Your Network is Your Net Worth: venture capitalist and AwardX judge Adam Choe
This is a feature from the “Fueling Tomorrow’s Entrepreneurs” podcast episode: “Your Network is Your Net Worth: venture capitalist Adam Choe on how to bootstrap your startup, leveraging 'student' status, and getting funded.” Listen to the full episode here.
In the world of entrepreneurship, success is rarely a solo journey. As a startup founder and venture capitalist, Adam Choe shares the power of networking and forging meaningful connections.
Strap On Your Boots: Finding success in bootstrapping
When asked about bootstrapping his ventures, Adam emphasizes the importance of community and mission. "If you're building a company that has a really strong mission," he notes, "there are people that will go out of their way to help you." Drawing on personal savings, grants, and the support of dedicated individuals, Adam acknowledges the role of relationships in navigating early challenges. He recounts how an attorney friend dedicated countless hours to assist with legal concerns—help that would have otherwise cost a small fortune.
Adam believes that today’s entrepreneurs have a distinct advantage. "In the pre-AI era, you needed to know a subject matter expert just to get started," he explains. "Now, the knowledge is at your fingertips. You can get 80 percent of your knowledge baked in before you find the expert for those targeted questions."
Finding the Right People
The success of any startup hinges on the people involved. But how do you find good people? Adam says that "good people hang around good people," and recommends starting your search within your personal and professional networks. He advocates for what he calls the "drink test": if you'd enjoy grabbing a coffee with someone outside of a professional context, they're likely worth connecting with.
Adam emphasizes the importance of asking for help directly and being specific in your requests. "A lot of founders hesitate to make the direct ask," he points out. "But if you're passionate about your mission, it's hard for people not to want to help you."
What Makes You Backflip Out of Bed?
For aspiring entrepreneurs, Adam’s advice is clear: find something that ignites your passion. "It should be at least a nine out of ten," he insists. This fervor not only drives personal motivation but also attracts others to your cause. Adam encourages young founders to pursue endeavors that make them want to “backflip out of bed” each morning.
“Being a founder is not a fair game”: Embracing rejection
In the startup world, rejection is inevitable. Adam reminds founders that "being a founder is not a fair game." It’s a muscle that needs to be developed over time. He advises viewing rejection as a motivational tool rather than a setback. "Use it to propel you forward," he suggests.
Moreover, Adam advises that "a no isn't always a no forever." It could simply mean that the timing isn’t right or that the relationship needs more development. He underscores the importance of building social equity before making significant asks.
Building Meaningful Connections
Adam emphasizes the value of nurturing relationships over merely increasing LinkedIn connections. He aims to establish "one or two meaningful connections each year" and maintains contact with them over time. This strategy fosters a sense of trust and collaboration, which can be invaluable as both parties grow.
Investing in Young Entrepreneurs
Adam’s investment philosophy is particularly inclusive of young entrepreneurs. He reflects on his experiences investing in students, noting the potential and enthusiasm they bring, despite the inherent risks. "You have to think critically about opportunities," he advises, stressing that age should not disqualify a promising idea or individual from consideration.
“Be good. Do good. Feel good.”
As Adam continues to support innovative ventures at Tundra Ventures, his mantra of being good, doing good, and feeling good remains a guiding principle in a challenging yet rewarding landscape.
Remember that "your network is your net worth." Building strong connections not only opens doors but also enriches the entrepreneurial journey. As Adam embarks on new personal adventures, including recently getting married, he embodies the spirit of continuous growth and community impact, reminding us all that the startup journey is not just about success, but about making a meaningful difference.
Find Adam as an AwardX Judge!
We are looking for the next entrepreneur! AwardX is open to teenagers at all stages of startup-development. It does not matter if you are just beginning to explore an idea, recently launched an MVP, or already driving millions in revenue, we still want to hear from you. Finalists will be provided coaching from experienced entrepreneurs and winners will be awarded cash prizes to support the growth of their startups. Adam himself will be judging – don’t miss out on this opportunity! Applications end November 1st, 2024.
Find Adam and Tundra Ventures:
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