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Starting a business isn’t easy. It often consists of long days, stress, frustration, and never-ending challenges.
As an investor, one of the most significant impacts you can make is being mindful that you’re dealing with people who are working under enormous amounts of pressure. Keep in mind that you are investing in people. Without the team, there would be nothing for you to invest in.
Learn to get comfortable, not just with the company, the technology, and the business plan, but with the people as well. Get to know the founders. Get to know the entrepreneurs. Try to understand them on a personal level, and don’t be afraid to spend time with them.
Make an effort to go out with them for dinner, have a coffee with them and catch up. Focus on building a relationship and thoroughly getting to know the people you are working with. Pay attention to how they operate under various circumstances because, no matter what, you’re investing in them and not the company or the product.
If the technology doesn’t work out or the market changes, you’re banking on these people to move with that change. You want to have faith that the team can pivot the business in another way. You’ll go through many ups and downs with these individuals. The key to making each up and down successful is having a strong relationship with the entrepreneur and never forgetting that they are what you are investing in.
Continue reading in our latest eGuide: How We Invest Vol. VII
Hall T. Martin is the founder and CEO of the TEN Capital Network. TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: [email protected]