“Can you help me find a job in VC?”

 About 18 months ago, I was cold called by a young, ambitious MBA student who wanted some advice and guidance on something very very difficult to do: breaking into the venture capital business. Relative to huge demand, there are very few entry level VC positions available in the Washington, DC region.

Since his initial cold call, I have met him a few times at various events around town. I had not heard from him in several months until today when, in response to an email announcement my company sent out, he responded that he was still seeking my help in landing a VC job.

I emailed him my response:

Here’s how I may help, with some (free) advice:

YOU have to HELP you. The buck stops with you!

You have to create true value for your customers and constituents (boss, coworkers, investors, friends, etc).

You must give 110% every single hour of every single day, and MAKE SURE all of this is recognized.

Network like a machine. You should be out every night going to 2-3 events per, and genuinely HELPING others – Thats how you build YOUR brand!

Work 80 hours per week. There’s no substitute for hard work.

In this market, the ideal job does not come to you.
YOU have to attack and make it happen.
And the tools you need are contacts, credibility and expertise, all of which you will develop by following the advice above.

Pursue your dream and never give up!! It may take a month, year, or 10 years, but the persistent person ALWAYS wins…eventually!!

All the best,
Tien

That’s advice I would give to my kids, the students I work with at Georgetown or Maryland, and anyone looking to land any kind of job, especially a high-demand job.

Bottom line: you have to help yourself, and there are no shortcuts. Buckle up because the road will be long and bumpy,

I welcome your thoughts and comments. Thanks!

KEEPING IT REAL with our Summer Interns at #tech2000 and #appnetic

T2KInterns2015

I had the privilege of having lunch with our Tech 2000 and appnetic summer interns yesterday. I’m pictured above with them and one of my Partners, George Churchwell, Co-Founder and President of Tech 2000.  This crop of 7 of the best and brightest students from MIT, Georgetown, Emory, UVA, UNC, and Virginia Tech give me a high degree of confidence in the future leaders and entrepreneurs of America! They are smart, confident, talented, ambitious, and want to make an impact in the world.

We had a terrific discussion about entrepreneurship, innovation, startups, business, and management.  They are each excited about learning new skills and garnering some good business experience.  They came to the right place and we are very grateful to have them this summer (We selected these 7 out of over 150 applications; special thanks to our awesome Head of Talent, Jackie Churchwell!).

Inevitably the conversation turned to advice, on both business and life. So I divided my thoughts into 2 lists: “Winning Advice” and “What I Wish I Knew at Your Age,” the latter of which is one of my favorite slides when I speak to students at some of our local business schools.

WINNING ADVICE FOR OUR INTERNS

Integrity is #1 – this is about you and your reputation. Do the right thing and keep your promises, be honest and transparent.

Find your Passion – it’s ok if you don’t know it yet. I know 50-year olds who haven’t yet found theirs. Experiment, try new things. You will find your passion or it will come to you.

Always give 100% – work hard, be proactive, bring your “A” game, and be prepared

Learn how to sell – the most underrated yet important skill you will ever have is knowing HOW TO SELL. Understanding your customer’s motivations and buying patterns is critical to business and life.  Life is about selling and persuading, and your “customers” include friends, family, bosses, etc.

Have Fun! Life is short. If you’re not having fun, then you’re wasting your time. Move on until you find something you truly enjoy.

“WHAT I WISH I KNEW AT YOUR AGE”

Everything is hard! Everything takes longer and costs more than you expect. If you go into any endeavor knowing this fact, you will have more reasonable expectations and not get so discouraged when you have a few setbacks.

Nothing comes without Hard Work and LUCK – you need Luck, and eventually it will find you. The harder you work, the more prepared you are and the “luckier” you will get.

When building a startup, there’s no such thing as “Work/Life Balance.”  It’s “Work/Work Balance.” Once you find your passion, life and work converge and become one. I don’t know any successful entrepreneurs who have not put in huge hours and sacrifice.

Work with great partners, advisors and people. The key word here is great. Great people can achieve multiples of what mediocre people can do.

Don’t waste your time with liars, posers, and cheats. Eventually, they will bring you down. You will be known and judged by the company you keep.

Trust YOUR gut, it’s usually right. You know more about yourself than you realize.

Money is overrated and Contentment is underrated. Enough said.

Please let me know what YOU would add to these 2 lists.  Thanks for reading and subscribing!

Magic Johnson – WINNING on the Court and in the Boardroom

Magic Johnson 1

Seeing Magic Johnson speak was one of the highlights of my week in Nashville at the SiriusDecisions 2015 Summit a few weeks ago.

