For those who have felt the thrill of discovering something firsthand, and then fostering it from concept to full grown and fully functioning product or service on its own, the rush is almost impossible to describe. It’s like raising a child, in a way, but minus a large chunk of the emotions (but still with all the frustration and periods of hair-pulling helplessness). Being an entrepreneur is kind of like being a parent in that way. They know firsthand what it is like to see potential, aim to grow and foster it, and then send it off into the world once it is fully grown.
The amount of effort and blood, sweat and tears that go into all the factors of growing a company from nothing to something is exhausting. From the idea to its realization, it takes a lot out of a person to go through that, especially several times repeatedly.
Whether we want to spare the immense physical stress and exhaustion that building up a startup company can cause, or we continue creating but at the same time find the joys of seeing something grow from ground up without all the responsibilities it comes with, many entrepreneurs have made the pivot to become investors.
Many entrepreneurs are making this professional transition, and the move is something that still active entrepreneurs can learn from.
They bring valuable insight, having sat on both sides of the table already.
One of the most important aspects of being a successful entrepreneur is the core notion that you know you are not the smartest person in the room, nor the first person to have come up with a “great idea”. You want to find that smarter individuals and gleam as much information as you can from them. There is always something that you can learn to do better than you are already doing it, and having a been-there-done-that entrepreneur become an investor for your company is just the opportunity that you need –someone much wiser that can come along side you.
Having an entrepreneur become an investor for your company brings the value of someone who has sat on both sides of the table, and can help guide you through the best ways to bring about success for your startup. Knowledge is power, and for your startup to take off, you are going to need all the power you can get your hands on.
Entrepreneurs can better sniff out what will take off in the long run, rather than what looks good for now.
If an entrepreneur-turned-investor reaches out to you looking to learn more about your product or service with the intent on becoming financially involved, then that means that you are sitting on a promising start that is more than likely to succeed.
Experience will let you know what will take off in the long run. Even if you are not in talks with an entrepreneur-turned-investor, reach out to one to pick their brain on your product. They will tell you like it is, and why or why not they or others would consider investing in your venture. The truth may hurt a little, but it is better to know early on than find out the hard way.
We like to measure entrepreneurs based on how successful their own startups or business became. Whether their business made it into the Fortune 500 or not, their own past mistakes are invaluable to you as a up and coming entrepreneur.
Having an investor who lead its own entrepreneurship efforts is such a boon to your startup because you have all that knowledge to learn from, and depending on how involved they want to be in the day-to-day operations of your venture, anything they can share with you, be it advice on how to proceed faster, or even about a mistake that they made that you don’t have to –it is all useful information and knowledge. Mistakes are as valuable to learn from as any other kind of knowledge. Learn from their experience, don’t be prideful and ignore it.