Quarter Life Crisis

Blog Relocated to QLCrisis.com

Warren — Thu, 17 Apr 2008 21:49:08 -0700

Virtual Consultant

Warren — Sat, 26 May 2007 10:02:16 -0700

"Management consultancy Bain & Co. has opened a recruiting center in the Second Life virtual environment. Earlier this month the firm held an open house in Second Life, at which students attended from Harvard Business School, MIT's Sloan School of Business, the University of Chicago Graduate School of Business, and the Kellog School of Management at Northwestern University."

I heard about this article on Bain Consulting's new recruiting techniques and was absolutely floored. Are they that desperate for recruits? As far as I know, if you really wanted the job you'd show up at recruiting events in REAL life. The consultant that thought of this idea must think he's really clever. Maybe they should open virtual recruiting centers on World of Warcraft and have recruiters as posed as poker players on Pokerstars as well, I know a bunch of really smart people who play those games who may be interested in a second career in management consulting.

Or maybe they are recruiting in these virtual worlds to create a virtual consulting group that can be outsourced and consult management from their desktops all the way on the other side of the world?

Gas station entrepreneur

Warren — Thu, 17 May 2007 06:30:03 -0700

You want to own your own business? We all see oil prices shooting up at the gas pumps so how about starting your own gas station? Here are some things I've learned from successful technology entrepreneur who has diversified his retirement funds into a gas station here in San Diego. Oil may sound like pure profit, but it really isn't all that pretty for gas station owners.

$.07/gallon - We may be paying $3.80 per gallon for it, but they are only making $.07/gallon. Thats about 2% margins. This is on the high side. I have heard of others making $.02/gallon. With about 450,000 gallons sold per month, this equates to about $31,500/ month in gasoline sales revenues. That looks like a big number, but its not all profit. Theres still plenty of overhead to cover.

Convenient store - This is the true money maker. Selling those cigarettes, gatorades and dirty magazines rakes in about $120,000 per month. The gas pumps draw 'em in but the candy bar's make the money. Another classic example of making people go to point C to get them from A to B (i.e. movie theaters and popcorn/soft drinks)

Car wash - Another profit machine for the gas station. This is an automated system with pretty low upkeep ~$2,000/month. Each car costs about $8.00 resulting in a monthy profit of ~$8,000.

The Bottom line: Theres a lot of money being moved around, but in the end the net result is about break even. Sure you're not in the red, but its not the cash cow you thought it was when you invested a few mill into it.

Conclusions: Retail gasoline, like everything else, is super competitive. You need a massive up front capital investment to get started. You need to run three separate entities - gas pumps, retail, and car wash just to make a little profit. Location and name brand gasoline will certainly boost your profits - there are definitely many very profitable gas stations out there, they are the minority.

Technical skills aren't enough

Warren — Wed, 16 May 2007 12:35:46 -0700

Don't think that having technical skills is enough to power you through your career. Unless you are an insane engineer with 99th percentile genius, you'll need to diversify your skill set. Writing is one skill that you will definitely need and will open up a whole bunch of career opportunities for a technically trained newly grad. For instance, being an OK writer with a technical background has given me the opportunity to draft up a business plan for a potential start up. Writing is just something that you can't avoid. Heres a good article on business writing.

?'s to ask at an interview

Warren — Tue, 15 May 2007 22:33:17 -0700

Have a tough time thinking of questions to ask at the end of an interview? First couple times I had interviews, I was often too nervous to think of decent questions on the fly. You should be prepared with some generic questions if that is the case.

Why is this position available?

Is this a new position? How long has this position existed?

How many people have held this position in the last two years?

Who would be my supervisor? To whom would I report?

Whom will I supervise?

With whom will I be working most closely?

What do you like about working for this company?

What are the current plans for expansion or cutbacks?

What kind of turnover rate does the company have?

How financially sound is this company?

What projects and assignments will I be working on?

What happened to the person that held this position before? Was he promoted or fired?

What is this company's culture? (Ex: Is it rigid and formal or relaxed and flexible?)

What are the current problems facing the company (or my department)?

What do you like the most about working for this company? The least?

What is the philosophy of the company?

What do you consider to be the company's strengths and weaknesses?

What are the company's long and short term goals?

Describe the work environment.

What attracted you (the interviewer) to this organization?

Why do you enjoy working for this company?

Describe the typical responsibilities of the position.

What are the most challenging aspects of the position?

Describe the opportunities for training and professional development.

Will I receive any formal training?

What is the company's promotional policy?

Are there opportunities for advancement within the organization?

When can I expect to hear from you?

Check out College Grad Resource site for more questions tailored to different members of the company you're interviewing for.

Millionaires

Warren — Mon, 14 May 2007 14:20:24 -0700

It's not about becoming a millionaire anymore, its about becoming a pentamillionaire these days.. How'd these people get there?