He was funny, engaging, and inspiring, and also had some sound business wisdom for the crowd of 3000 or so sales and marketing executives in attendance. Everyone knows Magic Johnson as one of the all-time NBA greats, but his business resume would seem to qualify him also as one of America’s top entrepreneurs.

He’s a true Unicorn, a rare individual who has reached the pinnacle in sport as well as in business. He spoke about how he made the transition, and how he started winning in business.

CAREER HIGHLIGHTS

CEO of Magic Johnson Enterprises, which reportedly has a net worth of $700 million

Part owner of the LA Dodgers, Major League Baseball team

Former minority owner of the LA Lakers, National Basketball Association team

Owner of Magic Theaters

Partner in the $500 million Yucaipa/Magic private equity fund

First franchisee of Starbucks ever, built a chain of 125 stores in urban locations, sold the chain back to Starbucks corporate

Co-owner of the Dayton Dragons (minor league baseball) and the LA Sparks (WNBA)

Founder, Magic Johnson Foundation

MAGIC’S KEYS TO WINNING

  1. Play to win, and work with Winners
  1. Know your customer – an example he cited was his knowledge of the “Urban customer”, and how he replacing scones w sweet potato pie at Starbucks, and adding more flavored drinks to the menu in order to cater to his customers
  1. Over-deliver – “the key to business success and the key to retention”
  1. Work with great partners
  1. Sell at the right time – Johnson sold his stake in Starbucks and the L.A. Lakers NBA team as valuations started to rise.

OTHER INTERESTING FACTS AND THOUGHTS

He does an annual SWOT (strengths, weaknesses, opportunities, and threats) analysis of all of his companies AND himself.

Magic’s All Time starting 5 lineup – Kareem Abdul-Jabbar, Larry Bird, Tim Duncan, Michael Jordan and himself.

His number one, top rival on the court: Larry Bird

Mentors – Magic has a network of 20+ CEOs who mentor him. He built this network after retirement from basketball by obtaining a list of the Lakers’ VIP season ticket holders and cold calling them one by one.

His biggest failure – Magic 32 sporting goods stores, which failed after only one year.

Magic, on the handful of traits which makes him a success in business (he said he brought these skills he learned as an athlete to his business ventures) – desire to WIN, perfectionism, preparation, focus, discipline, professionalism, and his ability to motivate his team and those around him to reach their full potential.

I’ve never met Magic Johnson, nor have I seen him speak at this length, but here are my main impressions of him, garnered from his 50 minute talk:

Burning desire to WIN. He hates to lose – “underperforming is not winning the Championship

Supremely confident – he KNOWS he’s going to win

His “game plan” is simple. He sticks to the basics (customer focus, over-delivering, good teams, good partners, etc.)

Coachable (he spoke extensively about soliciting and absorbing good advice from his network of 20 CEO “coaches”)

Magic Johnson 2

It was quite inspiring and refreshing to hear from an entertaining, motivational speaker who backs up his thoughts with relevant stories and sound business advice. Always a fan of him as a basketball player, I am now a fan of Magic Johnson as an entrepreneur.

Internet Legend Doug Humphrey and Sid Banerjee, CEO of Clarabridge Featured at Big Idea CONNECTpreneur Fall, 2014 Forum

bigidea_logo_transparent
 
The next Big Idea CONNECTpreneur FORUM is coming up this Thursday, September 11, 2014 in Tysons Corner, Virginia.
 
Doug Humphrey, CEO of JETCO Research and Founder of DIGEX and Cidera, will moderate the Panel of Venture Capitalists and Angel Investors.
 
Sid Banerjee, Founder and CEO of Clarabridge, will talk about his company’s story, growth, and bright prospects for the future.
 
The Big Idea CONNECTpreneur Forums are quarterly gatherings of 300+ of the DC Region’s TOP Entrepreneurs, Business Leaders, CXOs, Angels, and VCs.
 

The event is regarded by many as “The Best Networking Event in DC.” InTheCapital calls CONNECTpreneur a “NETWORKING JACKPOT” of the DC Region’s TOP Entrepreneurs, Business Leaders, CXOs, Angels, and VCs.

CONNECTpreneur events are “essentially the be-all-end-all of networking events in the city” 

The “premier networking event in DC tech and investing”, CONNECTpreneur is “networking on steroids”

The Big Idea CONNECTpreneur Forum is a “Networking Jackpot.”

Presented by appnetic, Tech 2000 and LORE Systems, this UNIQUE EVENT is like NONE OTHER in our region, because of the high quality of its attendees, speakers and presenters.

And YES, the networking is unprecedented!

