Every day, VCs hear hundreds of pitches around the world from hopeful entrepreneurs.
But there’s one word successful founders say that secures the confidence and funding from the very best.
The founders of Skype used it. So did those at Baidu.
In fact, one of the world’s leading VCs says all good entrepreneurs utilise it.
Tim Draper’s Startup Advice for Entrepreneurs
Tim Draper is renowned as one of the most successful venture capitalists in the world, and one of the most powerful and influential people in Silicon Valley.
Tim’s most prominent investments include Hotmail, Skype, Tesla, SpaceX and Twitter, and he’s one of the pioneers of viral marketing.
So naturally, when he offers up some advice around how to impress a VC, I’m eager to share it with you!
“The best entrepreneurs I know all use the same word: ‘We want to delight our customers.’ And this came from entrepreneurs that were Chinese, or entrepreneurs that were were Northern European, or (the) Skype guys the Baidu guys, Americans, they all said the word delight.”
Tim said it’s one of the critical things to think about:
“If you have that in your head: ‘That’s what I’m gonna do, I’m going to delight my customer,’ that’s a really good attitude. It is that relationship with your customer that’s going to make you successful.“
Slow and Steady Wins the Entrepreneurial Race
Tim said the best startup founders are patient even when there’s plenty of funding around for them:
“At a time like this when there’s an awful lot of money around for entrepreneurs, at least here in Silicon Valley…the great entrepreneurs take it. They hire very slowly, they fire quickly, they drive their business. They build it one brick at a time, it’s all organic growth. They’re not trying to sort of be something that they’re not too soon, they’re just building it as they go. They might reach for a bluebird once in a while but mostly the business has to just click along, one step at a time, and entrepreneurs that are too impatient don’t actually succeed as well as the ones who are patient and willing to do all the hard things first, and build the platforms so that later on the money will roll in and the business will roll in — and they’re creating something that the customers will love.“
Patience of course, all in an effort to “delight” the customer!
Hopefully you or someone you know can take something away from this valuable piece of advice from Tim Draper.