"The vast majority — 80% — either started their own business or worked for a small company that saw explosive growth. And almost all of them made their fortune in a big lump sum after many years of effort."

A quote that reinforces a point I was making in the Kobe beef entry:
"today's very rich say that money itself wasn't much of a motivator."
(thats always easy to say after you've got 5 million in the bank. )

More on the 401(k)

Warren — Sun, 13 May 2007 17:28:43 -0700

To do list:

1. Get in early.
2. Fund up to the limit.
3. Be careful of going on savings autopilot.
4. Don't let a new job torpedo your old 401(k).
5. Diversify. Diversify. Diversify.
6. Think before you borrow.
7. Consider a Roth 401(k).
8. Take advantage of catch-up contributions.
9. Scrutinize the 401(k) before your hired.
10. Cash out wisely as a retiree.

Source: 10 Golden Rules for your 401(k)

Not to do list: The 5 Biggest 401k Blunders

Pretty useful stuff. These first few years are critical to our long term retirement planning. It's the magic of compound interest.

What to do with $5,000?

Warren — Sat, 12 May 2007 11:00:00 -0700

If your in my shoes, you've probably been hearing about factoring in 401K benefits from companies into your job search quite a bit. But what if you don't have a 401K yet and want to get started building your nest egg for retirement with a little money and savings that you've set aside?

First of all, you should take that money out of your whimpy little bank account giving you a weak interest rate and move it into a high yielding online money market savings account. But after you do that, here's some investment options and ideas that you can consider. I don't necessarily agree with all of them, just an FYI.

Everyone wants a piece of Pinkberry..

Warren — Fri, 11 May 2007 09:47:12 -0700

Pinkberry is under fire as expected - when you're on top, everyone wants a piece of the action. Multiple lawsuits have been filed against the Pinkberry franchise questioning whether their product is actually made of yogurt.

Don't you just love America? You have the freedom to pursue the American dream. Start a business. Be your own boss. But remember, any jealous/dissatisfied customer also has the freedom to pursue a lawsuit. Maybe Hwang and Co. should have cashed out with Disney? Or maybe not, this is probably more free publicity and advertising for Pinkberry. No such thing as bad pub, right?

This is just something we need to keep in mind when we start our own businesses. If you don't want to deal with the issues unrelated to your core competence then you should just keep your day job - entrepreneurs have to be able and willing to deal with anything.

Summer reading list

Warren — Fri, 11 May 2007 09:27:46 -0700

Here's a suggested reading list of books about entrepreneurship and investing that I will definitely be checking out this summer.

Source: Infectious Greed

Eponym.com - Are you still in business?

Warren — Thu, 10 May 2007 22:05:44 -0700

I had many choices to start my blog with. Even thought eponym was a new service with few users, I thought it would be a good place to start at because of the cool features that even a newbie like me would be able to use. In addition, I could have a custom web url that would be redirected to this blog. You get all that for a low price of $4.95 / month.....or so I thought.

Anyways, since I paid for the service about 2 months ago, I have had 0 success trying to contact the support group. Well maybe not 0, they DID respond to my first email inquiring about activating certain features. However, since then, I have heard nothing from them. I think I've sent them one follow up email per week for the past 2 months... no one has responded. I've tried calling their customer support......no one picks up. Are you guys still in business? Greg Billingsley? Can you respond to my emails? If not, could you leave a comment so that I know that Eponym is still in business?

Blog for a living..

Warren — Thu, 10 May 2007 10:34:32 -0700

I wouldn't know about this, but I hear that blogging can be very profitable. Some companies are actually hiring people to blog for them. Check them out if you want to start a blog but don't know where to start!

Option 1: http://www.vault.com/
Blog on Vault and Get Paid!

Dear Vault Member,

Vault is looking for talented, semi-obsessive, bloggers to write and collect news stories and information in the following areas:

Investment Banking/Finance
Management Consulting
Law
MBA Admissions
Law School Admissions

Blogger duties are as follows:

Scour the Internet for interesting and relevant news articles on a daily basis, commenting/captioning as necessary
Write 2-3 original articles/observations about your subject on a weekly basis.
Break news as available (merger rumors, applications posted, etc.)

If you have your own blog or web site, that's a big plus. This is a paid position; we expect it to take approximately 10-15 hours a week. You will be communicating with Vault editors on a regular basis.

To apply, please send a CV, a cover letter, a writing sample, and a link to your blog and/or web site (if applicable) to blogs@vault.com. We regret that we cannot respond to all applicants.

Apply to be a Vault Blogger
Go to Vault's Message Boards, the Original Workplace Community

Option 2: TJ's Weblog: Tech, VC, Entrepreneurship, etc
"Creative Weblogging is hiring quite a number of bloggers right now and you will find a great learning experience working with us.

If you want to give it a try - here are some rules:

(1) We engage experienced bloggers only. If you do not currently have a blog, we recommend you set up a free blog account at Blogger.com or Wordpress.com. After you have been blogging for 60 days, please contact us again at that time.

