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Great Entrepreneurs Believe in Karma
I met with an entrepreneur yesterday that I hadn’t seen in a few years. I originally met with her about five years ago when she was starting her company. She’d been a very successful executive at a large company and had decided to jump into the entrepreneurial game and re-invent herself. Her business has grown nicely – and profitably – without having raised very much money.
We mostly just caught up on how things have been going (we email back and forth periodically, but it had been a while since we had met in person.) After about ten minutes, she asked if she could tell me a story about the first time we met. Always game for a good story, I said sure. It goes something like this.
I was introduced to you by someone I had met with who was a close friend of yours. He suggested that I get together with you and made an introduction. After I set up the meeting, I went online to learn more about you. After poking around for a while, I suddenly got scared – I had no idea why I was going to meet with you or why you would bother meeting with me. I didn’t want to blow my one meeting and waste your time. I told this to the person that introduced us and he said “don’t worry about it – Brad will give you 20 minutes of his undivided attention and something good will come out of it.” So I went ahead and met with you.
I was really nervous. I was uncertain what to talk about and just starting telling you about my business idea. You gave me some reactions and a few pieces of advice and as some point said “I bet you wonder why I am meeting with you.” I had no clue, said so, and you responded, “I believe in karma. When I was starting out as a first time entrepreneur a bunch of experienced people helped me, gave me advice, and just spent time with me with no particular expectations on their part, except to be helpful. I’ve never forgotten that and want to pass it on. I have no idea what will come of this conversation, but if I’m helpful to you, you can pay me back by being helpful to another first time entrepreneur after your become successful.” This has stuck with me from the very beginning of my business and I repeat it often.
This story made me smile a huge smile. I remember all of the entrepreneurs that helped me early in my career, including guys like my dad, Gene Scott, Helena and Chris Aves, Stewart Forbes, and many others. Whenever I help someone like the entrepreneur above, I’m paying others back for helping me.
Many of the great entrepreneurs I’ve met believe in this and practice it. It’s not altruistic nor is it selfless as there are huge emotional returns from watching other people – who you’ve helped early in their entrepreneurial career – be successful. If you are a multi-time entrepreneur, I encourage you to consider a daily (or weekly, or monthly – whatever works for you) karma break to help someone that is just getting started.
I'm a first time entrepreneur and thank people all the time for sending me 'startup karma'. I know that the only way I can make my early-stage business work right now is to be maniacally focused on attracting resources to it and that means I'm much more of a taker than a giver right now. However, having come from corporate America, I have to say the very best part of being an entrepreneur is how many people do go completely out of their way to help out – it's so gratifying and I can't wait for the point in my career when I can "pay it forward"
I've run ideas across you several times, Brad. You're always willing to entertain them and at least give your opinion. I haven't found many other VC's willing to do this (I think you and Fred Wilson are the only ones).
Well said Brad. If a person's nature is to create value (products, teams, businesses) and to help those around them succeed, their value will be recognized and they will be compensated appropriately. I picked-up a habit (good or bad) years ago when answering a business call, "Hello!………Hey Roy, this is Steve……….Hi Steve, what can I do for you?"
Excellent story, cheered me up. Tks
Robert – thanks for the kind words Robert.
Robert – thanks for the kind words.
Sounds like the VC version of the movie Pay it Forward". My father, who was politcally active in my home town, always said that anytime someone called you to ask for a favor, you should answer, "Yes," if there's any way that you can.
Sounds like the VC version of the movie Pay it Forward. My father, who was politcally active in my home town, always said that anytime someone called you to ask for a favor, you should answer, "Yes," if there's any way that you can.
Thanks. I've always made it a point to meet with entrepreneurs to talk about their ideas – regardless of experience or where they are at in their cycle. I never really put much of a filter on it – other than if I can squeeze the time in my schedule. Your story puts a nice description around what a lot of us "middle age" folks do to help make Boulder a great place to start a business.
April Fools!
Wrong. This one isn’t YAAFJ.
Is so agree with this, as a serial Entrepreneur I call this process "contribution" and I have been lucky to both benefit and pass it on many times. The concept is wider than a bit of support or advice though and can come in many forms. I also say that you can "manifest" your destiny too and i have had many meetings like the one above that i am sure came about through a manifested desire…I write more about both of these concepts in more detail on my blog here: http://www.tobeanentrepreneur.com/ which is a site for my book "So you want to be an entrepreneur". The very first chapter picks up on this topic theme! Personally, I believe in "giving back" and contribution as the universal power behind everyone's success and so this could be the first lesson you learn from this book because all the profis go to charity to help other entrepreneurs! Start your entrepreneurial journey by giving and you will be more successful that you can imagine!
