does being a VC make you a better entrepreneur so I got a great question
entrepreneur so I got a great question
entrepreneur so I got a great question from one of my YouTube viewers kevin
from one of my YouTube viewers kevin
from one of my YouTube viewers kevin love you guys and he wrote in the say
love you guys and he wrote in the say
love you guys and he wrote in the say would you say getting into a VC would
would you say getting into a VC would
would you say getting into a VC would help you gain skills that would make you
help you gain skills that would make you
help you gain skills that would make you a better business owner and/or angel
a better business owner and/or angel
a better business owner and/or angel investor so VC here is venture
investor so VC here is venture
investor so VC here is venture capitalist and I would respond to that
capitalist and I would respond to that
capitalist and I would respond to that absolutely so when I when I sold my
absolutely so when I when I sold my
absolutely so when I when I sold my software company I didn’t know what I
software company I didn’t know what I
software company I didn’t know what I was gonna do next I wish I could say I
was gonna do next I wish I could say I
was gonna do next I wish I could say I had this clear plan here’s my next steps
had this clear plan here’s my next steps
had this clear plan here’s my next steps here’s where I’m going I had no idea and
here’s where I’m going I had no idea and
here’s where I’m going I had no idea and I was I was frustrated and scared I was
I was I was frustrated and scared I was
I was I was frustrated and scared I was kind of looking for my next passion
kind of looking for my next passion
kind of looking for my next passion project to jump into and I think we all
project to jump into and I think we all
project to jump into and I think we all go through these periods in our lives
go through these periods in our lives
go through these periods in our lives where we’re not sure what we want to do
where we’re not sure what we want to do
where we’re not sure what we want to do next right and the way to get through
next right and the way to get through
next right and the way to get through that isn’t to force ideas on yourself
that isn’t to force ideas on yourself
that isn’t to force ideas on yourself and forced projects on yourself but to
and forced projects on yourself but to
and forced projects on yourself but to explore see what things are interesting
explore see what things are interesting
explore see what things are interesting for you and just start to explore and
for you and just start to explore and
for you and just start to explore and see if you’d like it or not so I tried a
see if you’d like it or not so I tried a
see if you’d like it or not so I tried a whole bunch of stuff I tried rock
whole bunch of stuff I tried rock
whole bunch of stuff I tried rock climbing I tried salsa dancing I tried
climbing I tried salsa dancing I tried
climbing I tried salsa dancing I tried getting to venture capital firm just to
getting to venture capital firm just to
getting to venture capital firm just to see you know not having expectations
see you know not having expectations
see you know not having expectations just to see what I like the reason for
just to see what I like the reason for
just to see what I like the reason for getting into venture capital was with my
getting into venture capital was with my
getting into venture capital was with my business we never needed venture capital
business we never needed venture capital
business we never needed venture capital we came close we thought about it we had
we came close we thought about it we had
we came close we thought about it we had potential opportunities but we never
potential opportunities but we never
potential opportunities but we never actually got funding for business or our
actually got funding for business or our
actually got funding for business or our business got acquired before we went for
business got acquired before we went for
business got acquired before we went for funding it was always one of those
funding it was always one of those
funding it was always one of those things that I was kind of interested in
things that I was kind of interested in
things that I was kind of interested in to see what it was like and because I
to see what it was like and because I
to see what it was like and because I didn’t have a business idea for what to
didn’t have a business idea for what to
didn’t have a business idea for what to do next I thought maybe I’ll just learn
do next I thought maybe I’ll just learn
do next I thought maybe I’ll just learn about the VC world and raising capital
about the VC world and raising capital
about the VC world and raising capital and see what it’s like and see if I
and see what it’s like and see if I
and see what it’s like and see if I enjoy it could have been something that
enjoy it could have been something that
enjoy it could have been something that I tried for a week and hated it I was
I tried for a week and hated it I was
I tried for a week and hated it I was fortunate enough to hook up with a
fortunate enough to hook up with a
fortunate enough to hook up with a company in Toronto where the main
company in Toronto where the main
company in Toronto where the main partners wrong there 60s or 70s they had
partners wrong there 60s or 70s they had
partners wrong there 60s or 70s they had a whole ton of experience and they
a whole ton of experience and they
a whole ton of experience and they needed help bringing in new people new
needed help bringing in new people new
needed help bringing in new people new businesses if they could get the
businesses if they could get the
businesses if they could get the businesses they knew where to go for the
businesses they knew where to go for the
businesses they knew where to go for the funding so my roles that come in and
funding so my roles that come in and
funding so my roles that come in and help them find new businesses I had
help them find new businesses I had
help them find new businesses I had friends who are growing their companies
friends who are growing their companies
friends who are growing their companies who needed advice who needed expansion
who needed advice who needed expansion
who needed advice who needed expansion capitals who seemed like a good fit and
capitals who seemed like a good fit and
capitals who seemed like a good fit and along the way I learned not just about
along the way I learned not just about
along the way I learned not just about how to raise capital which is great
how to raise capital which is great
how to raise capital which is great right you see
right you see
right you see come in and they’re getting asked
come in and they’re getting asked
come in and they’re getting asked questions by the main partners at my
questions by the main partners at my
questions by the main partners at my firm and you know I didn’t know the
firm and you know I didn’t know the
firm and you know I didn’t know the answers to those questions so I had to
answers to those questions so I had to
answers to those questions so I had to think about it too I thought well for my
think about it too I thought well for my
think about it too I thought well for my next adventure if I ever need capital
next adventure if I ever need capital
next adventure if I ever need capital now I have it all figured out and it was
now I have it all figured out and it was
now I have it all figured out and it was also great to see how these businesses
also great to see how these businesses
also great to see how these businesses presented themselves how they grew to
presented themselves how they grew to
presented themselves how they grew to where they were right so part of my job
where they were right so part of my job
where they were right so part of my job was screening business plans and like
was screening business plans and like
was screening business plans and like 99.5% of the plans that came in got
99.5% of the plans that came in got
99.5% of the plans that came in got rejected and so I got this to learn
rejected and so I got this to learn
rejected and so I got this to learn quickly what the difference was between
quickly what the difference was between
quickly what the difference was between a great plane and all the others so I
a great plane and all the others so I
a great plane and all the others so I knew if I was writing the business plan
knew if I was writing the business plan
knew if I was writing the business plan how to make it great when they came in
how to make it great when they came in
how to make it great when they came in and they they presented I got to see how
and they they presented I got to see how
and they they presented I got to see how they presented I got to see what their
they presented I got to see what their
they presented I got to see what their story was I got to see who was on their
story was I got to see who was on their
story was I got to see who was on their team how they built their companies and
team how they built their companies and
team how they built their companies and all that was being soaked up so I knew
all that was being soaked up so I knew
all that was being soaked up so I knew if I launched a new company I could take
if I launched a new company I could take
if I launched a new company I could take all that knowledge with me I got to see
all that knowledge with me I got to see
all that knowledge with me I got to see how companies grew so quickly and what
how companies grew so quickly and what
how companies grew so quickly and what made them so successful and I gained
made them so successful and I gained
made them so successful and I gained great contacts through it as well and
great contacts through it as well and
great contacts through it as well and again I could use all that I didn’t know
again I could use all that I didn’t know
again I could use all that I didn’t know there was no great plan but I was just
there was no great plan but I was just
there was no great plan but I was just learning I was enjoying the learning
learning I was enjoying the learning
learning I was enjoying the learning process I was there for maybe two years
process I was there for maybe two years
process I was there for maybe two years just under two years and through that
just under two years and through that
just under two years and through that process started working on my own
process started working on my own
process started working on my own website and didn’t know if it be a
website and didn’t know if it be a
website and didn’t know if it be a business or what would happen but it
business or what would happen but it
business or what would happen but it just started to take off and I felt like
just started to take off and I felt like
just started to take off and I felt like I had learned what I needed to learn
I had learned what I needed to learn
I had learned what I needed to learn from the venture capital business and
from the venture capital business and
from the venture capital business and decided I’m gonna leave that I’m gonna
decided I’m gonna leave that I’m gonna
decided I’m gonna leave that I’m gonna do my own thing off of every Carmichael
do my own thing off of every Carmichael
do my own thing off of every Carmichael comm and that group you’ll find with
comm and that group you’ll find with
comm and that group you’ll find with things in your life that some things
things in your life that some things
things in your life that some things you’ll love for a little bit some things
you’ll love for a little bit some things
you’ll love for a little bit some things you’ll love for a long time and that’s
you’ll love for a long time and that’s
you’ll love for a long time and that’s okay
okay
okay you know the VC world I love for a
you know the VC world I love for a
you know the VC world I love for a little bit and then my passion fell I
little bit and then my passion fell I
little bit and then my passion fell I felt like I had learned what I need to
felt like I had learned what I need to
felt like I had learned what I need to learn and I wasn’t excited by it anymore
learn and I wasn’t excited by it anymore
learn and I wasn’t excited by it anymore that’s the time to leave and go do
that’s the time to leave and go do
that’s the time to leave and go do something else
something else
something else where too many people feel like oh well
where too many people feel like oh well
where too many people feel like oh well gain these skills I’m really good at
gain these skills I’m really good at
gain these skills I’m really good at this so even though I’m not that
this so even though I’m not that
this so even though I’m not that interested in it I’m gonna keep going
interested in it I’m gonna keep going
interested in it I’m gonna keep going because it’s a good career path for me
because it’s a good career path for me
because it’s a good career path for me or I can make a lot of money doing it if
or I can make a lot of money doing it if
or I can make a lot of money doing it if you’re not excited by it anymore
you’re not excited by it anymore
you’re not excited by it anymore you have to move on and do something
you have to move on and do something
you have to move on and do something else
else
else and entrepreneurship was really what was
and entrepreneurship was really what was
and entrepreneurship was really what was exciting me and my website and helping
exciting me and my website and helping
exciting me and my website and helping other business owners really excited me
other business owners really excited me
other business owners really excited me and still does today I still love it
and still does today I still love it
and still does today I still love it today it’s been 12 years I don’t know
today it’s been 12 years I don’t know
today it’s been 12 years I don’t know how long it’s been I still love it it’s
how long it’s been I still love it it’s
how long it’s been I still love it it’s still great for me if I ever lose my
still great for me if I ever lose my
still great for me if I ever lose my interest for helping entrepreneurs and
interest for helping entrepreneurs and
interest for helping entrepreneurs and I’ll go do something else but you always
I’ll go do something else but you always
I’ll go do something else but you always have to follow your passion that’s what
have to follow your passion that’s what
have to follow your passion that’s what got me into the VC world it definitely
got me into the VC world it definitely
got me into the VC world it definitely made me a better entrepreneur it
made me a better entrepreneur it
made me a better entrepreneur it definitely made me a better angel
definitely made me a better angel
definitely made me a better angel investor but again you know go into it
investor but again you know go into it
investor but again you know go into it if you’re feeling like you love it and
if you’re feeling like you love it and
if you’re feeling like you love it and you feel like you want to learn about it
you feel like you want to learn about it
you feel like you want to learn about it and the moment that that passion stops
and the moment that that passion stops
and the moment that that passion stops then go find something else and it’s
then go find something else and it’s
then go find something else and it’s okay not to know where you’re gonna go
okay not to know where you’re gonna go
okay not to know where you’re gonna go but you know that you’re on the path and
but you know that you’re on the path and
but you know that you’re on the path and if you continue searching you’re gonna
if you continue searching you’re gonna
if you continue searching you’re gonna find something you love and can
find something you love and can
find something you love and can hopefully build a massively successful
hopefully build a massively successful
hopefully build a massively successful and rewarding and fulfilling business
and rewarding and fulfilling business
and rewarding and fulfilling business around belief fills you watching like
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for watching so much and I’ll see you
for watching so much and I’ll see you soon
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