(2) You must be able to blog on a regular schedule - ideally 10-15 posts a week. If you post less we can also arrange for a different agreement.

(3) We look for your passion for a entrepreneurship and the VC industry. Show us how much you LOVE a particular topic.

(4) We also look to see how enthusiastic you are about blogging and the blogosphere - we want to see that you blog regularly and often. We also want to see that you participate in the blogosphere through commenting and other actions. Blogging is a participation sport!"

Do fine cuts of meat motivate you?

Warren — Wed, 09 May 2007 18:06:00 -0700

EXECUTIVE LIFE

Wagyu, The Foie Gras Of Steaks

If you think prices for a tenderloin or a T-bone at fine steakhouses are
steep, try ordering wagyu beef. Servings of the highly marbled delicacy,
considered ambrosia for carnivores, might run as much as $20 an ounce. Then
again, because wagyu has a taste and texture more like foie gras than USDA
prime steak, a small portion will do just fine.

The beef comes from Japanese cattle that are treated to regular massages and
a diet of grains and beer, at least in Japan. Wagyu cattle are now raised in
the U.S. and Australia, although Kobe beef, considered the best of wagyu,
comes from a specific region in Japan.

The Japanese typically eat wagyu in thin slices grilled rare or dipped in
simmering broth, but chefs in the U.S. keep inventing ways to serve it. Kobe
Club in New York offers "flights" that allow you to sample Kobe filet, strip
loin, and rib eye. The price is $395, but it's enough for two. At Cut in Los
Angeles, chef Wolfgang Puck's signature dish is Kobe beef short ribs for a
relatively modest $39.

Others have given the pricey delicacy a more homey touch. Thomas Keller has
served wagyu meat loaf at Ad Hoc, a more casual spot near his famed French
Laundry in Yountville, Calif. Ketchup, a sleek L.A. grill, features mini
Kobe beef hot dogs (four for $12), while a Kobe beef rib sloppy joe ($15)
graces the menu at newly opened Presidio Social Club in San Francisco. Why
the growing popularity of wagyu? With caviar and foie gras under siege, says
restaurant consultant Clark Wolf, "we need some luxury protein to help us
feel special."

By Amy Cortese
Source: Businessweek Online

Is there a point to this article? Is the purpose to give average joe's a glimpse into the finer things in life only accessible to the wealthy exec? Is it to encourage everyone to work harder and advance their careers so they can eat Kobe beef rib sloppy joes for lunch everyday? Or is it simply an ad campaign by Wagyu beef suppliers trying to push their products mainstream? If anything at all, it simply encourages us to act rich before actually being rich.

Personally, articles like this don't really mean much to me. Gaining access to the finer things in life do not motivate me to be an entrepreneur or to advance my career.

What really motivates you? Does a fancy cut of meat drive you? Think about before you jump in...

Pinkberry Update...

Warren — Mon, 07 May 2007 00:03:00 -0700

A Pinkberry just popped up in my hometown and I reluctantly went there twice this past weekend. $5.95 for a medium 3 topping green tea yogurt. Sounds like a ridiculous price to pay for frozen yogurt but if you look at the $5.00 Grande Frappucino you bought at your local starbucks this morning, the yogurt's a bargain. Anyways, whats going on with them anyways?

" Interested in a Pinkberry Frozen Yogurt franchise? Well, you may need to wait a few more months to even obtain a franchisee prospectus from Pinkberry, Inc. Here is the quick rundown of What’s New in the thriving business:

The word is that Pinkberry, Inc. has been acquired by one of the Walt Disney’s Company as of December 2006.
Update: The acquisition has not been finalized as the owners of Pinkberry did not accept the offer.
The two founders, Hye-kyung “Shelly” Hwang and Young Lee are now (or could be) successful multi-millionaires. Congratulations."

Source: http://www.kwak.org/blog/pinkberry-yogurt-franchise.html

Even though the deal isn't official, it looks like Pinkberry might not IPO after all. Not sure what the terms were, but I heard that it was something in the ball park of $10.6M. Sounds kinda low at first glance doesn't it? The founders sure think so. But judging by the amount offered, it looks like Disney saw it the way I saw it.

Age and entrepreneurship..

Warren — Sat, 05 May 2007 15:47:43 -0700

It looks like there has been some talk recently on the blogosphere regarding the subjects of age and entrepreneurship.

To get you up to speed, please take a look at these blog articles:

The Mid Life Entrepreneur Crisis

Mid Life Entrepreneur Crisis (continued)

The Age/Entrepreneurship Myth

According to the 2006 Global Entrepreneurship Monitor report ( from Paul's site), more than 50% of entrepreneurs are between the ages of 35-55. The idea that entrepreneurship is something that experienced industry professionals do at their mid life crisis may still hold true (your parents may fit this mold), but as you can see, there is a sizeable portion of entrepreneurs get started even earlier - 20-30% get started between 18-34.

