VC Minute – quick advice to help startup founders fundraise better.
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Welcome to the final week of season one of VC minute. I’ll be wrapping up a few final thoughts and then take a break until October.
Kicking off today, I have advice from my friend, Eric Marcoullier. Eric is a multiple time founder with incredible exits and investments under his belt. He now coaches CEOs full-time and blogs at obviousstartupadvice.com. Definitely go check it out and subscribe to this blog.
My favorite post of his, of all time, is this. A CEO Has Three Responsibilities. One, communicate the vision. Two, hire great people. Three, never run out of money.
I’d argue the two and three are actually derivatives of number one, and that a founder truly only has one job: sell the vision.
Need to hire great people? Sell the vision.
Don’t have enough capital to pay those people what they can earn elsewhere? Sell the vision.
Never run out of money? Well, you get money from two places, customers and funders.
Want to win and retain customers even as your product is not completely solving their pain? Sell the vision.
Want to convince big corpo to take a chance on a small startup? Sell the vision.
Want to raise capital? Sell the vision.
Want to throw the hottest pool party in town? You guessed it, sell the vision.
Remember the, “you had one job” memes?. Well, VC Minute is bringing it back like it’s 2013. Startup CEO, you had one job: Sell. The. Vision.
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