For the original video, head over to our Facebook page

Bar Side Banter with Eric Knight.

Katelyn: Let’s chat about why someone would want to be an entrepreneur?

Eric: I find many people want to be empowered, they want to see if they can do something themselves vs. working for someone else. Often, they just want to see if they can birth an idea from start to finish.

Katelyn: Here at innovate Hartford we are a co-working space, I know that you’ve worked in shared spaces before. So, what is the best part for you about working in a collaborative space?

Eric: It’s the comradery of everyone. Even though people are working on separate projects there is a buzz, a group effort happening. Typically, most startups have common problems and challenges, in a shared space they all become like an advisory board for each other. I think there is a very powerful element that happens very organically in a co-working space.

Katelyn: In keeping with that same theme, why do you think people are starting to abandon the traditional cubical based work environment?

Eric: Cubicles are a nothing more than little boxes, like a cage but worse than a cage because you can’t see through them. In co-working, it’s open and again, there’s that natural buzz that is always happening and people are talking, phones are ringing and things are happening and I think there’s a natural stimulation that it’s happening. It’s very unconscious and very organic and fuels creativity and innovation. I think moving away from the box-like structure is very helpful.

Katelyn: I know you’ve probably seen a lot of startups fail. What is the best piece of advice you have for those just entering the startup world?

Eric: Number one is to find a good mentor. Just having someone who has experience in that field. Which leads to number two is don’t try to reinvent the wheel. Don’t try to figure it out yourself. Find someone who has experience so you’re not trying to develop the process yourself. And then there are some great books I recommend to anyone who is thinking about a startup. A Lean Startup is the bible for all startups. It is a great book and learning tool. I highly recommend that. A weekend read is highly transformational. Those are the types of things all startups need: education, don’t reinvent the wheel and work with a mentor.

Katelyn: Where can folks go to find the list of next steps they need to do? They have the idea, they have the business plan etc.

Eric: There is no manual to do this. The best thing is to meet with a mentor. Because that person in one meeting in a half hour can learn a couple of books worth of information. The mentor will ask where they are in the business spectrum. If they just try to find things on YouTube or Wikipedia they can get lost and you can’t guarantee the quality of that information.

Katelyn: How does one go about finding a mentor?

Eric: I usually refer them to CTNext.com. It’s a self-serve resource directory. They will fill out where they are in their project which will then connect them to a mentor. Single easiest point to doing it. There are a few things people should know, very important. Usually, a company comes in with what they think is a specific need. For example, we need funding. Through our discussions, we find that funding isn’t what they need. They aren’t even sure what they need. We start looking and begin peeling things back. And then they realize they have a few more things to do first. The instinct to look for money is what drives companies but is often NOT the next step. Also, companies come in a say ‘we need to build a website’ or ‘we need marketing.’ I say, that is great but where are you in your business process? Have you created your business road map? Yes, logo creation is fun but you need to have that business foundation first to make it successful. In many cases, the entrepreneur process is out of order. I help them understand the order that will make them the most effective.

Katelyn: Speaking of order, how important is market research? A staggering challenge is someone who has come up with a new widget and they’ve shown it to their friends and family and they think people will love and buy it. But they haven’t done any market research to show how much someone pays for the widget? Did you ask if they would use it? People need context around your widget. It is import to determine if there is really a market there for their widget. It needs to be in the proper order. Just because your friends and family love it, doesn’t mean it will sell well in the market. Especially if it costs $5 to make but people will only pay $2 for it.

Katelyn: How do startups get that data?

Eric: I recommend using a focus group, survey monkey or some cheap research. A cool testing tool is Facebook ads, spend $10 and to see which messages in the ads drive traffic to the website. You’ve spent $10 and you can see what messages are resonating.

Katelyn: How does one get into the mind of an Investor?

Eric: I recommend a book called Angel Investing by David S Rode’s, it helps companies understand the mind of the investors. It only takes a day to read.

Katelyn: A lot of folks think you must be in the middle of a shark tank type situation to get funding. What are the steps someone would want for investment?

Eric: I find a lot of companies that are looking for investment are not ready for investment. They need some business traction because they don’t have any sales. Without proper fundamentals in place, it is almost impossible to get investment money. First, try and make some money with the business they have. It will help prove the business model and to also generates revenue that you can put back into the company. That provides data that you can show investors.

For the full interview visit our Facebook page

Don’t forget to follow us on LinkedIn, Facebook and Instagram!