What does this mean to me?
Many newly grads feel pressure (from our savings accounts and parents) to find a safe/steady job and take whatever you can get while not really knowing what you want out of it right now and in the long run. The choices seem so limited don't they? Then how about entrepreneurship as a career choice? As the numbers suggest, its never too young to do it. If you aren't sure what you want to do now, why don't you plan for entrepreneurship a couple years down the line? What kind of start up business would you like to be involved in a few years from now? What type of job coming out of college would help you build the skills, network and knowledge for that kind of business? While not all types of businesses are ideally suited for early 20-somethings (venture backed tech start-ups), there are plenty of other low entry barrier businesses that you can plan for and build (i.e. Pinkberr y).

A Career in Business Development

Warren — Tue, 01 May 2007 00:10:51 -0700

A lot of us business minded/technically trained newly grads are drawn towards a career in business development. I really had no clue what a biz dev guy did when I first heard about it, but I was drawn to it because it had the word business in it - not engineer, sales or marketing. So what do they actually do?

Career Overview

Business development is a combination of strategic analysis, marketing, and sales. Business development (or "biz dev") professionals can be involved in everything from the development of their employers' products and services, to the creation of marketing strategies, to the generation of sales leads, to negotiating and closing deals.

The job of the business development professional is typically to identify new business opportunities—whether that means new markets, new partnerships with other businesses, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets—and then to go out and exploit those opportunities to bring in more revenue.

Since the field is a cousin of marketing and sales, even when an organization doesn't have a stand-alone business development department or employees with the phrase "biz dev" in their job titles, you can bet that folks in sales and/or marketing are handling business development responsibilities. You can find biz dev jobs in all industries—at everything from tech startups to huge pharmaceutical companies. What the work entails, exactly, depends on how big a company is and what industry it's in.

What You'll Do

Your job in business development may involve any or all of the following:

The first aspect of the business development professional's job is typically to identify new business opportunities.

This means several things, in terms of what you'll do. First, you'll need to stay abreast of what's happening in your industry—what your competitors are up to in terms of products and service offerings, pricing, marketing strategies, and so on. Second, you'll need to make sure you understand what your company is up to on an ongoing basis—to understand your company's strategy, how your company compares to its competitors, and how it's perceived in the marketplace. Third, you'll need to understand the market for your company's offerings—who comprises it, and how it may be changing.

Source: Wetfeet: Helping You Make Smarter Career Decisions

In a technology environment, business development will often times lead you back to academia in search of new technologies and business opportunities. You'll be responsible for finding and understanding how new pieces of technology will fit into the bigger company picture, and negotiating licensing opportunities with the schools. Your counterparts will be the senior licensing officers at the university's tech transfer office.

So as part of my due diligence regarding the subject of a career in business development, I spoke to a Senior Licensing Officer, Barry Gelernt, from UCSD Tech Tips, who has obviously dealt with a lot of Business Development Executives. BD, like venture capital, like seemingly all good jobs , is something you do later on in your career. It is a position that requires great networks, thorough domain knowledge and superior people (sales, negotiation) skills. In addition, for certain industries like biotech, it is almost a requisite to have a PhD to be able to understand all the technologies you will be positioning your company acquire. However, he did suggest some things that I could do now to lead me towards a career in BD.

a.) Find an industry that I want to work in.
b.) Start career in sales or engineering (Sales will help you build industry knowledge, people skills, and network - engineering will help you..... not too sure why I'd want to be an engineer.)
c.) Take a patent BAR exam to become a certified Patent Agent (You'll be dealing with a lot of intellectual property issues in BD.)
d.) Get an MBA (Something I can't really do right now, but down the line as well. If you don't have a PhD, you gotta have something to put behind your name don't you?)

Do You Have What it Takes to be Successful in Sales?

Warren — Sun, 29 Apr 2007 19:34:42 -0700

Interesting read I found about sales people..

By: Thomas Wood-Young

So you are looking for work and you think, why not sales. You like people, you tend to be outgoing, and your uncle Ted is in sales and he makes a ton of money, how hard can it be? The answer may surprise you. As many as 30% of people who enter the sales field leave in their first year and only 20% earn 80% of the total compensation paid to sales reps across the country. Getting a sales job is easy, being successful is very difficult. If you are willing to learn and develop the following traits, abilities and skills, then you may have the potential to be a successful in sales.

1. Understand the Value of Selling as a Profession

Sales is an honorable profession and one to be proud of. Without sales there would be no free market or economy as we know it today. Selling is the spark that drives our economic system.

2. Live With a Flexible Salary

Be prepared to set your own salary and have your pay be directly tied to your performance. Sales people are some of the highest paid people in the world, due to the nature of commissioned based selling with no ceilings and no floor.

