VC Minute – quick advice to help startup founders fundraise better
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Jeff Gardner:
Let’s start with the first place where I work with entrepreneurs. It starts on two main aspects, one is vision, and then the second is setting up for performance excellence.
If we just take the vision aspect of it, when I start working with a lot of companies, the entrepreneur may have in their head where they want to go with the business. But it usually or often sits only in the entrepreneur’s head. Really getting that out so you can articulate it and you can explain where the business is going is critical.
There is a framework that I absolutely love. Jim Collins wrote about it in one of his books, and it centers around three things. When you talk about vision, it’s so easy to get lost in all these different frameworks and structures. But I have found that simplicity wins the day. When we talk about vision, you’re looking at three things.
One is purpose. Why does this company exist? What are we going after? And getting very, very clear what that purpose is.
The second is having the core values. And the core values are so critical to making sure you hire the right people and that you’re building the business the way that you want to build the business.
And then the third piece is a mission. And it’s not a mission statement; think of it as a three to four-year, maybe five-year, goal that you’re going to go after. Are you going to have X percent of the market share in this market? What is it that you’re going to have and go achieve?
Those are the three components of a vision, and helping an entrepreneur set that up so that they can articulate it to investors. Because we all need to raise money whether it’s angel, whether it’s VC, what it may be. And as you’re attracting talent, you need to be able to tell that story and help convince and persuade great talent that they should be joining your organization. The vision aspect is often overlooked and left in the founder’s head, and it needs to come out and be articulated to all those involved.
About “Love Your People” by Jeff Gardner
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About AVL Growth Partners
AVL Growth Partners, founded in 2009, is the leading fractional Finance and Accounting firm supporting organizations in pivoting from growth to scale. AVL brings an experienced team of CFOs, Controllers, and Accountants to your organization, delivering transparent, strategic actions for short and long-term success. Transform your financial approach affordably with AVL, supporting companies coast to coast – get to know AVL Growth Partners at avlgrowth.com. (Sponsored)
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