Tips for Entrepreneurs from the 2018 Summer Venture Program Cohort
2018 Summer Venture Program
This past summer, the Blank Center had the privilege of accelerating 15 startups through the Summer Venture Program (SVP). The 2018 cohort was incredibly special, as this year was the 10th anniversary of the program. Over the 10 weeks of SVP, our participants have gone achieved many milestones, but have also faced challenges. Here are tips for aspiring entrepreneurs from this year’s SVP cohort:
- Look for ways you can test your business and gather feedback from would be customers as quickly and simply as possible.
- Talk to your customer today. Go where your service is wanted (and not only needed).
- It’s a cycle of figuring of what doesn’t work until you figure out what does work. As soon as you figure what does work, put all your energy and focus into that, and hit the ground running. And if that doesn’t work either, keep trying more things and don’t give up.
- Do not start building your product right away. You need to fully understand the implications of the problem you are trying to solve for your customer before you build anything.
- Talk to everyone. Seize every moment.
- Don’t be afraid to ask for help, but also think carefully about advice you receive. You are in charge of developing and executing the vision. Everyone has input: pick and choose what you incorporate and make sure to keep in mind what you will enjoy doing!
- Spend time listening to other founders and help them with their issues. You learn just as much if not more when you give back.
- If you don’t know how to do something, find someone who can teach you.
- People love to give advice; ask for it, it’s a great way to build your network.
- Make a good connection with as many people as you can. This will surely benefit you (and may be your friends) in the future.
- Move fast, take all the opportunities and work with your mentor(s) as frequently and early as possible.
- Once you understand the power of focus, you’ll be able to understand your customers better, and also serve them better.
- The entrepreneurship journey may sometimes overwhelm you with resources and sometimes not give you any resources. You need to be wise and mindful about that.
- You will receive a lot of advice that at times will be conflicting. Your job as the founder is to filter through it all and choose what is best for the company.
- Spend time with other founders.
- Be empathetic, even when times get rough.
- Be bold and just do it. Get a team, you can’t do this alone and not just any team; one that you are willing to marry/get in bed with.
- You need to be scrappy and resourceful. There will be tons of roadblocks and it’s up to you to figure out a way around all of them if you want to be successful. Creative solutions and persistence will make the difference between success and failure.
- Make friends!
- Move fast and make it last.
- Stop dreaming, start living.