Every entrepreneurial journey has a learning curve — one that’s likely to include both victories and slipups.
Experience may be the best teacher, but you don’t have to learn from your own mistakes when you can save time, energy, and money by learning from the mistakes of others.
By seeking the guidance of those who have come before, entrepreneurs and CEOs can gain insights that will smooth some of the bumps in the road ahead.
Venture Capitalists meet hundreds of entrepreneurs every year and are personally invested in their success, making them the perfect people to guide those seeking to turn their idea into the next big thing.
Meet Dale W. Wood
Dale W. Wood is the founder and CEO of Dale Ventures — a Dubai–based personal investment holding group with interests in consumer services, media and tech, business and finance, and real estate. Wood has spent the last two decades at the top of the venture capital game, and has made it a personal mission to guide brilliant entrepreneurs toward reaching their full potential.
Despite enjoying an inspiring career that has earned him a top spot in the world of business and investment, Wood has had his fair share of failures.
As the man himself points out, “It’s during your darkest moments that you must focus to see the light.”
Wood is a lifelong web guru with a great eye for transforming startups into major league companies, and a soft spot for hard–working and innovative minds.
Several Dale Ventures–backed startups are experiencing immense growth thanks to the experience, capital, and value–added consulting they’ve received from Wood himself at their critical junctures of growth.
Top Tips for Entrepreneurs
We sat down with Wood and asked him to share a few of his top tips for entrepreneurs looking to fundraise in the venture capital sphere.
Wood says there is a lot to consider when navigating the venture capital world that inexperienced entrepreneurs likely don’t understand. Some fail to deliver persuasive pitches, and others can’t even figure out how to get a foot in the door. Here are some of Wood’s most commonly given – and most commonly used – pieces of advice.
- Your Business Idea Must be Niche
All of the customers will not be your customers.
Rather than cast the widest net possible, target a small slice of available customers who want something unique. Then, get your product in front of that small sect and solicit as much feedback as you possibly can.
The goal is to launch something that people really need, not just something you think is a brilliant idea. It is crucial to know the problem you’re solving inside and out, and make sure providing a true solution is something you’re passionate about.
Money–focused startups tend to fail easily – passion is what lights a dark path.
- Launch Before You Feel Ready
Validate your business idea by launching quickly.
The right time to launch is as soon as a product or service is able to start providing solutions – not when a CEO or founder feels the product they’ve worked on for years is finally perfect.
If you wait until your service feels as perfect as you’ve always imagined, another entrepreneur will already be working on solving your customers’ problems.
- Market Aggressively
Running a startup is hard enough without worrying about external pressure, but marking a product to potential customers, investors and the world is a necessary part of being successful.
The startup market is highly competitive, and it takes more than an active social media account to reach potential customers.
Hone your in–person marketing skills and pick up on how to talk face–to–face with people who might want to do business with you. Sell your business every single day.
And while you’re at it, create a community of loyal fans early on. They will, in turn, build long–term return.
- Be Ready to Pivot
The startup market changes very quickly.
What looked like a great business idea a year ago may not be so great today.
As an entrepreneur, you must be capable of making a change to keep up with the evolving times and to have any shot at success.
Assuming what consumers need will never lead to success. Instead of romanticizing your idea or your product – fall in love with the value you can add to peoples’ lives.
Collecting feedback from your customers and asking them what they really want and need will help you make the changes the market demands.
- Get Your Legal Ducks in a Row
You may find yourself focusing more on the fun stuff – creating, building, and seeing your dream become a reality – than you are the nitty gritty.
There’s nothing wrong with that in the short term, but if you’re not prepared and protected legally, none of it will matter.
Make time to apply for patents, copyright your work, and consult with an attorney every step of the way.
- Tough Times Don’t Last; Tough People Do
There will be difficult times, challenges, and unanswered questions that will unnerve even the most solid CEOs. Leaders won’t always make the right decisions. Sometimes, they screw up royally. And that’s okay.
While failure is part of the entrepreneurial culture, it’s how you react to setbacks and obstacles that will define your success. As Henry Ford put it, “Whether you think you can, or think you can’t – you’re right.”
Approach every failure as a valuable lesson. Great entrepreneurs get up and dust themselves off.
No founder escapes fear, pain, and suffering. Yet from fear can come courage, from pain can come wisdom, and from suffering can come strength — if you possess the virtue of resilience.
- Learn to Do Stuff That You Don’t Enjoy Doing
Many entrepreneurs hate tasks like negotiating with suppliers and reading financial reports.
It’s understandable that you want to stick with doing what you love and avoid things you don’t enjoy. But if it’s important to your business, you have to learn how to face the discomfort and dive in.
Even if this means tagging along with someone who knows the tricks of the trade, it pays to learn and familiarize yourself with all the aspects of your startup.
- Don’t Let Yourself Burn Out
Don’t work yourself into the ground.
Burnout is very hard to recover from, so take a day or two off each week to do something for yourself. Pick up a hobby or spend time with family.
Running a startup is extremely stressful both on your mind and body. It pays to take care of yourself mentally and physically by meditating, eating well, and exercising regularly.
- Teamwork Makes the Dream Work
Let’s be honest; you can’t do it alone.
As your business grows, so will your responsibilities. Instead of wearing too many hats, assemble a great team that shares your values and fits your culture to support and help you implement your ideas.
Before they back the horse, investors back the jockey. This simply means that investors prefer to invest in teams. Remember, skills can be imparted; character and values matter more.
Hire people who are better at their jobs than you are. A great team is far more important than an idea or product, so start delegating as soon as possible.
Finally, do not expect people to be your clones. Be open to new suggestions and opinions, and find people who fill in your gaps.
- Use Outside Resources — Friendly Competitors, Advisors, Mentors
You’ll be amazed at how little you know and how much others can help when you reach out.
Seek counsel from a mix of personalities and expertise.
A mentor is a priceless sounding board – someone who’s been where you are and with whom you can have frequent, nonjudgmental check-ins.
Choosing to view competitors as potential collaborators and partners instead of enemies can positively impact your business in a big way.
- Come Prepared
Before you meet with a venture capitalist, do some homework – their background, previous investments, and the type of culture they preach will help you understand from the get go if you are a good match.
Also, ensure you have an investable business. For this, you will need a dynamic, well–researched financial model and a pitch that tells a compelling story.
Think like a venture capitalist and make the deal attractive to the investor. VCs look for scalable businesses and really value expertise.
You’ll need to convince them that there’s a big market for the product and that you have the right team to solve whatever problem you’re tackling.
The Takeaway
Becoming successful as an entrepreneur takes a lot of hard work, vision, and persistence.
Advice given by Dale W. Wood and others will help you make smarter financial decisions that will shorten your path to success. Work hard, fail upward and work toward the future you want to see.
