Today in class, we discussed how sometimes we wanted to do or fix something, but we haven’t learned the skills to achieve our vision.
I think that also works when it comes to entrepreneurs. We all shared our starting up business ideas, but as a student, how to navigate a business is still a challenge for us, even there are resources out there. I still don’t know how to utilize them efficiently. At this point, maybe hearing more stories of how other people built their business experience could be helpful to clean up our minds.
In StartUp podcast, #1 How Not to Pitch a Billionaire, Alex Blumberg introduced how he got started. He used to work in public radio and now wanted to do his own podcast business. Business needs money, which means he needs at least one investor. So he brought his pitch to someone who he had known at work before.
However, things didn’t work out. “Failure is the mother of success”. We should always learn from what failed us besides having a negative emotion. Plus Chris, the investor, didn’t deny Blumberg’s idea, instead he provided very solid advices. From this episode, I saw the importance of networking and as a journalist, we are somehow gifted.
“Chris didn’t look for profitable, he is looking for twitter. Something huge, or a company he could sell to twitter,” said in the podcast.
Here I understand the way investors would view a business idea, they are looking for potential that a company makes another company wanted to own in 3-5 years, so investors could get money back. The value of the business itself is more important than how much profit it can bring. Trying to avoid a simple vision is something I learned from it. As a starter, when we consider a business, making profit is our goal and it should be. But for investors, thousands of businesses are looking for funding, making profits is probably the most basic standard for them to value a company.
The second episode Is Podcasting the Future or the Past? Blumberg revised his pitch and pitched it to another investor, Chris’s friend. This time he received even more suggestions that helps him to broader his idea. I could see the big improvements he made just by talking with these knowledgeable people. Sometimes, environment could change us a lot. Sharing your business idea to a professional will be different from sharing it with your friends. Platform is more important than a result sometimes.
Episode 3 How To Divide An Imaginary Pie talks about why we need a partner and how much should I give up for my partner. I think for young people, it’s awkward to talk about money. And I think it’s funny (in a good way) and also agree with Blumberg’s opinion at first, “I don’t care. My company worth nothing right now, and if it’s worth millions of dollars, I am much richer than now.” But his wife’s opinion is rational that we should take it more seriously that we are giving away something. I think to discuss something that we are uncomfortable with in daily life in this podcast is very meaningful.
At the Hatch, we have heard that team should be the first thing a founder think about. Team is more important than everything. This podcast provides us a structure, a path that we could follow in the future.