3. Leave Your Outgoing Personality at Home

One of the biggest mistakes people make in pursuing a sales career is taking a sales job because they get a charge from being around people. Outgoing people who love to talk and make new friends, often burn out because of the rejection they experience and their inability to close sales from not listening. The best sales people are listening, analyzing and asking questions so they can meet the needs of their customers.

4. Learn to See Rejection as a Good Thing

There is so much rejection in sales, if taken personally it will lead to unhappiness that will spill over into your personal life. Successful sales people see rejection as one step closer to a sale and a very powerful learning experience. They do not experience emotional side effects from the loss of a sale.

5. Become a Constant Learner

True sales people are not born, they are trained. There are no secrets or magic bullets that lead to success in selling. Successful sales people spend a portion of each day reading, listening to audio tapes and learning from the top sellers in their profession.

6. Believe in Your Product or Service

You must believe in your product/service with all your heart, soul, mind and body. If this is not possible, then do not sell for that company. People will not buy from someone that does not believe 100% in what they are selling. This cannot be hidden; the customer will see through insincere intentions.

7. Be Honest and Trustworthy

Customers want to buy from someone who they can trust and is honest. They want to buy from a friend. Learn to build relationships based on trust, honesty and integrity.

8. Learn Your CustomerÕs Hot Buttons

Get inside the head of the customer and learn why the buy. Push their hot buttons by meeting needs and adding value.

There are many more factors associated with sales success, however these are eight of the most important. If you decide to pursue a sales career, incorporate these traits and you are on the road to successful selling.

What is the Sales Manager Looking for in a Sales Rep?

A clone of their all-star sales people, or those in the top 20% who bring in 80% of the sales teamÕs revenue.
Commitment and loyalty to the company and product.
Eagerness to earn high commissions.
A proven track record in sales.
Loyalty to the needs of the customer.
Goal oriented individuals.
Positive enthusiasm and a willingness to learn and grow on the job.

When interviewing for a sales job ask the following questions:

Can I see a job description?
What is my compensation potential?
What does your average performer make?
What does your top seller make?
How much autonomy will I have?
How many calls are expected per day or week?
Is the job in the field or tele-sales?
Can you explain the compensation plan?
Who specifically is your target market? p>These types of questions can help clarify the kind of sales job for which you have applied.

Source: http://www.salestrainingplus.com/salesmark/articles/takes.htm

Sales guys don't get enough respect. Engineers think you are a non-skilled dumbass and everyone else thinks you're a simple schmoozing brown noser. Little do they know that sales is actually a good platform for a newly grad to build a career on (I don't mean a career in sales). For instance, Paul Kedrosky -VC, banker, Street.com columnist, von Liebig Center Director, blogger - says that tech sales is a good place to start your career if you want to end up covering tech companies as an investment banker analyst down the road. Why? Sales people on the front lines pushing a product really know whats going on with the company and industry. At the same time, you get trained to work under pressure, survive deadlines, deal with customer drama, give presentations, work in a independent/entrepreneurial environment, sell and straight-up get things done. Thats a very broad skill set that will come in handy no matter what you do down the road.

Currently reading..

Warren — Fri, 27 Apr 2007 14:55:07 -0700

Never Eat Alone and Other Secrets to Success, One Relationship at a Time by Keith Ferrazzi

I picked up this book on Amazon after hearing about it from some friends and colleagues. It's about professional networking and building interpersonal relationships- you've probably heard about it. This is a very interesting quote from the book that is, sadly, very true among a lot of people going through their quarter life crisis:

"Too often, we get caught up efficiently doing ineffective things, focusing solely on the work that will get us through the day."

Throughout my years in school, I've come to realize that I spent countless hours efficiently doing very ineffective things. I would start homeworks as soon as they were assigned, go to office hours, plan study sessions, and study my ass off for tests in subjects I didn't even care about to get that A - thinking it would get me the "dream" job. I never stopped to think about what I wanted out of all this. Were these "dream" jobs I was setting myself up what I really wanted to do? Instead of stopping and exploring the world around me, I let the work that would get me through the day dominate my life. Even though the work was tough, it took less effort and deep thought than it would have to find out what your true passions are. Exploring yourself forces you to come out of your comfort zone and do things that you are not accustomed to. I wasn't ready to come out of my shell during my undergrad days. I won't make the same mistake this time around as a grad.

We were taught from a young age that hard work would get you places. This still holds true, but don't forget to put some thought into whether you are investing your hard work into the right places. That what your setting yourself up for is where you want to go.

Anyways, I just started reading this book. I'll let you know how it is.

Want to be a tech entrepreneur? Don't have a bright idea?

Warren — Wed, 25 Apr 2007 20:49:30 -0700

One resource that may come very handy for you aspiring entrepreneurs is your University's Technology Transfer Office. This is where your school keeps its goldmine of patents and technologies developed by the faculty. One of the Tech Transfer Office's main roles is to generate income for the University through the liscensing of these technologies to industry. For instance, a licensing officer of the tech transfer office calls up a business development guy at Pfizer and tell's them that they have some technology that may be of interest to Pfizer. Pfizer does it due diligence and decides it wants to liscense this technology from the University. Terms of these deals are usually in the form of an up front payment of roughly ~$10,000 by industry and future royalty payments of ~5%. Faculty who researched this technology originally usually get something like ~33% of that 5%. Score.

