At North we’re on a mission to accelerate the rate at which innovation gets fostered in this country. With so much at stake, creating successful new ventures simply cannot be a congressional afterthought, or a hobby for the wealthy. To accelerate economic growth, the time is now to focus on creating sustainable new ventures faster and with more efficiency than ever before.
Think of this reoccurring section on our blog as a pair of giant x-ray specs, as it gives entrepreneurs the opportunity to get rare visibility into what a strong venture investment looks like through the eyes of an actual investor. After all, if you’re an entrepreneur and aren’t building your business around the actual criteria you’re being evaluated on, who does that benefit? We’ll be pointing out those business and environmental attributes that can most often influence the overall strength of a new investment opportunity. All told, eight total categories and 80 sub elements will be featured and discussed.
For our initial installment , we take a closer look at the Management Team category. The purpose of this particular element is to determine whether or not the management team of the new venture is “fully committed” to the company’s success by measuring the amount of daily time invested in the success of the venture. Is their venture a pet project? Have they quit their day job to pursue their endeavor full time? There are many variables one can look at it to determine an entrepreneur’s commitment to make their new venture a success.
Anita Roddick, Founder of The Body Shop has her own take on this subject, “Dysfunction is the essence of entrepreneurship. I’ve had dozens of requests from places like Harvard and Yale to talk about the subject. It makes me laugh that ivy leaguers are so keen to “learn” how to be entrepreneurs, because I’m not convinced it’s a subject you can teach. I mean, how do you teach obsession? Because it is obsession that drives the entrepreneur’s commitment to a vision of something new.”
We couldn’t agree more. While campus pedigree can certainly work in an entrepreneur’s favor, drive and determination (and obsession) truly comes from getting some actual “on the job” experience.
This is just one of the key criteria investors use when evaluating the strength of entrepreneurs and their new ventures. How do you measure up? Go to www.venturephenomeproject.com to read all 80 elements and swap knowledge with other forward-thinking entrepreneurs & investors.