 
 
Program Highlights:
 
  • We expect 300 business leaders, includng 175+ CEOs & Founders, as well as 60+ angels & VCs
  • Conversation with Sid Banerjee, Co-Founder and CEO of CLARABRIDGE
  • All-Star Panel of INVESTORS
  • SHOWCASE of Emerging tech companies
  • Heavy NETWORKING before, during, and after the event
 
The venue is the Tysons Corner Marriott in Tyson’s Corner, Virginia.  A plated breakfast is included.  CONNECTpreneur is a quarterly networking mashup, which has been attended by over 2500 business leaders in the past 3 years. We expect another SELL OUT crowd, so there will be no on-site registration.
 
All attendees MUST BE pre-registered.  Register now!
 
 
And visit our Website.
 
 
DATE:  SEPTEMBER 11, 2014
 
AGENDA
 
7:00–8:15 am – REGISTRATION / NETWORKING
 
8:15 – 8:20 am – WELCOME
 
8:25 – 9:15 am – FIRESIDE CHAT with SID BANERJEE,Co-Founder and CEO of Clarabridge
 
9:15 – 10:15 am  –  COMPANY SHOWCASE
 

10:15 – 11:15 am –  ALL STAR INVESTOR PANEL:  LATEST TRENDS IN VENTURE CAPITAL AND EARLY STAGE FINANCING

 
Introductions: JEFF REID, Founding Director, Georgetown Entrepreneurship Initiative
 
Moderator:  DOUG HUMPHREY, Serial Entrepreneur, Angel Investor, Internet Pioneer, President of JETCO Research; Founder and CEO of DIGEX and CIDERA.
 
JOHN BURKE, General Partner, True Ventures
JIM PASTORIZA, Managing Partner, TDF Ventures
 
11:15 am – NETWORKING
 
 
EXPECTED INVESTOR PARTICIPANTS (partial list):
 
We expect 65+ angel and VC investors including Core Capital, Grotech, Novak Biddle, New Atlantic Ventures, Revolution Ventures, True Ventures, Edison Ventures, Amplifier Venture Partners, SWaN & Legend Venture Partners, RLMcCall Capital Partners, Multiplier Capital, Updata, Saratoga Investment Corp., DFW Capital Partners, Farragut Capital, NextGen Angels, CIT GAP Funds, New Markets Venture Partners, BluVenture Investors, Leeds Novamark, Maryland Venture Fund, TEDCO, 1776 / K Street Capital, Fortify Ventures, Acceleprise, US Boston, VentureCross Partners, Berman Enterprises, Dingman Center Angels, Neuberger & Co. Ventures, McLean Capital, Angel Venture Forum, Exhilirator, National Capital Companies, Enhanced Capital, MTECH Ventures, Mosaic Capital, Opus8, Starise Ventures, Blue Heron Capital, Duncaster Investments, Private Capital Network, Next-Stage Development Group, Lancaster Angel Network, Harrell Partners, Stanford Venture Advisors, MD Center for Entrepreneurship, Conscious Venture Labs, Great Falls Capital, Hafezi Capital, and Keiretsu Forum.
 
 
EVENT PARTNERS:
 
 
 
 

Ben Hogan’s Five Lessons and Other Recommended Reading

People, especially students, often ask me for recommendations of great books to read. A few days ago, the Washington Business Journal, asked me for a list of 5 books.  Here’s the LINK to the Article.

Following is the full text of the piece with my comments in bold italic.

Digital Producer-Washington Business Journal

Tien Wong, chairman and CEO of Opus8 Inc., talks the best business book he ever read and which book can help you win a major.

1. “Topgrading,” Bradford Smart

“The best business book I have ever read.”  Why?  Because you can’t build a great team without a methodical recruiting, measurement and retention process. When we had 2300 employees at CyberRep, we found this book and it became our “Bible” for managing human capital.  I liked it so much, I have bought over 300 copies of the book to give to colleagues, partners and clients.  Awesome book.

2. “Five Lessons: The 5 Fundamentals of Golf,” Ben Hogan

“Every business leader should work on his or her golf game. Master this book and you can win a major. Just ask Larry Nelson. “There’s no disputing that a ton of business still gets done on the golf course.  I was a tennis player growing up, and kind of looked down on golf as not being a “real sport.”  What I totally missed as a kid is that learning to play at a young age is invaluable for business.  Why?  Because many, if not most, business people love golf.  And while it’s not a requirement to carry a single-digit index, it’s important to be able to play decently and not embarrass yourself when a boss or client invites you out for a golf outing, or vice versa. Having not played until my early 20s, I found myself playing “catch up” and having to learn the game through a lot of practice, lessons, and reading books.  Ben Hogan’s book is concise and simple.  It teaches the basics, the fundamentals, which can not only help anyone become a decent player relatively quickly, but create a Master’s champion like Larry Nelson.