Now what you need to know.
Many of these technologies are just sitting around waiting for some business minded and ambitious individuals to pick them up and commercialize them. As you know may have noticed, many faculty (especially ones at traditionally conservative engineering schools) are not in touch with industry and would much rather focus on research rather than explore the commercial opportunities for their novel developments. Often times, although UCSD does not have this problem, universities discourage these types of entrepreneurial activiies by their faculty citing conflict of interest. The result? Promising technologies get left on the shelf and gather dust... First hand at the Von Liebig Center, I can see that many of the technologies that we have been funding and faculty that we have been consulting need a business oriented guy to push this technology to commercialization. ( I want to be that guy, but I know I am not ready for it. What angel investor of venture capitalist in the right mind would fund a start up with a CEO that has no industry/management experience who is not a core developer of the technology? )

What you should do.
Once you have the background, knowledge, network and experience to take on a venture, visit the Technology Transfer Office website of your favorite university where you'll find a list of technologies.

Find one relevant to your background and interest and recruit a technical partner(s). Preferably one from the lab where the technology was originally researched.

Negotiate a license with the school. Your chances of getting that license will be greatly enhanced if you manage to parter with the original faculty researcher.

Yes I know, this is uber simplified. I haven't done it myself, but I am sure it might come in handy for you (and me) someday. Keep an eye out for this when you're working on your MBA. Just another source of ideas.

VC as a career. Do it now or later?

Warren — Mon, 23 Apr 2007 20:44:39 -0700

I spoke to Marco Thompson, founder of a small VC fund (Express Ventures) in San Diego, about this subject and he confirmed some of my suspicions about this career path. VC is something you do towards the end of your career, not at the beginning. The rationale is that only an ex-entrepreneur who has been there and done that can foresee the challenges an entrepreneur will be facing and gauge whether he and his team have the whole package to make the venture work. He added that lots of associates equipped with MBA’s work at many prominent VC firms, but they are generally regarded as bleh (grunts) by the rest of the venture community since you’ll be generally playing an auxiliary role for the firm. Corporate ladders are not applicable in VC - you’re automatically CEO if you can raise your own fund. But who’s going to give you money unless you have a track record of doing big things?

Job description for a typical MBA associate:

John Doe joined Forward Ventures in Sept., 2001, and is responsible for reviewing business plans, conducting due diligence on potential investments and supporting Forward Ventures' existing portfolio companies.

Reviewing business plans and conducting due diligence sounds like fun, right? Er, not really. Why? A.) The great ventures don’t really need a business plan- they come from people who have done it before - so if your reviewing a BP, chances are very low that your firm will invest in it. B.) Bottom line is that you won’t be making the final investment decision. You can try to make a convincing argument for a venture that you like. But that's all you can do. C.) Due diligence can be tedious.

After hearing all of this, I still wasn’t convinced. You know all that stuff doesn’t sound all that bad compared to I-banking or engineering. You still get paid six figure salary, get a fat bonus if a couple of your fund’s portfolio companies get acquired, and you get to schmooze with ballers and wannabe ballers on a day to day basis. OK, so maybe the partners won’t respect you because you haven’t done something as big as they have, but its all relative- being a grunt at a prestigious VC firm would be A-ok for me and would qualify as a big thing in my book. (Of course it pales in comparison to starting a multi-billion dollar enterprise like the partners did but you catch my drift.) Maybe you don't what it takes to be a great VC, but I am sure this type of experience and VC pedigree will open up a whole lot of other opportunities in entrepreneurship and elsewhere. I believe that network you establish and the experience you gain working with entrepreneurs, analyzing markets, and assessing opportunities will make you one hell of a start-up CEO.

And looky looky, looks like Bessemer Ventures has a rather large and impressive group of MBA troopers, many of whom have a background or some professional experience in management consulting and investment banking.

Do the little things...

Warren — Fri, 20 Apr 2007 22:50:00 -0700

Warren --

Thanks for all the hard work on this year's von Liebig Center
solicitation. It wouldn't have been nearly as successful as it was
without your involvement. Your efforts -- from logistics and planning,
to photography -- did not go unnoticed.

We're delighted to have you here helping us at the Center.

Cheers.

Paul
----------------------
Paul Kedrosky, Ph.D.
Executive Director
William J. von Liebig Center
University of California, San Diego



Just payin my dues....

2007-1 Spring Solicitations: Recap

Warren — Thu, 19 Apr 2007 22:37:16 -0700

This has been a roller coaster week for me.

