Category: Entrepreneurship

How to Run an Intern Program

Note: Jesse Davis, Entrustet‘s cofounder, wrote an in depth how to guide on his blog.  Please read it.  My post is only an advertisement for his post.

Last summer, we hired 9 interns for Entrustet.  It was one of the best decisions we’ve made as a company.  Most companies struggle with intern programs and many interns leave their summer programs without much more than a new line on their resume.  Jesse and I figured out how to make the program work so that the interns added value to the company and we added value to the interns.

Some highlights from the intern program:

  • The digital executor toolbox
  • 25+ blog posts
  • 700+ attorneys added to our CRM
  • 5 blog posts on other websites
  • Huge amounts of research
  • Replaced our copywriting consultant

Besides the direct benefits, our interns injected some fun into the office, which was great after working solo with Jesse for over a year.  It was also a low risk way for us to learn how to manage people.  Here’s a short list of things we did to make it work as well as it did.  Again, make sure to read Jesse’s post on how to run an intern program.

Before You Hire

  • Think about what you need and write specific job descriptions
  • Start early.  Put your ads up in February for the summer.
  • Create a plan for when your interns arrive

When you hire

  • Create a set of 3-5 tasks that the interns can do at any time
  • Teach for the first 2 or 3 days.  It will be worth your investment.
  • Have one never ending project.  For us it was adding lawyers to our CRM.
  • Ask your interns what they want to do.  They will be motivated to work on what they like to do better than what you make them do.
  • Work in the same room as your interns and invite them to come to your meetings

Read the rest of Jesse’s post for the full details on how to run an intern program.  It could make the difference between a waste of time and a huge help for your company.

Build Madison: Madison’s Create-a-thon

The first annual Build Madison community create-a-thon is being held this weekend at Sector67.  Build Madison is a 24-hour event open to anyone in Madison with ideas, skills and the desire to create something over a weekend.  Everyone gets together at Sector67 at 11am on Saturday to brainstorm ideas and form teams.  After the pitch session, teams have until 11am Sunday when teams present the projects they’ve created in the previous 24 hours.  Next, the top projects win prizes and every team receives information and resources on how to take their newly created product to market as quickly as possible.

Back in November, Capital Entrepreneurs members Steve Faulkner, Michael Fenchel, Dan Gordon and Heidi Allstop attended the Defrag Conference in Denver, Colorado scholarships as part of a Kaufman Foundation grant.  “We first conceived of the idea last fall while hearing about similar events at Defrag,” Faulkner tells me.  “We thought, the Madison community had so many talented and unique individuals, why not get them all together for a weekend and see what comes out?”

When they got back, Faulkner and Fenchel teamed up with Chris Meyer of Sector67 and Forrest Woolworth of PerbBlue.  Meyer volunteered his space to host the event and the community quickly lined up behind the event.  Companies including Google, Sony, Supranet, PerBlue, Murfie and organizations like Capital Entrepreneurs have thrown their support, resources and expertise to make Build Madison a reality.

“Build Madison is designed to foster collaboration between people with a variety of skill sets that may never otherwise work together, yielding innovation as well as strengthening ties in Madison’s professional community,” said Fenchel.

Build Madison is part of a larger entrepreneurial renaissance in Madison.  Along with August’s Forward Technology Festival, the Burrill Business Plan Competition, Capital Entrepreneurs, High Tech Happy Hour and Sector67, Madison’s entrepreneurial scene is beginning to boom.  “The entrepreneurial energy in Madison is on the rise,” said Forrest Woolworth.

With over 70 Madisonians planning to attend, I think Faulkner sums it up best, “I think the community has been waiting for something like this.”

How to Talk to Media and Get Quoted in the Press

The first time I was interviewed in the media, I think I was about 19 and was incredibly excited, but also nervous.  Over the 30 minute interview with my local newspaper, I talked a ton and thought it went really well.  When the article came out, I wasn’t even quoted and only got a short mention.

The next interview I did with another newspaper, they quoted me, but took some of the quotes out of context and tried to pin me into a corner on one aspect of my business.  Over the next three years, I got better at talking to the media and giving public presentations, culminating in a 20 minute presentation to a congressional committee (PDF) and a TV news segment about my website.

