A VC in Vacationland

Image via Wikipedia

March 23rd was the anniversary of Patrick Henry's famous 1775 speech before the Virginia Assembly where he proclaimed the famous phrase "Give Me Liberty ,Or Give Me Death".   In the speech, he proclaimed that war had already begun with England and that the only choice was whether to fight. He fired up the assembled group, supposedly including Washington and Jefferson so that they all left the building shouting "To arms! To arms!".

It got me thinking about the entrepreneurs in my portfolio who are most successful.  Whether they know it or not, they all live by this phrase. You do not get to be successful in this world without telling it like it is, taking serious chances with other people's money and staying the course even when the going is tough.

Here are a few qualities that I value most in my portfolio company entrepreneurs:

1. They Challenge Conventional Wisdom–it is one thing to have a new idea; it is quite another to change the way companies do business.  Incremental change is the way in which established companies grow. Radical change is the way start-ups succeed. Going conservative in the vision for the company is one sure way to get into trouble.
2. They Stand Up for What is Right–Customers, investors, board members, employees and many other "advisers" may tell them they are wrong.  They need to stay the course and do what they think is right.  Of course, they need to listen to advise, but they need to make their own decisions.  After all they are the ones closest to the dream and best know whether or not it can work.
3. They are not Afraid to go Down with the Ship–Patrick Henry said it clearly and concisely.  He was not afraid of telling it like it was, even though it meant risking his life.  Treason was punishable by death and he knew it. Of course, he did not want this to happen, but was willing to take the risk that he was right and that others needed to follow his lead if the fledgling democracy was to succeed. The same deal goes in start-ups.  Everyone needs to be on board for the company to succeed.  Disagreements can arise but need to be resolved and all must march on in the same direction towards success.

I look for entrepreneurs who have the courage of Patrick Henry.  With all they have to face in starting a successful company, they will need all the courage they can muster. We should proclaim March 23rd Entrepreneur's Day in the U.S. 

http://static.zemanta.com/readside/loader.js