We sent out a survey to our Seraf Compass subscribers to ask for tips and advice for first-time entrepreneurs. We wanted to share some answers we thought would be helpful!
We asked the question: "What qualities or characteristics do you look for in entrepreneurs before deciding to invest in their ventures?"
Suzanne Reade, President of Chicago ArchAngels and Managing Partner of Chicago Poland Ventures said: A well thought out approach to the innovation, product/market fit and team. Someone who is ambitious but realistic. Most of the time this is from experience, not youthful exuberance, but young people can balance this out with senior advisors.
Andrey Kostyuk, AAlchemy Ventures said: 1. Competence - they should be qualified for the roles they assume. 2. Well-rounded team - core competencies must be covered by the founders and/or well-incentivised senior employees, or there should be a proper plan in place on how to fill these positions. 3. Educability - ability to listen to the market, hear the message, and act on it. 4. Legal arrangements regarding founders' relationships in place.
Raj, Large Bank in Europe said: Ability to create a compelling vision to draw different stakeholders from early employees to investors. Ability to engage with advisors, mentors and a network of customers, suppliers to take their feedback while understanding the underlying issue, aligned towards the vision. Ability to manage oneself in tough conditions and have a certain level of resilience and tenacity. They come back everyday with a curiosity and energy that moves everyone around to act (bias towards action).
Mary Mckenna, AwakenAngels Syndicate (Ireland) said: Confidence without arrogance, grit for when things don’t go right, good on their feet, able to front the business/make sales, some kind of sparkle or charisma, and honesty.
Robert Magnifico, Zest Group VC said: Their ability to listen. Their ability to overcome difficulties, obstacles and frictions. Their ability to focus on the objective. Their drive and motivation. How implacable are they? How disciplined are they? Are they team players?
We hope these answers can help entrepreneurs on their investing journey. Subscribe to the Seraf Compass and keep an eye out for more surveys if you would like to share your wisdom with us!
