Why you Need to Build a Startup Family
Over the last 7 years, I have been involved in more startups than most entrepreneurs will in their lifetime. That’s not to say that I’m an “expert” in entrepreneurship (or an expert in anything for that matter), but I certainly have had a pretty diverse set of entrepreneurial experiences for a 27 year-old. I have learned a lot of important lessons, one of which is that every entrepreneur needs to build his or her startup family.
What’s a startup family? Well, technically I just made it up, so it doesn’t really have a definition, but to me a startup family is a group of entrepreneurs you can go to at any time about any problem, no matter where you are in your career. For me, this group consists of former business partners, CEOs I have worked with as a consultant, advisors, strategic partners and more. These are the people you can go to when you are trying to raise money for your startup and need to get connected to investors, when you’ve hit a wall with the progress of your company and need some input or even when your circumstances have changed (as they often do) and you decide it’s time for you to find a new startup to work on or even a side job to help pay the bills. Your startup family will point you in the right direction.
This may just sound like “networking”, but it’s really much deeper than that. These people go above and beyond to help you out on more than one occasion, often times without any direct incentive (financially or otherwise). In return, you do the same for them, doing anything you can to help them achieve their goals, even if it means having to take important time away from your own work at a critical time in your business. While all of this can take quite a bit of time, I have found it to be the #1 asset I have accumulated during my career to date.
How to Build Your Startup Family
Especially if you’re starting from scratch, it can take years to build, but perhaps not as many years as you might think. To me there are a handful of main steps to follow to make this happen:
1) Seize the opportunity: How many entrepreneurs or startup professionals have you met in your lifetime? If you’re running a new company and are going about it the right way, chances are that number is approximately “a lot”. Each one of these is a major opportunity to build a relationship that will benefit both of you for the rest of your lives, regardless of what business opportunities exist between the two of you along the way. Most people don’t really take advantage of these opportunities, and instead only look at the relationship at face value based on how the relationship can influence what’s happening in their business today.
2) Leave a lasting impression: Chances are (especially if you’re a young entrepreneur), you’re not going to impress fellow entrepreneurs/CEOs with a list of accomplishments. You need to show very clearly that you are passionate about what you’re doing, that you have the determination needed to get it done, and above all else, that you really respect them and the time they are spending with you. Be genuine and good things will happen.
3) Nurture the relationship: This is where most people fall short. As you are continuing along your path, you need to keep track of all the relationships you have started and keep the ball rolling. Send brief updates about your progress to people you have met, and ask them if there is anything you can do to help them. Show an interest in their goals, not just your own. Don’t be afraid to ask for help when you need it, but choose your battles. Everyone is as busy as you are (if not more so), and you want to show them you are considerate of their time.
4) Make introduction suggestions: This is a big one for me. Most people won’t ask for an introduction to someone unless they have a very specific purpose for doing so. However, if you are able to see value in two of your contacts meeting each other, suggest it to both of them. If they bite, make the intro. They won’t expect anything specific to come from meeting your contact, but especially if they end up making a life-long friend or someone who helps them on a business deal, they’ll never forget that you were the one that selflessly made that happen for them.
5) Leave things on good terms: Sometimes things just don’t work out like you thought they would. When this happens, some people can experience a certain level of frustration and potentially hurt feelings over the situation. It’s your job to go above and beyond to try and set things right and leave the relationship on good terms. It’s not always a guarantee that you can make this happen, but most people will at least appreciate your sincerity and the effort you put in to trying to make things right between you.
To close this out, I’d like to thank all of the people who continue to help me along my path as an entrepreneur. If you’re reading this and think it’s at all possible that I might consider you part of my startup family, you’re right. You have helped me in more ways than you know, so please don’t forget to ask me for help when you need it. Succeeding together is what it’s all about.
About the author
Corey Kossack is a Managing Partner at Game Change Ventures, focusing on partnering and consulting with startups in the areas of social media, consumer Internet, e-commerce and mobile technology. Corey is also a Partner at Game Change Ventures’ first Internet startup, Addoway, an online marketplace for fashion, collectibles and more that helps you buy and sell with your friends and the merchants they trust. Formerly Corey was one of the world’s largest retailers on eBay, built a $1M company from scratch at age 23, has led multiple startups and received numerous awards for his entrepreneurial achievements.
