What it is like coaching entrepreneurs?
Since 2010, One Million by One Million (1M/1M) is a "global virtual incubator that aims to nurture a million entrepreneurs to reach a million dollars each in annual revenue and beyond, thereby creating a trillion dollars in global GDP and ten million jobs."
1M/1M is a brainchild of Sramana Mitra.. The global self-styled "incubator" charges $1,000 per year for membership and organizes many roundtables.
I extracted these ten takeaway Mitra shares with her readers about her experience in working with entrepreneurs
- Tell, in a palatable way, http://bit.ly/1crvRDa not what they want to hear. This is an art.
- Entrepreneurs learn not only from pitching, but also from listening at the round tables.
- We promote bootstrapped, lean, capital efficient startups, with emphasis on the business model and monetization We don't speculate.
- No silver bullets. . We do well with those entrepreneurs who are willing to put in the work, and are realistic about what the outcomes can be.
- Confidentiality is not an excuse not to analyze thoroughly the business outcome. Strategy and execution are really what drive success.
- Some projects are not fundable, yet. Some never. But we have ideas how to bootstrap for a while or forever.
- Translating a poorly understood discipline into a widely understood discipline.
- Capital eco-systems are variable from geo to geo We teach entrepreneurs how not to work for investors, but for themselves.
- We fight to reduce infant entrepreneurial mortality, as much as possible.
- Entrepreneurs' ecosystem - mentors, advisors, incubators, media, all promise things they can't deliver. On the other hand entrepreneurs join my program with expectations that cannot be met. Intellectual honesty matters.
I wonder if anybody knows "what entrepreneurs need to hear" which is "different from what they want to hear".