Day49- Relationship Learning
Naming a startup is like naming a baby
Sept. 22nd, 2016
This morning’s funder readiness class was about demystifying the financial process of entrepreneurship. So, we learned about the different methods of raising money, from bootstrapping to crowdfunding to raising investment. Learned some about different investment vehicles and terms, such as convertible notes.
For the most part, the content was review for me, but it built upon my understanding. It is hard for me to relate to this stuff when I am not actually doing it. I will be a lot more invested in the investment side of things when I have a better understanding of what I’m doing, as a business. Raising money is secondary to the business model.
During the afternoon I went on a walk with Marcus, a Watson scholar who is creating a company called Evolve Clothing. Had a great heart-to-heart conversation. Was really nice to have this time with Marcus, since I have not had much time to chat and learn about his work. He’s made some really incredible progress this past year with his company, super super impressive stuff. And a very memorable conversation.
Then transformative team. Eric & Mohit both were not in Colorado at the time, so Eric called in and he taught from afar. We went over roles & responsibilities within teams; clearly outlining the work that needs to be done and figuring out what we needed help with.
The key message from the class: if you want to run fast, run alone; if you want to run far, run together. Teams are important. If you can build the right team, then most of the work has been done, because great teams solve big problems.
Grabbed dinner, then went to Elan’s cabin to help brainstorm the name of his company. Came up with all sorts of names. Spent about an hour generating different ideas. Thinking of different words, different ideas, different concepts. But by the end, weren’t able to generate any ideas or names that he really identified with. Naming a company is like naming a baby. It’s tough. It takes time. And it’s a very personal process. It’s a big deal. I didn’t expect to crack the code in the session, but hopefully it may have sparked some ideas.
Today I didn’t get much work done on my venture. Instead, I attended two classes and had a few really good conversations. While tangible progress is unclear, intangible progress is. I’m learning a lot, mostly through building relationships. Lets call this “relationship learning.” That’s important to success. That’s important to happiness. That’s real.