Fast-forward six years.  My business partner Jesse and I have been interviewed 100s of times for major newspapers and blogs including the NY Times, Mashable, the Financial Times, TechCrunch and have appeared live on Fox Business News, two local TV stations and multiple radio shows including NPR San Francisco.  Now we both get prime coverage, tons of quotes and compliments on how well we handle speaking to the press.

So what went wrong in 2005? And how have Jesse and I gotten to the point where we’re completely comfortable in any media situation that comes our way?

In 2005, I talked quickly, rambled and didn’t really practice ahead of time.  I gave up too much information just because the reporter asked.  I talked about too many things, but not one super interesting stat.  In short, I made the journalist’s job hard.

Over the course of 2005-2008, I got better speaking to the media with practice.  In 2009, just before we were launching Entrustet at South By Southwest, we hired a PR firm called Shift Communications to help us out with our launch for our first few weeks.  They did a good job helping us get in the news, but to me, their real value with in their prep work.

Shift interviewed Jesse and me and then told us which parts to keep and which parts sucked.  They listened in on our first interviews and then helped us with “after action reports.” After each call, Shift employees told us how we could have said something better, the parts the journalist really liked and the parts we should drop for future interviews.  After a few weeks, Jesse and I were clearly getting better.  By the time our contract with Shift was up, we were pretty good.

Over the next few months, we honed our interview style on our own.  Here’s 19 tips for giving interviews so that your quotes get used and you don’t say something you regret:

Before the Interview

 

1.     Practice.  Write down 3-4 key points that you want to get across and practice saying them concisely.  Practice on your friends, family, in the mirror, random victims in the coffee shops/bars.  Try reaching out to small blogs and pitch them your story.  If you make a mistake or are nervous, only a small audience will notice.

2.     Get 1 go-to stat.  Ours is three Facebook users die every single minute and Facebook doesn’t know who they are or what they wanted done with their accounts.  With ExchangeHut, it was we facilitated ticket transfers for 10% of the student section during homecoming games. Our Facebook stat has been used in the NY Times, Atlantic, TechCrunch and many more.

3.     Get Feeback. Find someone outside your company who will agree to listen to your first few interviews while you are giving them who can provide feedback after the interview is done.

4.     Make a plan. Decide if there is anything you absolutely don’t want to discuss and go over your 3 main points you’ve been practicing.

During the Interview

 

5.     Relax. The interviewer wants to get your story.

6.     Ask how much time you have. At the beginning, ask the reporter if he has a hard stop, which is asking if the reporter must stop at a certain time. If you only have a short window, don’t chitchat, just get right to the point.

7.     Talk slowly. Reporters are taking notes, so talk slowly.  If you’re live, talking slowly makes you sound relaxed, smart and personable, even if you’re not.

8.     Don’t ramble.  Try not to speak for more than 30-60 seconds at a time.

9.     Answer directly. Don’t use business buzzwords and don’t speak too technically.

10. Don’t feel like you need to answer every question. If you don’t want to answer a question, don’t.  Develop a line to sidestep the question.  Say, “we’d rather keep that stat private.” Or “we’re a private company and we don’t disclose those figures.”

11. Don’t fill silence. In non-live interviews, silence is ok. The interviewer is gathering her thoughts or taking notes.  They don’t want to hear your nervous verbal diarrhea.

12. Let the interviewer finish. Even if you know what the question is going to be.  Nothing pisses off a journalist more and it makes you sound like an asshole.

13. Don’t sell.  Inform. Nobody likes a salesman.  Being a salesman is the quickest way to piss off a reporter, who will not include your quotes.  Be yourself.

14. If you don’t know, admit it. Don’t make something up.  The correct response is “That’s a great question we hadn’t though of yet.  I’ll research it and let you know the answer when we find out.”

 

After the Interview

 

15. Say Thanks. Send a thank you email telling the reporter that they should feel free to contact you if they have any follow up questions or need anything clarified.  Include your phone/email.

16. Follow up with facts. If there is anything to add to the story, email the reporter before the article is published.  For example, Oklahoma just passed a law that allows executors access to online accounts of dead people.  I emailed a link to any reporters who were still working on our story and might benefit from it.

