As a startup advisor and angel investor, one of the first things I try and teach every entrepreneur, is the importance of keeping advisors and investors in the loop.  With that in mind, I’ve created an email template that you should consider using.

Benefits of sending update emails

• Have you’re advisers solve problems for you
• No surprises, surprises are bad
• Let your advisers celebrate your successes
• Good news will go farther [lets us promote you!]

Best format and frequency

• Put your most important challenges at the top
• Short and sweet
• Make it “Skimable” [bullets!]
• Every 3 weeks (or if there’s any major issues news).

Other Tips

• Share your Google Analytics
• Run semi-annual advisory dinners (Thx @msuster)

COPY/PASTE

===================================
+ Top 3 Challenges
+ Metrics
+ Whats New / In The News
===================================

> Top 3 Challenges
1. Getting Press
2. Hiring Biz Dev
3. Building Sales Team

> Metrics
1. Revenue / Target
2. Return Usage / Retention

> Whats New / In The News
1. [Source] - [Title] [Shortend URL]
2. Hired Rails Programmer (@username)
3. New Customer - Fortune 500 company

===================================

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This past Saturday (November 14th, 2009) I ran my first marathon!  It was hard.  A lot harder then I thought it would be.  Fortunately, I kept busy by thinking about how running that marathon was much like doing a startup.

Below are 9 similarities that I identified throughout the run.  If you have any other example, please let me know by leaving a comment below.

1) You need to set goals

If you’re doing a startup, you’ve probably set some goals (revenues, customers, product) .  For a first time marathoner (as I was) the only goal you should make is the date your going to run, and that you’ll finish no matter what.  Many people say they’ll run one someday, I say pick a date and commit. Set that goal today.

2) The beginning is always the best part

Isn’t starting a new company fun? You get to figure out the domain, design a logo, strategize about the business model - no problem.  The start of the race (for me, the first 18miles) had the same feeling, it was exciting lining up, I kept a good pace and had no issues.  Then things started to change, pains / cramps / a bit of dehydration.  I smiled as I thought how startups shared this same feeling.

3) It’s always easier with support

For most startups, it’s your co-founder - maybe for others its your advisory board, or business coach. Either way, having support from someone makes the journey more enjoyable.  That’s what I loved best about the people cheering us on all through out the run, then again the group that formed just before the finish line.  I always picked up the pace as I ran past these people ;-).

4) The prep-work will have a huge impact

There’s nothing like doing market research before entering an industry to understand how you’re going to compete, and the same goes for a marathon. Do your homework, figure out your training regimen and stick to it.  All the prep work you do before will have a huge impact on your results.

5) Things you don’t expect to go wrong, will.

For the longest time, I’ve had knee issues from an accident when I was a teenager.  I’ve been worried that it would act up during the race, but the funny thing is that my knee wasn’t what ended up causing me troubles.  Instead it was my hips, my right foot and my back tightening up.  All things I had no ideas would cause me discomfort.  Startups are the same way - shit happens.  Things you don’t expect to go wrong will, and it’s how you deal with them that decides if you win or loose.

6) You need to have fun

Startups are awesome because you can have fun even when times are tough - because sometimes you just need to smile.  Marathons are no different.  At mile 23.5 I came up to an aid station in pain, and m-a-n was I SORE .. so I smiled to the guy next to me and said “Wow, this is pretty hard, eh?” smiling.. cause I thought it was a funny thing to say. He looked at me confused and answer “of course it is.” - either way, I laughed.  Sometimes when things are tough, you just need to laugh and have some fun - just keep pushing forward and enjoy the journey.

7) You’re crazy just to think you can do it.

Only 1/10th of a percent of the population will run a marathon. Why? Because it’s freakin’ hard! Mentally and physically. Some that try, don’t finish, and many that do, complete with injury.  Startups are no different. The failure rate is high, the odds are against you - but still we do them. We must be a little bit crazy, right? I think so ;-).

8 ) Running out of money (water) is very bad!

Either you stop at Aid stations along the way, or you stock water and food as needed.  A typical marathoner burns 4000+ calories during the run, and much like a startup you need to insure you have resources available throughout the startup. Typically this is capital and/or customers.  Be sure to plan for both, if you run out, you’ll fail.

9) It’s a mental game

Others have talked about the Entrepreneurial Pendulum, or the Emotional Rollercoaster in doing a startup, and I would suggest that running a marathon is no different.  At the beginning you’ll feel great, then things start to hurt, and eventually its unpleasant, with moments of traction (it gets better for while).  You find a rhythm, only to slow down when it just hurts too much (but you don’t stop!).  That’s how startups feel sometimes - it’s mostly mental, a competition against your thoughts.  Were all capable of way more than we give ourselves credit for.

You don’t get what you want, you get what you believe.

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Yesterday I spent the afternoon at fbFund REV demo day watching 20+ startups pitch to a room of over 100 investors and seasoned entrepreneurs.

What’s interesting is the pattern I started to see emerging.  Some of the best startups not only had the strongest pitch, but also had an amazing person selling!

Here’s 5 characteristics I noticed and why I think they’re the most important when pitching your startup.

• Have a presence
• Command the room
• Tell a story
• Solid eye contact
• Choose your words carefully

Have a presence: Believe (internalize) that you’re going to succeed and show the audience how freakin’ excited you are about your solution.  Be high energy! (ex: Brad Wolfe [backlight.org] opened with a song full out).

Tip: Do 20 pushups before you get up to pitch.

Command the room: Talk loudly, don’t ask if people can hear you.  Just get up there and go for it - be focused and stay on topic <- no one-one-one banter with an audience member. (ex: Leah Busque [RunMyErrand] rocked it out standing tall at 5,1′)

Tip: Project your voice as if your talking to people behind the last row in the room.

Solid Eye contact: Scan the room and talk to the audience, not your slides. Be sure to connect, smile / head nob / confirm with attendees (ex: Leila Chirayath Janah [Samasource] did an amazing job scanning, talking and smiling!)

Tip: Take 3 seconds to acknowledge people sitting in the far left and right corners of the room.

Tell a story: Stories are engaging, features aren’t.  Explain the problem you’re solving and why you’re solving it (include the “back story”). Also, the user flow is important, however don’t fall into the trap during the demo of explain each field name and button click = super annoying. (ex: Brian Phillips [Thread] did an amazing job connecting his real life story to his startup)

Choose your words carefully: Don’t say things like; potentially, soon, try, we believe, etc (a.ka. debby-downer-words). Sometimes certainty and conviction is the only thing a startup has and your job is to make others feel this.  Words are very important.

Do you have any other tips? Please leave a comment - would mean the world.

Overview Video with Mr. 500 Hats (Dave McClure)

Dave McClure - fbFund REV from fbFund REV on Vimeo.

Related Stories

Live From fbFund REV’s Demo Day

fbFund REV: “Oh! The Places You’ll Go!”

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If you’ve ever felt a bit crazy, different or that you might not fit in … good for you! The “crazy ones” are those that push the status quo, that dream up the big ideas and shape our futures. Care less about what people think and more about creating. We need more creators. I don’t care how freakin’ weird the idea - just build it. Let your dream control you. Seriously, go for it.

Notice: Parents and friends don’t discourage, they just don’t want to see you hurt (fail, mess up, loose all your money, etc). Be open to their feedback - but they don’t decide. You do!

When’s the last time you felt crazy?

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