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This first appeared in my LinkedIn Today column titled Give Before You Get. I post unique content on LinkedIn a few times a month (I ultimately reblog it here) but if you want to get it when I first publish it and you are a LinkedIn member, simply follow me on LinkedIn.
As 2013 begins, I encourage you to adopt one of my deeply held beliefs, that of “give before you get.”
I’ve lived my adult working life – first as an entrepreneur, next as an angel investor, and now as a venture capitalist and a writer – using this credo. It’s a core tenant of the Boulder Startup Community, which I discuss extensively in Startup Communities: How To Build an Entrepreneur Ecosystem in Your City. And it’s at the heart of how I live my personal life and is part of the glue that holds together the awesome relationship I have with my wife Amy Batchelor.
In order to give before you get, adopt a philosophy of helping others without an expectation of what you are going to get back. It’s not altruistic – you do expect to get things in return – but you don’t set up the relationship to be a transactional one.
In a business context, my favorite example of this is the difference between a mentor and an advisor. The word “mentor” has become very popular and trendy recently, yet few people really understand what it means, and many mentors are actually advisors. To understand the difference, here’s an example. An advisor says “I’ll help you with your company if you give me 1% of the equity” or “I’d be happy to spend up to a day a month advising you if you give me a retainer of $3,000.” A mentor says, simply, “how can I help?”
As a partner at Foundry Group, I interact with hundreds of entrepreneurs each week. I’m an investor in a few of their companies, but many of the people I intersect with are entrepreneurs whose company I’m not currently invested in. While a few of these companies are potential investments, the vast majority of them are companies I won’t end up being an investor in. Yet I try to be helpful to everyone who crosses my path, even if it’s an answer to a simple question, feedback on their product, or simply a response to their email that what they are working on isn’t something I’d be interested in investing in. Sure, I’m not perfect at this, but the number of entrepreneurs who have helped me in some unexpected way because of my approach to them dwarfs the energy I’ve “given.”
I believe that I’m playing a very long term game in business, and that my actions today will impact me in 20+ years. I feel the same way about my non-work life. My goal is to life as happy an existence on this planet as I can and, by giving before I get, I maximize my chance of this.
As you begin 2013, consider adopting a give before you get approach. It might surprise you what you’ll get!