Valuable lessons to be learnt from Venture Capitalists
Venture capitalists have a vast knowledge that up-and-coming business owners can learn from to take their businesses to the next level. We’ve pulled together three things you can learn from world-class venture capitalists.
1. Chris Dixon, US internet entrepreneur and investor: Don’t keep your start-up idea secret
Tell the world about your idea. In a blog by Tren Griffin, Dixon recognises a range of benefits that flow from revealing the idea and getting feedback, while pointing out “there are at best a handful of people in the world who might actually drop everything and copy your idea.” Be the person who changes the world with your idea.
2. Taylor Davidson, former NYC venture capitalist: Always listen
Listening is one important thing you need to excel at as a business person. Often your customers and clients won’t know the real problems they are facing and may try and treat the symptoms of those problems and not the root cause. If you listen first you are more likely to be able to help solve their problems — the problems they didn’t know they had.
3. Keith Rabois, American technology entrepreneur, executive and investor: “The only way to learn how to invest is to invest. You can’t simulate it.”
This philosophy runs across any area of your business. The only way to try something new is to just do it. Be prolific not perfect. Testing the market and getting feedback is essential. You can read and talk to people but it’s the act of doing where you learn the most. If you are wanting to take your business in a new direction or launch a new product, try it.