    Like I mentioned before, the week got off to a shakey start. There was just so much going on that I wasn't able to focus my energy into networking. On top of that, the life science panel was an uptight bunch... Too many PhD's in one room isn't always a good thing. Too many successful venture capital PhD's in one room makes the room feel even smaller. On top of that, the day got off to an awkward start, I walked in on an panelist who didn't lock the bathroom door behind him. Down goes one potential conversation.... lol
    The only positive from day 1 was my chance to speak to some my bioengineering professors who presented in front of the panel. Its interesting to see them in an non-academic setting. Some faculty aren't too comfortable speaking to the business people in general so when we spoke, there seemed to be a familiar connection - like we were each other safety lines - a connection that normally doesn't exist in a class room setting either. I guess thats one way to get noticed by your professor.
    Even though I felt like I took a small step back after the day 1 on my personal network development, this debacle forced me to refocus my energies and efforts for the rest of the week. One thing I noticed on the first day is that I treated myself as an unimportant person. I didn't believe that I belonged in that room. I filled myself with doubt. Why should a grad student with barely any experience be sitting at a table with these panelists? I let my nerves get to me and played mental games with myself. If you want to talk to important people, you have to feel important and act confident. If you don't, they won't treat you like you are important.

Days 2-4 (Internet technologies, software, materials and electronics) were much more productive for me as I became acclimated to being in a group of important people. It also helped that the presentations and technologies were much more interesting and fun, which makes more room for chit chat and small talk. Lesson learned - the easiest way to start a conversation is with chit chat. duh...

After a rough start, I felt like I finished strong. The self-esteem took a hit on day 1, but I slowly built it back up by the end of the week and finished with much more than I started with. This was a nerve racking week, but I managed to get a few business cards and make some connections with a seemingly intimidating crowd. This is something I can build on...

I guess its safe to say that I've officially had my networking cherry popped.

2007-1 Spring Solicitation: Day 2

Warren — Tue, 17 Apr 2007 22:49:16 -0700

Today was the software day of presentations. Entrepreneurs and faculty from the computer science department presented their technology and business ideas all day. Again they presented to a panel of of angels, entrepreneurs and execs.

Today was not such a great day for me. I spent most of it running about and avoiding these execs and sticking with the ones that I had already made nice with. I didn't have my A game and could barely open my mouth let alone chat it up with another grizzled industry veteran. I know I've got to grasp these opportunities to speak to these high level people. Can't have these mental/physical slippages and let the intimidation and anxiety get the best of me.

I will be prepared for tomorrow. I WILL! Armed with these generic questions!!!

Where did you come from today?
What did you do to become successful?
What was your first job?
What new ventures are you working on now?
Why do you think your first venture failed?
What did you learn from it?

I will have something interesting to write about tomorrow. I WILL!!!

2007-1 Spring Solicitation: Day 1

Warren — Mon, 16 Apr 2007 07:18:49 -0700

Von Liebig Center has a big week coming up. Faculty entrepreneurs will be presenting their technologies to a group of reviewers and the Von Liebig advisers. Seed grants of up to $75,000 will be awarded to faculty members with technologies that have a combination of the best commercialization plans and biggest market potential.

Reviewers consist of a group of Angel Investors, Scientific officers, Venture Capitalists, and ex-Entrepreneurs from the Biotech/Pharma industry.

Of course, I won't be judging these projects and presentations. I'll be paying my dues by doing some grunt work like organizing, setting up and crunching numbers. However, I will be rewarded with the opportunity to listen to the presentations, talk to the entrepreneurs and reviewers, and most importantly, observe the comments and feedback from the panel about the technologies.

Just payin' my dues.....

High Technology and Volunteering

Warren — Sun, 15 Apr 2007 22:12:18 -0700

I've volunteered to write a business plan for an adviser that I have been working with the past few months at the Von Liebig Center. He has recently spun-off a company based on a technology from UCSD research. It is high tech - maybe too high tech. But its interesting nevertheless.

I don't know how to write a business plan, but I guess its time to learn how. I know its going to take a lot of work to learn their business. I figure it'll be good for me one way or another. I'm young and inexperienced, but I've got to take initiative and offer what little I can.

We'll see where this takes me.

Want to be a Venture Capitalist in Asia?

Warren — Sat, 14 Apr 2007 01:17:23 -0700

My old boss at Vincera Ventures in Taiwan told me that if I wanted to be a venture capitalist in Asia when I grow up, I'd have to get two graduate degrees ( MS and MBA ), speak at least 2 languages, and have a few years of corporate experience under my belt and extensive domain knowledge.

Oh and by the way, it would help if I started a company and got bought out.

A Quote About Money

Warren — Fri, 13 Apr 2007 19:12:19 -0700

I heard this at a seminar the other day....

"Money is not everything, but you can't do anything without money."

Of course you don't need that much money to live a fulfilling life.
But you must admit - moniez is opportunity for you and your family.

You might argue that you could be a monk. Well, even monks need to put food on the table. Buy incense. You know....maintain the temple. Even monks have CEO's to raise funds.

