#46 – How to Build a Million Dollar Business Part Time

By Kathy Korman Frey for the series Building a Million Dollar Part Time.

Do you think it’s possible to build a Million Dollar Business while working part time (the premise of this insider’s series within the Hot Mommas Project blog for business junkies?)

Welcome, my home slices, to a new (or renewed) belief system.

In yourself. 

The short version: If you want to Build a Million Dollar Business, Cameron Herold is the man to help you do it. If you can’t afford Cameron in person, then just buy his book Double Double and his DVD sets based on this and his first book: BackPocket COO. (And, for the jaded… no, I am not Cameron’s sister or something).

The long version: Entrepreneurs are basically nuts. You’ve got to be to handle the ups, the downs, the doubts. But it’s tiring. After leading, innovating, fire fighting, and getting up the next day and to do it all over again, there is the desperate need for guidance, structure, and an answer. Cameron gives entrepreneurs that answer. To that, many of you will say:

&*$^#@ finally!

Read the rest of this post on our main blog, HERE.

Q and A: Venture Capital Resources; My Mom

For whatever reason I cannot post a comment to my own blog, which I find highly annoying – so, I am making a Q&A post. Here are two questions people have asked me in emails/tweets/and posts.

1. Is your mom okay?  (From many).

I was really touched by this question. Thanks, so much. Yes. She is a new woman. (As some of you may have seen, my mom had a near-death experience due to truly weird complications after knee surgery.)

2. Any ideas on VC resources? (From Brent in Hawaii)

First of all, your site www.greencollartech.com is cool. Okay, re VC resources… 

Brent, Without knowing more detail on what kinds of VC resources you’re looking for (e.g., finding avenues for deal flow, etc.) I make the following assumption:  You’re LOOKING for financing.

 

Below are some general links for learning about and connecting with VCs. Pardon the “square 1” discussion if you already know all this. Of course, the #1 thing is usually a connection into the firm, so asking around is key. The #2 thing is understanding what stage they invest in, as well as their “personality” to make sure you all will play well together. If you are the CEO, prepare to get ousted and lose control if you bring in a VC. That is the worst case scenario aside from failure. (Is that very doomsday? Sorry if so. But, gotta put on your big boy/big girl Underoos to play with VCs.) I would go to a VC for two things:

 

 A. Money (a lot) to get big fast, and

 B. Expertise and connections.

 

 If you have B, you could go to an angel. Most entrepreneurs start with FFF first (friends, family, fool hearty). RE: debt – this is a tough market for debt, as many know. 

 

 Here are some places I would start for VC info:

 1. Guy Kawasaki (since you got to us via his Twitter stream) http://blog.guykawasaki.com/2006/09/venture_capital.html (good link from his blog, there are many others).

 

 2. The people at Angel Soft: http://www.angelsoft.net/ “The ecosystem for early stage investing”

 

 3. The people at NCVA (National Venture Capital Association) http://www.nvca.org/

 

 4. The people at EMPEA (if you’re into emerging markets) http://www.empea.net/

 

 5. The MIT Enterprise forum – http://enterpriseforum.mit.edu/. Don’t see one in Hawaii, but, if you know a motivated MIT alum, maybe you could start one there. Otherwise, just try to get in on the CA ones (if they’re any good). Here in DC, they seem to be one of the most visible entities for bringing investors and entrepreneurs together.

 

 6. TAG (The Accelration Group) – http://www.acceleration-group.com/.

Connecting angels and entrepreneurs when I last spoke with them, always looking for deal flow.

 

 EXTRA BONUS RESOURCE for WOMEN: Springboard Enterprises

http://www.springboardenterprises.org/

 

 7. UNIVERSITIES – always a good locus for VC activity. E.g., Any local business plan contests at universities near you in which VCs are involved. For instance, when I search for “Hawaii University Venture Capital” many relevant links come up, particularly the following:

 

http://www.bizjournals.com/pacific/stories/2008/01/21/daily45.html?jst=s_cn_hl

http://www.hawaii.edu/cgi-bin/uhnews?20080811105425

http://www.hvca.org/

 

You will also be in an interesting situation due to your location because my guess is:

 

A. Lots of pretty well-off VCs and Angels have homes/retire in Hawaii

B. They didn’t get rich by sitting on their tush, and are probably looking for an occasional venture or cause with which to involve themselves part time, even if they are “retired.”

 

 Hope this helps!

 

 P.s. Here is my basis for answering your question (about VCs, not my mom):

1. Hanging out with entrepreneurs

2. Hanging out with VCs

3. Raising $8 from New York Life with a sr. mgt team (of which I was a part) for an aging/health venture (after speaking w/ many VCs)

4. Teaching

5. Being taught (e.g. going to these forums – and even back to my MBA – and getting the scoop from VCs…which, theoretically, is #2).

 

P.s.s. And, BTW, just when you think $2 or $5 or $8 million is a lot, talk to someone who invests tens or hundreds of millions in ventures. In a strange way, it can make things less intimidating. We know someone who invests only $50 to $500 million! Ha! Asking for $5k or $20k sponsorships seemed less intimidating after learning that.

 

P.s.s.s. Feel free, everyone, to comment on your favorite resources or push back on my assessment. This is just a quick and dirty.

 

Building a Million Dollar Business Part Time #5: Emergency Broadcast

Emergency BroadcastThis week I did absolutely nothing to build a million dollar enterprise part time.  Full time, I spent the week in ICU with my mom.  Very, very scary.

I also started thinking, “Why the hell am I doing this blog?” Putting all my stuff out there.  Horrible old boyfriends could be reading this. (If you are a horrible old boyfriend or stalker, please click here and never come back). Considered 86-ing the whole thing. Still considering it.

Trying not to make any major decisions now. More next week (maybe).

 

5.01 pm update

In a sort of paradoxical twist, two of my mom’s ICU nurses are massive Caps fans (Washington Capitals Hockey). The Caps are majority owned by Ted Leonsis, of whom I am a massive fan, and about whom I wrote a “Cool Daddies” case that was just published in a business textbook. I emailed Ted and he arranged for the nurses to meet the team next season. Ted is so cool that way.  So, is this the “sign”? “Don’t give up…keep going with Hot Mommas and Cool Daddies Project. You can’t avoid it…even when your mom is in ICU?” 

Parting thought: Thinking I will probably continue now and that is is fairly wimpy of me to consider anything else.  Hellooo? Am I learning anything from the Hot Mommas I’ve surveyed? Persistence is one of the top 3 traits.