Brad,
I have never met you before but have emailed you on occasion and you always email me back when you have time. I look forward to meeting you in person.
Scott
Scott – holler anytime you are in the Boulder area.
Absolutely love this post.
Agreed with all the above. In art of the start, Guy K talks about doing something helpful for someone that can in no way help you in return.
Very true, well said.
great stuff – bang on.
further validation that is is the person AT the fund not nescessarily the fund that entrepreneurs should be looking for
I have been the recipient of 20 minutes of your undivided time once before. From the entrepreneur's standpoint, having someone knowledgeable listen and provide feedback is validating. There is no certificate or diploma for "entrepreneur" so those kinds validating meetings have really taught me alot.
Thanks!
Amen, brother!
Brad, this is spot on! Especially in times like these, hopefully there's even more of this going around. I've just started an initiative here in Utah where I hope I can be more systematic in doing this monthly, LaunchUp.org. Keep the good advice coming!
it's this sort of behavior that led to being asked to join the board of advisors of a company that i think will change the financial information services world. never asked for the role, but was happy to offer advice, have regular chats, until one day the entrepreneur made the offer. i always find that the less i expect fm situations the better they turn out. the reward is in seeing how little it takes to give someone the boost that takes them over the top. that's enough for me…and clearly for you too
hope you're doing well, and a big howdy out to magic too
Wow! That story just my day. What an incredible story! Good going, Fred!
Terrific post! As a young, first-timer myself, I have met with several people who have been "out of my league," in the exact situation that you describe. I have gone into these meetings with very little in the way of an agenda, and simply attempt to pick their brains. Some have gone better than others, to be sure, but I certainly hope to return the favor once I am wildly successful
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Fred? Fred! I’m Brad! Fred is http://www.avc.com!
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Brad, I can feel the karma all the way here to Minneapolis…
Absolutely great stuff! I too can attest, after 25+ years working with tech entrepreneurs, that one can never go wrong practicing this philosophy. Okay, maybe I did once — but a million times not!
You've been gracious enough to listen to me go on about Minneapolis really being a startup hotbed, and I know you sincerely will give us a look here one day soon — maybe even come speak at one of our packed startup events? The invitation is always open — we'd love to have you! And that goes double for your buddy Seth.
cheers,
Graeme
http://www.twitter.com/graemethickins
Namaste.
Give me enough advance notice and I’m there, especially when it’s not winter time. Let’s figure out something this summer.
now THAT's rich…
david (or you can call me fred… ; ) )
Great post and great timing for me personally. Literally putting together a presentation to keynote a college of business honors ceremony tonight and was floundering about trying to articulate the same. Sometimes I think I'm crazy for being more passionate about succeeding monetarily so that I can give it away. Being more interested in "making cool jobs for cool people" than just making money. And as you articulated, making opportunities to pass on inspiration and mentorship to pay back those that helpe you…far more valuable than anything $$$ can buy. That's called a legacy. Thanks!
[...] love this post: Brad Feld posts Great Entrepreneurs Believe in Karma, on his Feld Thoughts blog Read it. It’s short and very good. Very well [...]
Excellent post and wonderful reminder about how much connection means in our lives. A serial entrepreneur, I've always made time to talk with startup mediation practitioners because others helped me to grow and thrive. However, over the years I added a new motive. These new minds enriched my own thoughts. It's easy to fall into a rut over the years. Meeting with people so passionate about mediation who asked such great questions refreshed (and sometimes changed) my perspectives on doing the work and building the business. For that I'm grateful.
Now that I'm writing a romance guidebook and a newbie to online business, I make it a point to ask those more experienced than I am and to share my fresh point of view. The cycle begins anew.
amen amen
Great insight. This article is a great reminder of the care we must exercise, especially when dealing with the young. Our time and our words can be used as weapons for improvement or as weapons for destruction. How different would had been the story if instead of giving this woman hope for a great future, the 20 minutes were used to make fun of her plans and ideas. Hope is not a thing…hope is the only thing that when mixed with strategy and smart work, propels us into the future. Thank you for the great Karma.
[...] capitalist (and all around smart guy), Brad Feld, had a great post on his blog recently entitled Great Entrepreneurs Believe in Karma, in which he repeats a wonderful story he heard from an entrepreneur he had met with years earlier, [...]
Karma is key to entrepreneurs – if only to keep them going through tough times. I I would like to see the investment community appreciate the value of this and even adopt a karmic vision for their own actions.
[...] Feld (blog), cofundador the Foundry Group, resume una idea con la que estoy totalmente de acuerdo. Si eres emprendedore recibirás ayuda desinteresada de muchos emprendedores y debes dar tu ayuda a [...]