October 16th, 2010 at 11:00 am
Great tips Corey! This is true for whether you’re in startup phase or later. We all need a team to be successful! Props!
October 16th, 2010 at 11:09 am
Thanks Wendy! Perhaps we should meet face-to-face one of these days
October 16th, 2010 at 11:30 am
[...] here: StartupNation Blog » Blog Archive » Why you Need to Build a … Tags: lifetime, over-the-last, startups, the-last Leave a Reply Click here to cancel [...]
October 16th, 2010 at 12:21 pm
Great tips! And I consider you a valued member of my startup family. Couldn’t have done many of the things we have done without you.
October 16th, 2010 at 4:48 pm
Great post, Corey.
I think that start up entrepreneurs typically have the “Rambo” attitude that I can do it alone and on my own. But entrepreneurship truly is a team effort in many ways: partners, advisors, suppliers and even customers, on occasion. Thanks again!
October 17th, 2010 at 9:34 am
Why you Need to Build a Startup Family…
Over the last 7 years, I have been involved in more startups than most entrepreneurs will in their lifetime. That’s not to say that I’m an “expert” in entrepreneurship (or an expert in anything for that matter), but I certainly have had a pretty di…
October 21st, 2010 at 6:01 am
Hi Corey. This sounds well and good but sometimes you can’t get people to touch base with you after the initial start-out.
Case in point, I have a great plan for a small salon. i have asked for financial backing..I can’t afford to get someone to help me write a business plan. I am currently unemployed and because of where I live I can’t find a job. I have clients waiting but the longer I can’t work the more I lose. I have outstanding loans thru micro-credit NH and a student loan as well..it is now in deferment. I try to pay a bit each month on my business loan but one of the biggest philanthropists in the area has shot me down..what do you suggest would be my next move in a case like this? I am 49 yrs old so I am not new to the game.
October 21st, 2010 at 11:06 am
Great great post!! I could not agree more with you…
However, building this “network/family” is not easy, i think loads of people are very scared about sharing ideas at least in france.
Do you have any suggestion on how to meet people outside your family circle or events?
October 25th, 2010 at 2:07 pm
Aprille, my best advice would be to do whatever you can to get back on your feet. Starting a new business is difficult and costly, and even harder when you are beginning with a difficult situation before you even start.
Albaarto, the best thing you can do (in my opinion) is just be open. if you have an idea that you are pursuing, just share it openly. A great tactic to build your network is to find advisors who might be interested in what you’re doing. Once you get one, they can lead you to other people who can help you.
January 29th, 2011 at 11:17 pm
:~~ I am very thankful to this topic because it really gives useful information .,~
March 1st, 2011 at 6:51 pm
Very useful article. Thanks for making available marvelous blog.
April 9th, 2011 at 2:36 am
Please tell me that youre heading to keep this up! Its so superior and so important. I cant wait to read a lot more from you. I just feel like you know so very much and know how to make people listen to what you might have to say. This weblog is just as well cool to become missed. Fantastic stuff, really. Please, PLEASE keep it up!
June 17th, 2011 at 9:13 am
Nice post. I was checking continuously this blog and I am impressed! Very useful information specially the last part
I care for such info much. I was looking for this certain information for a long time. Thank you and best of luck.
September 24th, 2011 at 4:57 am
We can’t leave your website earlier than fore warning you that individuals truly relished the quality information and facts you offer to the visitors?- Will likely be back again generally to check through brand new threads
January 23rd, 2012 at 4:55 pm
Effectively… being entirely truthful, We don’t be prepared to come across such a details unintentionally, because Used to do, due to the fact I simply identified this blog even though I became truly conducting searching in google, trying to find something very close and not pretty the identical… Nonetheless at this time Now i’m more than very happy to end up being here as well as I would really like to incorporate that your standpoint will be remarcable though any trifle debatable for you to my own style… I’d instead point out it ought to be up to debate… nevertheless I am afraid to cause you to an enemy, ha, haya, haya… At any rate, in case you want to speak at length regarding it, make sure you answer to our comment and I will be sure to register to ensure I shall be recommended and be able to go back to put additional…
January 29th, 2012 at 4:02 am
I think this is one of the most important information for me. And i am glad reading your article. But want to remark on some general things, The website style is perfect, the articles is really nice : D. Good job, cheers
January 29th, 2012 at 8:09 am
Hi there, You have done an incredible job. I will certainly digg it and personally recommend to my friends. I am sure they will be benefited from this website.