3. Anything by F. Scott Fitzgerald

“Because nobody could put together a sentence like him. His writing is pure beauty.” Anyone who’s read Fitzgerald knows what I am talking about.  I was lucky to have studied him in college and found myself reading his books twice, once for the story and once to appreciate the way he constructed his sentences.  The upside is that my writing improved…a lot.

4. “Think and Grow Rich,” Napoleon Hill

“It’s not just about making money. It’s a classic ‘how to’ guide for achieving your goals.” Countless business leaders give credit to this Napoleon Hill’s classic as a big reason for their success.  The book lays out a blueprint for achieving your goals, and I like to read it and review its words of wisdom every few months.

5. “The Innovator’s Dilemma,” Clay Christensen

“This book proves why companies who don’t innovate become extinct.”  Christensen is a Harvard Business School professor and I recommend not only this book, but the many YouTube videos of his talks.  His work is excellent and provides a lot of truth for all kinds of companies, but especially tech companies. 

Persistence and Commitment at HONEST TEA, a guest post by Marissa Levin

Guest Blog Post from Marissa Levin, CEO of Information Experts and Founder of Successful Culture, a new business dedicated to helping entrepreneurs and business leaders build successful cultures within their organizations.

Marissa was a guest at Lore Systems’ Big Idea CONNECTpreneur Spring Forum on March 7, 2012 and Seth Goldman, Co-Founder and TeaEO of Honest Tea, was one of our featured speakers on the “Entrepreneurship with a Higher Purpose” panel.

This post was written on March 13, 2012 and can be found on Marissa’s awesome new Blog, Successful Culture.

Honest Tea CEO Seth Goldman Takes Persistence & A Commitment to Mission to New Heights

Imagine pitching your idea to 1,000 investors. Over and over and over again. A little insane, right? Not if you’re Seth Goldman, TeaEO of Honest Tea. When we think of Honest Tea, we think of a delicious beverage, and a wildly successful business.

Dig a little deeper into the roots of Honest Tea, and you’ll discover an entrepreneur who is forever committed to the mission of “changing the way people eat, drink, think and live.”

Seth shared the struggles of his early days with 300 business leaders at the sold-out ConnectPreneur Event in the DC region, architected by global serial entrepreneur and angel investor Tien Wong, CEO of Lore Systems (www.lore.net).

Building an Empire One Brick at a Time

As a bootstrapped entrepreneur who has never sought outside funding, I was amazed at Seth’s relentless quest for angel investments when he launched Honest Tea. “I did over 1,000 pitches and landed 120 angel investors. I took $25,000 at a time,” Goldman said. “There were plenty of times when I was financially out of business. But you need just enough fumes to keep things going.”

The question on everyone’s mind – which was asked – was, “How did you keep going?” All entrepreneurs seek the answer to this question from others that travel the path of business ownership. What is the magic bullet -the secret sauce – that gives us the strength to keep pushing when we are seemingly out of options?

Always Return to the Mission

“What kept me going is I always believed and still believe in my mission. I believe we have to change the way we eat, drink, think, and live. Quitting was never an option.”

In addition to the initial 1,000+ calls, Goldman had to ruthlessly follow up with potential investors. Follow-up apparently is just as important as the initial contact.

“You need to be ruthless with your follow-up. You can’t ever quit. Your follow-up is a good indication of your commitment to what you are trying to build, and to your work ethic. Some we talked to for years before they came on,” he said.

Seth’s tenacity is an inspiration to anyone trying to make their entrepreneurial mark. Equally inspiring is his commitment to his core values, and his refusal to relinquish what matters most to him – providing healthy products that consumers feel good about drinking.

Coca-Cola now owns 40% of Honest Tea. The mammoth company’s management is like a bull in a china shop. This, however, doesn’t sway Goldman from his values. “Coca-Cola wanted me to remove “No High Fructose Corn Syrup!” from our labels. I asked if this was a legal or regulatory requirement, and it wasn’t,” he explained.

Goldman continued, “Because their products contain this ingredient, our label wasn’t a positive reflection of their brand. I refused to remove it it. The discussion made its way to the very top of the executive ladder, and I refused.”

Finally, Coca-Cola relented, and conceded that as a minority owner, they couldn’t force Honest Tea to remove the labeling.

All Natural Ingredients for Successful Entrepreneurship

Goldman boiled successful entrepreneurship down to the two basic tenets that we all inherently know: 1: A steadfast, laser-focused, driven commitment to what we are building, in which we will do whatever we need to succeed, and 2: A passionate belief in the change we are trying to make.