So.... I am trying to find a productive way to for me to achieve personal goals, make money and most importantly, grow as an individual.

My First Networking Event

Warren — Thu, 12 Apr 2007 00:08:32 -0700

So there are different types of networking. The first type we talked about before - making an impression on those you work with or have immediate access to (see Networking and Schmoozing...). The second type is the kind we encounter at networking events - the type that most of us newly grads (including me) are terrified of...

Well today I made some strides in overcoming this weakness of mine when I accompanied a buddy (one you could consider a "social networking butterfly") to a networking seminar on Biotech in China hosted by Invitrogen and San Diego State University.

So what did I learn about networking from this experience?

If you are not too comfortable with this type of stuff, carefully scout your first networking targets. Pick people who look like they aren't very comfortable doing this - they are not hard to find. After you start talking to them, you'll soon realize that they're in the same shoes you are and you'll find similar ground. Use these people as your warm up and as your confidence grows move on to bigger fish.

Go to networking seminars focused on the industry you would like to start your career in rather than a general career networking event (i.e. career fairs, career expos....). You will meet people who actually work in that industry (they can be your job references) rather than people who are competing with you to work in it.

Another point on the previous idea - assuming you come from a good school and have a relevant major, you can actually stand out at an event like this. You can pull the "I am a student card" and ask them for career advice and suggestions. Most of these people love to talk to students because it reminds them of their glory days. Be energetic and interested.

Again - this point is played out - ask lots of questions. Be interested in what they do. But somewhere in this conversation, make sure to express your interests to them as well. A good way to indirectly express your interests is by tailoring your questions to serve a purpose. For instance, I spoke to a scientist who came from China and described the type of work he did and the start-up he worked for. I responded by asking what established pharmaceutical they collaborated with and what stage in clinical trials they are at. He responded by referring me to his business minded colleagues.

Make a business card for yourself - even if you are just a student.

Find a friend who is good at this and does this often. Make dates with him/her to go to these events. It's easier to motivate yourself when you have someone pushing you along and encouraging you.

Overall, I learned a lot about myself at this event. Even though I still have much work to do before I become a "social networking butterfly", this was a big step in the right direction for my personal growth.

Hey, even if you didn't achieve any productive networking, you would have still had free food and booze.

Kiwiberri, Snowberry, Berri Good and Pinkberry!

Warren — Wed, 11 Apr 2007 00:02:01 -0700

I really like Pinkberry. I make sure I have it every time I go out to Westwood. Its refreshing and one of the only guilt free dessert options out there these days. On top of that, you get to be hip in this trendy environment, wait in line and tell people that you've been to Pinkberry. I can't believe I've been sucked into this.

It makes you wonder how this whole phenomena got started. Why would people be willing to wait in line and get parking tickets for a cup of overpriced frozen yogurt? And, why do we keep going back? Not sure, but you've got to give some credit to Pinkberry's founders are pretty savy. Just go to the website, how can you not want to go there? Love the theme song LOL.

Pinkberry is a total fad. Entry barriers are low. Competition will be ridiculous very soon (if it isn't already).

" There is Kiwiberri, and Fiore, in the Japanese Village Plaza downtown. Seeking the entrance to a parking structure in Westwood recently, I was momentarily stymied by a tiny shop called Snowberry, which was selling, well, you know.

In November, a shop called Berri Good opened in Fairfax, with kosher certification and a chartreuse-and-pink logo that is barely distinguishable from Pinkberry’s."

Source: New York Times, Dining & Wine Section

There just isn't much to distinguish one cup of frozen yogurt from one elsewhere. At least gelato has some artisanal flair to it (Though I haven't had good gelato in LA.). Smoothie joints (Jamba Juice) have recipes and ingredients associated with them that ultimately determine the quality of the product.

The founder's know this, so they've got to act quick to capitalize on their momentum and hoopla. How quick? How about 30 new locations in LA? 15 new stores in the NY area? I can't wait to see the IPO. I suspect it will look something like this ^ - with the founders laughing their way to the bank.

What can we learn from this?
Do something novel and do it with flair and do it fast.

Seems so easy doesn't it?

Career research and information..

Warren — Mon, 09 Apr 2007 23:46:01 -0700

Wetfeet: Helping you make smarter career decisions.

Vault: The Most Trusted Name In Career Information

These are two great resources for your those of looking to do some career research. Both sites give brief overviews of all sorts of careers, what you do at these jobs, expected salaries, interview tips and advice on how to break into these careers. While some of this information is free, you've gotta pay a price for the good stuff.

Wetfeet is a bit more general than Vault is, but with the 6 month money back trial for $50, it may be good enough for someone who has a clue about what to do.

Vault has more in depth information and more features such as feedback and company reviews from actual employees. While Vault is a bit more pricey, at 15 dollars per month (minimum of 3 months), but it should be worth paying for a few months while you get on that job search!