address on our website.
Check out what I learned in Week 1 and Week 2 as a VC summer associate.
*Some founders mentioned their age. The rest I calculated (quite imperfectly) from LinkedIn assuming they started their first bachelor’s degree at 19 years old.
