Entrepreneurship: It Takes a Community

The following is adapted from Viva the Entrepreneur.

Vulnerability isn’t something they teach in business school, but it absolutely should be. The life of an entrepreneur is inherently full of hardships, sacrifices and, hopefully, tremendous accomplishments. But no one achieves true success without a little help from their friends and you can’t receive that help without being humble and vulnerable enough to ask for it 

Thankfully, there are ways of building out your network and gaining a community that will help you face the challenges within yourself and in the business world. Sharing your difficulties  with others will only help you to learn more, quicker.

Your self-made community can be the very foundation of your success and that foundation has to be built, brick by brick, without skipping over the scary parts. But it almost always starts small and builds from there—just like your business itself.

Starting Small

One of the most important actions you can take in warding off the stress-filled isolation that plagues so many entrepreneurs is to find your personal support network, made up of trusted individuals who you can really talk to. It is called your ‘personal’ network cause it is mainly going to be people you know already. One of the very first people in my network was my father. He was a businessman himself and I trusted him implicitly. Really the perfect combination. Starting your network can be truly this straightforward.

If you are lucky, you may  have other founders in your personal sphere who have done what you are doing or have been through similar situations. Talk to them about your venture and ask for  their guidance in a non-judgmental way. You, as a fledgling entrepreneur, will be vulnerable and therefore sensitive so it is important that these first mentors are nurturing and aware of that fact.

No man is an island and I’ve leaned heavily on others throughout my life and career. In fact, one of the first people who played this mentor role for me was someone I knew when I was still at university. A peer and a friend named James. James and I bonded early on in college through our entrepreneurial spirits. We were constantly thinking up new business ideas together.

While we eventually took separate paths (him to London and me to Brazil) James became a multimillionaire at the age of 27, when he created an online ticket business and then sold it to Ticketmaster. His success encouraged me when I was at a low-point, just beginning my adventure in Latin America. He helped me to keep the faith and keep going. In fact, we grew so close he invested some of his money in my new venture. His confidence in me built me up and lent some credibility to my own project. 

This one bond has reaped tremendous rewards and pushed my business to new heights. When you are first getting started, your personal network will be small. That is ok. You ultimately need to find people that you trust and can talk to and then work your way out from there to find experts in your field.

Expanding Your Network

When reaching beyond your personal contact list, you need to ask yourself this question: who in your business sphere has done what you are trying to do and come out on the other side? Once you identify these individuals, it can be intimidating to contact them. Many founders make the mistake of not reaching out to people they don’t know, assuming those successful individuals will be too busy or won’t care about their project.

Point blank: this is sometimes true. But more often than not, you’d be surprised at just how open and receptive other like-minded individuals can be. Remember, that they are looking to grow and get in on the ground floor of the next best thing too.

That said, it takes a certain skill set to reach out and develop relationships that lead to some form of mentorship. A good rule of thumb is:

If you want money, ask for advice. If you want advice, ask for money.

This will take practice. In this round of network building, you will not only have to be vulnerable but also impressive. That is a tall order! If you have zeroed in on a key player in your field, they will likely be intimidating. Remember to use that vulnerability as a tool. Let your beginner side show, demonstrate your passion and start the conversation. Ultimately, the only way to fail is to not contact anyone at all. 

In my case, being able to tell my story well made all the difference in finding mentors and, eventually, capital. I told the story of what I wanted to build and where I wanted to go and found people who were in a position to help me—who were already connected to real estate and tech in some capacity. What I found out was that the trick is  getting them to take an interest in you. Show them your true colors and the ones that are interested in that are the ones that should be in your network. 

You Don’t Know Everything (And That’s OK)

Finding and connecting with mentors and other investors is a huge step to building your community. But in order to take away valuable lessons and insights from those relationships, you will have to be willing to open yourself up and admit that you don’t know everything. Maybe even admitting you don’t know a lot.  Being vulnerable and letting others in on your anxieties and insecurities can be very difficult. 

Granted, it is not always appropriate to come across as a completely open book. It will depend on your audience. But don’t be afraid to trust those that you have cultivated relationships with and let them help guide you. They have their own set of mistakes that they have undoubtedly learned from and you can learn from them too.

Once you let them in, it’s important to show people you’re capable of listening and incorporating feedback. Especially, if an investor is going to get involved and try to help your business, they’re going to want to know that you’ll be receptive to what they have to say. There’s a big difference between looking like you know what you’re doing and acting like you think you know everything. Don’t make this ego-driven mistake. Be open and take notes. You’ll need them and the support down the road.

The Power of Vulnerability

The life of a venture-backed entrepreneur is heavily tilted toward working around the clock, hustling on weekends, and waking up in the middle of the night because your mind is racing trying to solve a particular business problem. While this may be what you signed up for, it is incredibly easy to burn yourself out. This is where having a community of mentors and advisors becomes a necessity.

But who to choose and trust and confide in can be difficult to navigate. Start small and build out your personal network by being vulnerable, open, honest and humble in your relationships. By taking the initial risks of insecurity, you’ll gain supporters and people that are as passionate about you as you are about your business. And from there, your journey to the top will be far more fulfilling and far less lonesome.  

For more advice on becoming an entrepreneur in Latin America you can find Viva the Entrepreneur on Amazon. 

Brian Requarth is the co-founder and former CEO of Viva Real, a leading proptech business in Brazil. He merged the company with ZAP Imóveis (owned by Grupo Globo) and became the Chairman of Grupo ZAP. Brian raised $74 million in venture capital funding for Viva Real, which sold for $550 million dollars. He now invests in the most promising tech companies in Brazil and Latin America as an angel investor. He is dedicated to empowering the next era of entrepreneurs in the region. His new company, Latitud aims to democratize access to everything an entrepreneur needs to succeed. Our fellowship brings together the top entrepreneurial minds and most experienced tech operators across Latin America to learn from each other, and obtain hands on mentorship from top experts in the region and Silicon Valley.