A Wide-Net Strategy
I spoke with a Kleiner partner last week and he offered me advice that is applicable for striving entrepreneurs and young start-ups.
In a down economy, you should cast a wide net.
The means that you shouldn’t rely on anyone or anything. As a young company, expect your best customers (if any) to cut back their spending, and your strategic partners to split ways. Deals will fall through, and alliances will fail. Keep a close eye on your burn rate.
It’s not being pessimistic; it’s just expecting what is realistic.
At the same time, situations like this can open opportunities for individual entrepreneurs, especially for those that are younger and can afford to take more risks. Now is the time to reach into the bag and pull out all of your skills. Your “dream job” may not be realistic in economies like this, but you’d be surprised at the value you can offer companies by being familiar with technology.
Did you take a video editing class in high school? Now may be the time to brush up on your Final Cut skills. If you’re in college, don’t limit yourself by your major. This is a mistake. There are probably areas you are more familiar with, and that you actually enjoy, besides what you have studied in school
Down economies yield opportunities, both for startups and entrepreneurs. The best way to attack them is cast a wide net, even if it takes you out of your comfort zone. Expect the worst, but strive for the best.
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