Advice for a graduate in 14 mins

Someone asked me for some advice and a coffee. I decided to ask him to email me some questions and reply. In 14 mins (typos included). Here goes:

If I want to be an entrepreneur, should I aim to work in a big brand like a bank or should I start at a Venture Capital firm for experience accumulation? Where do you think is the best place to start?

Neither. You should just start your business. There is no set path to being an entrepreneur. The only thing you should do is accumulate money so that you can start a business. For me i worked in investment banking. VCs don’t build businesses. My guardian ran three Chinese restaurants in London. I learnt more about business from him than i did being a banker. 

If you are asking if you want to be an entrepreneur, you should question if you really want to do it. 

What are some of the key lessons you have learned from your years of experience in the aspect of networking with senior individuals in the industry and at the same time maintaining these relationships?

Three things come to mind. Always figure out a way to demonstrate value. Find out what the other person wants and needs. I know it sounds mercenary, but they are not your friends. Perhaps as time goes by they will become your friend. But the reality is that this is networking and doing business. Secondly, if they cannot trust you, they will not maintain that relationship. Reliability and sincerity is key. Thirdly, always try to deliver. For example i told you to contact me because you had the initiative to come up to me. Whilst I cannot meet you, perhaps this email will go some way in delivering what i promised. And you will remember this and next time someone asks about me, at least you have this to say about me “he didn’t want to meet, but at least he wrote a long and considered email”

What are some of the tips that you have used personally to stay focus when having multiple projects and deadlines on hand?

Always have a todo list. The other thing which is not so important to you right now but becomes more important later in life is the ability to say no. I will pick this up in the conclusion fo this email.

What do you think are some of the shocking trends in youths today and what are some skillsets you think that youths should have?

Google growth mindset. And also know that the world changes every 10 years, and if you don’t reinvent yourself, you will die

What are 3 factors that you think a company should be equipped with in order to be successful?

Product people exit. The product must be good. The people in the company must be good. And the capital market must feel its a project that will make money, and so will finance it. All are non negotiable. You need all three to succeed

In today’s context, do you think history knowledge is important, asking this question as I realised senior individuals in the industry have a lot of knowledge of eg.History of different countries, while the younger generation often express lesser interest in these areas.

I believe that history repeats itself. I’m a big fan of learning about history. Google battle for Agincourt, and you will learn the first lesson in disruptive technology (the English longbow) changing society. That was 700 years ago. The more you read about history the more you realise that the world and human behaviour does not change. YouTube videos are good places to learn about history because the documentaries etc make them come alive. 

Finally, back to the question at hand, how do i prioritise. I learn to say no. For example, you ask for a meeting. That would take up 30-60mins of my time and i don’t have that much time. It’s unfortunate but true. Most successful people are time starved. 

Instead I ask you for a list of questions. This way i can fulfil my promise to you to provide you with some advice. And I did it in 14 mins and at 11pm on a Sunday. 

Sincerely. 

Hian Goh, 

Founding Partner Openspace Ventures