Start Up Princess Lorri Randle Reports on Epifany Network Kick-off Event

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Start Up Princess, Lorri Randle, Co-Founder of Copperrain Productions is one of our Guest Bloggers/Fairy Godmothers. She submitted this post, for more about Lorri check out her profile on this site and also her own blog at www.copperrain.com/blog:

On Friday I attended an entrepreneur’s network called Epifany
Network
. The concept behind ePIFany is the PIF-pay it forward
concept. The Epifany Network is created by entrepreneurs FOR
entrepreneurs.

I really like the concept because lately I’ve been reading a lot of
books and talking to a lot of people who have already been there done
that and got the t-shirt type. I decided that while those people have
valuable knowledge, I was wanting feedback and motivation from those
who haven’t written a book on their challenges yet, those who were
“still in the trenches” so to say. And that is what ePIFany is all
about. It is about getting entrepreneurs to help others with problems
they are both experiencing, or just finished.

So a venture capitalist will never be the one speaking on the topic
of venture capital, it will be a regular Joe entrepreneur talking
about how they went about getting venture capital. It is not a
business pitching environment at all.

For example, at this network luncheon, we all came in and mingled for
an hour, talked and got to know each other. Then we had some
excellent lunch and got into introductions. After that the guest
speakers were announced.

Tim Hunt of LingoTek talked on what to get organized when going to
talk to a venture capitalist.

Here are the notes:

Your ideas are worth squat and a waste of time unless you do them!

1. First step is to get connected-build a network

* Get introduced to:

  • Previous Investors
  • Current Investors
  • Lawyers and Accountants
  • Other Entrepreneurs
  • Professors

2. Show Traction

* Prove your team; Test them! Don’t just hire, have them be
working with your company already. (This reminds me of Seth Godin’s
Blog about interviewing.)
* Prove technology-do you have something that is working
already, or just an idea-refer to “you’re ideas are worth squat”
comment.
* Prove Market-What is your market, do you know, have you done
any testing?

Tim says that investors are always, ALWAYS doubting. If you come in
with some evidence already that you can PROVE them wrong, you’ve got
a stronger case.

3. He also says to make sure you are doing your financial projections
right.
Sometimes he has come across people who simply forgot about
the taxes part of the process. You do have to pay taxes on that
bundle of money that comes in.

4. Another thing he says that investors don’t like to see/hear is how
you haven’t paid yourself in so many months/years.
They wonder why
the heck you are running the business-it is a business-pay yourself.
If you aren’t able to pay yourself, you see it as dedication, but
sometimes investors see it as an unprofitable situation.

5. Distinguish between assumptions and knowledge. Assumptions include
that you will sell and people will want what you sell and that the
marketplace is huge. This is a good place and time to be ALL KNOWING!!

6. Changing the industry doesn’t happen overnight! (this is where I
personally fall short. When I think of an idea, I want it implemented
two days ago and I want results yesterday.!) Don’t get discouraged!
Growth will always take time.

7. Clean up your act BEFORE. Don’t say, this is something we are in
the process of changing. Confess everything to yourself.

8. Acknowledge competition. EVERYONE has competition, either directly
or indirectly. If someone asks about your competition, you ought to
know them better than they know themselves.

9. Tell new lies. This is a hint to check out Guy Kawasaki’s post
“Top Ten Lies of Entrepreneurs.”

Tim went on to talk a little about how his business started and what
his thoughts and challenges were and still are. I recommend visiting
Epifany and register for this network. To do that: register as though
you were going to attend the conference. The network only costs $100
for the year. That’s less than some of the networking activities I
attend. They are state wide, so the location of meetings varies-which
I love meeting new people outside of Utah County.

You can also contact Greg Larsen: greg@new-wavesolutions.com

The only complaint I have is there needs to be more women
entrepreneurs!!!

——–

Good thing we have Start Up Princess, right???

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