Thanks to Tien Wong (follow him on Twitter: @tienwong, and subscribe to his blog – Winning Ideas at (https://tienwong.wordpress.com/) for helping to quench the entrepreneurial thirst for learning with a great event!

And thanks to Seth Goldman (@HonestTea) for showing us what happens when you never ever ever ever ever give up.

Patience, persistence and perspiration make an unbeatable combination for success.” ~Napoleon Hill

Big Idea CONNECTpreneur Spring Forum, March 7, Tysons Corner, VA

LORE SYSTEMS is pleased to host one of the most exciting angel and entrepreneurship networking forums in the DC Region on March 7, 2011 at the Tower Club in Tysons Corner, VA.

Please come out!  Here’s the Eventbrite link:  http://connectpreneur1.eventbrite.com

The Big Idea CONNECTpreneur Spring Forum is a 1/2 day “NETWORKING MASHUP” of the DC Region’s TOP Entrepreneurs, Business Leaders, CXOs, Angels, and VCs.

Come see what happens when you put a group of “A List” business leaders and entrepreneurs in one room for a few hours!

This UNIQUE EVENT is like NONE OTHER in our region, due to the high quality of our attendees and participants, as well as our programming and unprecedented networking.

The Big Idea CONNECTpreneur Forum is an exclusive “mashup” of 170+ of the DC Region’s top entrepreneurs, business leaders, CXOs, angels and VCs.
Most of the attendees are “INVITATION ONLY,” and we are limiting service provider participation in order to maximize the experience for our Attendees and Sponsors.
Program Highlights:
  • “Hypergrowth – Zero to $500 million in 8 years” discussion
  • “Entrepreneurs with a Higher Purpose” panel
  • 8 Emerging companies seeking funding will briefly tell their stories
  • “Disruption, Disintermediation, and Destruction” luncheon discussion
  • Networking sessions before, during, and after the event
The venue is the Tower Club in Tyson’s Corner, Northern Virginia’s premier private business club.  A plated brealkfast and plated lunch are included.
AGENDA7:00–8:00 am – ARRIVAL / BREAKFAST / NETWORKING

8:00 – 8:05 am – WELCOME

8:05 – 8:45 am –  “HYPERGROWTH – ZERO TO $500 MILLION IN 8 YEARS!” – a conversation with Tony Jimenez, Founder and CEO of MicroTech
8:45 – 9:30 am  –  “ENTREPRENEURSHIP WITH A HIGHER PURPOSE”
Jim Cheng, Secretary of Commerce, Commonwealth of VA; Founder and CEO, Computer Hi-Tech Mgt, “Entrepreneur Turned Public Servant”
Dr. John Holaday, CEO, QRx Pharma, an ex-Army officer, Professor, and serial entrepreneur who has founded and taken 3 companies public, “Entrepreneur Seeking a Cure for Cancer”
Seth Goldman, Founder and TeaEO, Honest Tea, beverage industry innovator, “Entrepreneur  leading the Green Movement”
9:30 – 9:45 am – NETWORKING BREAK
9:45 – 11:30 am – COMPANY PRESENTATIONS
Fresh Tax
Pixspan
11:30 – 11:45 am – NETWORKING BREAK
11:45 – 1:15 pm – LUNCHEON DISCUSSION – “DISRUPTION, DISINTERMEDIATION, AND DESTRUCTION”
Duke Chung, Founder of Parature, CRM industry pioneer
Mark Walsh, Founder and CEO, GeniusRocket;  Chairman, DIngman Center for Entrepreneurship;  Chairman of the Board of Trustees, Union College;  Founder and CEO, VerticalNet
John Backus, Managing Partner of New Atlantic Ventures, Founder of Draper Atlantic Venture Fund, former CEO, InteliData
1:15 pm – MORE NETWORKING AND DEALMAKING
CONFIRMED PARTICIPANTS (partial list):
Over 110 Entrepreneurs and CXOs, plus another 40+ angels and VCs including Core Capital, Novak Biddle, New Atlantic Ventures, CIT, Capital Source, NEA, Maryland Venture Fund, MAVA, MTECH Ventures, Maryland DBED, Ruxton Ventures, Opus8, VentureCross Partners, McLean Capital, National Capital, Starise Ventures, Dingman Center Angels, Blu Venture Partners, Blue Heron, Washingon DC Archangels, Fortify.vc, Endeavor DC, Private Capital Network, APPTEL, Stanford Venture Advisors, MD Center for Entrepreneurship, SunWalker Group, Skada Capital, Keiretsu Forum, CADRE.
EVENT SPONSORS: