February 23, 2007

Getting the Truth from Entrepreneurs

Going to a networking event with entrepreneurs is a blast. As you go around the room, every entrepreneur that you talk to makes it sound as if their company is on the edge of world domination. "We're about ready to close a huge deal with ..." "Our partnership with so-and-so is starting to really pay off ..."

Of course, 90% of it is total garbage. Most entrepreneurs do not have the physical capability to say anything negative about their comapany. It's like asking a snake to tap dance.

If you want to hear the truth about a male entrepreneurs company, ask his wife. She'll give you the truth.

If you've ever been an entrepreneur leading a bootstrapped pre-cashflow company, you know what I'm talking about. Your buddy asks, "How's business?" You say, "We're stoked about what's happening and we're accomplishing some great things right now." Your wife says, "Yeah. He really likes it and he's having alot of fun. I just hope we get paid soon."

Nine times out of ten she isn't saying it maliciously, she's just telling the absolute truth without any of the fluff. When I began my carreer, Anna unknowingly did this to me a few times. I have since coached her on the art of entrepreneur-speak.

If I were an angel investor, I'd be on the phone with the spouse of every entrepreneur I was looking into financing.

Just in case a few VCs and angels read this and catch on to my idea ... all of you spouses out there, repeat with me, "Business is going very well. I'm excited about this month's revenue!"