One Mistake I Won’t Make Twice
With the fall semester just around the corner, the Blank Center is getting ready to start another year of the Butler Venture Accelerator. The summer flew by with the fifth year of the Summer Venture Program, where 14 Babson businesses participated in a 10-week intensive experience designed to accelerate the development of their ventures. Check out where some SVP alumni are now.
What were the takeaways from the 2013 SVP cohort? When we asked to share a mistake that they wouldn’t make twice, here is what our entrepreneurs had to say:
- Don’t rely too much on information and resources that are easily accessible. It’s important to push yourself out there quickly to learn what matters to people (consumers, vendors, competitors, etc.). They will have an impact on your final product.
- Ask the right questions when meeting with anyone. Have your pitch and message ready for any type of audience.
- Make sure you do your research carefully before meeting with suppliers. There may be less expensive options out there!
- Don’t take feedback personally. Have an honest conversation with the other person to understand where the criticism is coming from.
- Launching the product/service doesn’t have to be perfect. Get customer feedback so you can improve and refine!
- Ask your peers for advice. Don’t keep ideas to yourself: get out of your head and get insight from others.
- Think carefully about pricing. Don’t charge too little for you product/service.
- Don’t agree to unfavorable terms for the sake of getting a customer. Make sure you are comfortable with the arrangement before committing.
- Don’t judge people: there are entrepreneurs of all kinds at various stages and working on different ideas. We are all passionate about what we are working on, and each person makes a unique and meaningful sacrifice when starting our own ventures. Other entrepreneurs can be truly inspirational regardless of their relevance, purpose or level of progress is compared to you.
- Don’t hesitate: action trumps all and creates more opportunities!
If you are a Babson, Olin Engineering or Wellesley College entrepreneur that needs resources to move your venture forward, join us on Monday, September 9 or Tuesday, September 10 for our Accelerator info sessions.