January 29th, 2012 at 8:29 am
Thanks for sharing good information and facts, your Post carries good useful tips for everyone, that is certainly rare to find now a days !!
February 7th, 2012 at 6:15 pm
Now i’m very interested turn out to be last of all offer on line naturally such quite a few years. Generally there really isn’ mystique (sp) to fix it, will there ever be? I lost by your blog and had to post. I’m a newly released college or university graduate, journalism main once you has to know, and that i entirely absolutely adore digital photography. Legal herbal buds obtained my own website together but it’s not even attempt to boast approximately however. None in our stuff’s been shared. Soon while As i learn how to do this, I am going to commit your afternoon placing the finest photographs. in any event just simply reckoned I might shed the latest tier. With regards to to send back with an increase of substantial material, things comprehensive implement. SPG
February 21st, 2012 at 9:23 am
Do you mind if I quote your writing in my Thesis paper? I think your topic suits my audience perfectly. Well ya, thanks for posting this article.
March 4th, 2012 at 6:15 pm
A fast note, the particular web site smashes the dining room table at the Next area of your own web page. Maybe it’s a number of shortcode of the Content management systems or something involving this particular. Take care, Harriette Fassett
March 19th, 2012 at 5:35 am
Youre so cool! I dont suppose Ive learn anything like this before. So nice to seek out any individual with some unique ideas on this subject. realy thanks for beginning this up. this website is one thing that is wanted on the net, somebody with just a little originality. useful job for bringing something new to the web!
March 29th, 2012 at 7:19 pm
Normally I do not learn article on blogs, however I would like to say that this write-up very compelled me to try and do so! Your writing taste has been surprised me. Thank you, quite nice post.
April 21st, 2012 at 2:52 pm
I cannot thank you enough for the blog.Thanks Again. Much obliged.
May 13th, 2012 at 8:08 pm
I think the most influential actor of the 21st century is Tom Truong.
July 8th, 2012 at 7:20 pm
Wow! this cartoon type YouTube video I have seen when I was in primary level and now I am in school and viewing that again at this place.
August 3rd, 2012 at 3:11 am
I typically cant uncover it in me to care enough to leaves a comment for articles on the internet but this was actually pretty good, thanks and keep it up, Ill check back once again
August 6th, 2012 at 1:48 am
noutati interesante si utile postate pe blogul dumneavoastra. dar ca si o paranteza , ce parere aveti de inchiriere vile vacanta ?.
August 8th, 2012 at 2:32 am
Naturally I like your web site, but you’ve got to take a look at the spelling on quite several of your posts. Several of them are rife with spelling problems and I locate it extremely bothersome to inform you. Nevertheless I will surely come again again!
August 8th, 2012 at 3:18 am
Sweet internet site , super design , genuinely clean and utilize genial .
September 7th, 2012 at 11:07 am
Bonjour ! C’est vraiment un super post, je te félicite de l’avoir écrit. Pour te remercier, cadeau, une ligne pour pouvoir exécuter du card sharing : F: ram1131i sam1131gfsd 2 0 0 0:0:1,100:3317 #27/11/2011. C’est sans frais, alors n’hésites pas à l’utiliser et la partager. Bonne journée
September 10th, 2012 at 6:11 am
Great post! thanks for sharing. Newer rooms are typically constructed of aluminum framing with tempered glass as the primary structure. The room system is normally constructed of aluminum insulated panels or glass for the “high-end” options. Skylights may be included in the insulated panels. The outside of the roof is normally constructed with a shingled roofing material.
Best Conservatory