17. Respond to comments/Twitter. When the article is published, make sure to respond to comments and interact on Twitter.

18. Do an after action report with your friend who listened to the interview.  Be honest and demand honesty from your friend.  If they don’t provide honest feedback, you’ll never get better.

19. Be honest with yourself and learn from each interview.  Take your friend’s feedback and incorporate it into your next interview.

Do you have any tips or strategies you use to make sure you get quoted?  Do you disagree with any of my tips?  What would you add to my list?

Photo Credit: Jon S.

Punishing Failure, Stifling Innovation: How Culture Affects Who Goes into Entrepreneurship

I wrote a post last week about some of challenges facing Chilean would-be entrepreneurs because of the culture.  Overall, Chilean culture punishes failure, which stifles innovation.

It got me thinking and I realized that it seems to me that a fixed percentage of people in the world are entrepreneurial.  I’m not sure what the exact number is but if I had to guess, it’s probably around 10% and I’d be willing to bet that percentage is fairly static across the world.  I believe that these 10% have the skills, desire and entrepreneurial spirit to start a business and succeed.  10% of Americans, Saudis, Chileans, Spaniards and South Africans all have the desire to start businesses, so why do some places have lots of entrepreneurship and others don’t?

Why does the US have a higher percentage of entrepreneurs than Chile, Saudi Arabia or other places around the world.  And in the US why do Silicon Valley, NYC, Austin, Boulder and Boston have a higher percentage of entrepreneurs compared to Des Moines, Tallahassee and Phoenix?

I believe that certain cultural values free up the entrepreneurial 10% to actually start businesses and succeed.  For example, in the United States, we reward risk taking, business ownership and making money.  On average, we also love innovation, learning and trying new things.  We love rags to riches stories, even if they are only partly true.  If someone’s business fails, it’s seen as experience, not a black mark.  In the US, these values are stronger in San Francisco and Austin than in Cleveland and Memphis.

In other parts of the world, there are many different cultural pressures that stifle innovation: punishing failure, punishing innovation, closed culture.  Some places even look down on successful people.

In Silicon Valley, I bet 20% of the people are entrepreneurs in some way shape or form.  In Austin, maybe 8%.  In Chile it’s .01%.  I believe that all cultures start out with the same 10% who can start businesses, but some cultures push people who may not have started businesses to do it, while others push people who would have otherwise started a business to shy away.  The most important thing entrepreneurs, government and academics can do is to try to free the people who would start a business, but don’t because of cultural pressures.

I’ve seen it first hand in Madison.  When I was 19 and just starting with ExchangeHut, there were not many young entrepreneurs.  I only knew 4-5 students and recent grads who were starting businesses.  After JellyFish sold to Microsoft, Networked Insights started to have some success and young entrepreneurs like those in the Burrill Business Plan Competition started to get press in national publications and have some success, other people started to see that they too could start a business.  Capital Entrepreneurs has accelerated the process, along with all sorts of cool initiatives from the startup community like barcamp, forward tech festival, high tech happy hour and more.  I think Madison went from a 1% to a 3% city in the last five years.  We still have a long way to go, but by unlocking the pent up entrepreneurial talent, we’ve seen an explosion in entrepreneurship.  Just wait until we see what Madison looks like at 5%!

In Chile, I’d estimate that we’re at .1%: for every 1000 people who are entrepreneurs at heart, only 1 starts a business.  That’s 1/1000!  In Silicon Valley, it’s probably 200/1000, Austin 80/1000 and so on.

Part of Start-Up Chile‘s mission is to introduce entrepreneurs from all over the world into Chile’s culture to try to break the cultural pressures that punish failure and stifle innovation.  I believe that we should be focusing on the other 9.9% of Chileans who might start a business if they were not afraid of being punished for their failure.  If we can double the amount of entrepreneurs who start businesses, it will be a huge win for Chile.  I see similar parallels to Madison and the entrepreneurial community is starting to take shape.  People just need the entrepreneurial push!

What do you think?  Are entrepreneurs distributed equally across the world or are more entrepreneurs born in one country compared to another?  What can you do to help free up the rest of the entrepreneurs who are scared to make the leap?