Welcome to OPNE: Investor Corner where we learn from wise and insightful investors like Dr. Marty Fox
Dr. Fox is an active early-stage investor and has assisted numerous businesses by providing capital and guidance. He has also founded several successful businesses and has served at the executive and board level for multiple companies. He is a former adjunct instructor at the Eller College of Business of the University of Arizona and holds a Ph.D. in Educational Psychology.
Marty was extremely gracious with his time and insights, and here are some of his most important suggestions for entrepreneurs:
- Don’t take money from someone you don’t have a strong relationship with. To support that, here are three tactics for deepening relationships:
- Practice empathy – Similar to how you take the time to deeply understand your customers, you should also take the time to deeply understand your investors. Why are they investing? What’s important to them? What outcomes are they after? Do you have the right chemistry to work together for the next decade?
- Give consistently, receive occasionally – When we are consistently giving of ourselves it ensures we’re surrounded by a support network that truly cares and wants to see us be successful. Think about times when others have behaved in this way: How did YOU feel?
“Successful people are always looking for opportunities to help others. Unsuccessful people are always asking, ‘What’s in it for me?‘” – Brian Tracy, Author
- Show and prove you think of others – Simply remembering some small detail or important date can deepen those personal connections between two people. Perhaps an unexpected call or text from you “Hey, I was able to apply that suggestion you made to me last week and will let you know how it goes. Thank you!”. Shifting our lens from being constantly focused inward to being frequently focused outward will do wonders for deepening our relationships.
- Avoid over-diversification – My recommendation for entrepreneurs is that they get uncomfortably narrow about your first early adopter customer segment. The more specific you can get, the faster you can move. To hear a great entrepreneur working through getting specific, check out the Mentor Me Live episode with Aaron Gopp from Patter.