Student entrepreneurs often wear many hats as they strive to achieve balance among their heavy workloads, multiple passions, and sky-high goals. We decided to continue our miniseries “A Day in the Life of a Student Entrepreneur,” by this time following around Zack Smith, full-time student, musician, and founder of Collegiate Contact.

8:00 a.m.  Zack wakes up and replies to various emails from Collegiate Contact’s clients and students.

10:00 – 11:15 a.m.  Zack has a presentation in his entrepreneurship class for which he must pitch a venture idea.  The presentation aims to draw other classmates to his idea, form a group, and proceed in maturing the idea.

11:30 a.m. – 12:45 p.m.  He then has a midterm in his Operations Management class, which kept him up until 3:00 a.m. the night before.

12:45 – 2:30 p.m.

• Zack receives a phone call from a potential client. After listening to the client’s needs, he determines that the best approach would be to configure a 10-person street team and run a guerrilla marketing event for three days.
• After sealing the deal and hanging up the phone, Zack immediately sends an email to his Vice President of Student Relations to start reaching out to Collegiate Contact’s student network.
• Next he has a phone interview with an online magazine, where he discusses the premise of Collegiate Contact and how it is a useful service for both students and companies.
• Zack then creates a recap for a client’s past event.  The recap consists of an overview, results, and pictures from the event.
• Lastly he finishes up a case study that is due for his Business Law and Ethics class.

2:30 – 3:45 p.m.  Zack attends his Business Law and Ethics Class.

5:00 – 6:00 p.m.  Zack has a business meeting over dinner to discuss options for increasing Collegiate Contact’s online advertising.  He feels that creating online awareness of their service is very important in building a larger student-and-company network.

6:30 – 7:15p.m.  Zack uses his time after dinner to construct a phone call with a student interested in joining Collegiate Contact’s network.  In order to play the “matchmaking” role between clients and students, he needs to fully understand what the student is looking for, get a feel for their personality, and understand his or her capabilities.

7:30 – 8:00 p.m.  He then meets briefly with Collegiate Contact’s Vice President of Sales to get client updates and review new job opportunities for their students.

8:00 – 9:30 p.m.  Zack runs their weekly team meeting in which they review their completed assigned tasks and the overall progress of the company. They discuss creative opportunities, strategic marketing approaches, and upcoming events for their students.

9:30 – 11:00 p.m.  Following the meeting he works with the Vice President of Operations to construct, organize, and update their student database. They also work on their company website by adding new pictures from recent events, updating their social media outlets, and working towards improving their online application process.

11:00 p.m. – 12:30 a.m.  Zack now must work on his homework and finish studying for his Marketing exam.

12:30 – 3:30 a.m.  This is the time when Zack gets to focus on music.  Music has been a part of his life for many years, starting when he learned how to play the piano at the age of 7.  He writes, composes, records, and produces all of his music.  He rarely has time during the day to pursue this passion because of his many other responsibilities as a student entrepreneur. Therefore, he is only able to work on music late into the night unless he has a scheduled recording session with local artists.

Despite such a hectic schedule, Zack never loses the big smile on his face as he completes each task on his lengthy list of things to do. “It’s all about doing what you love,” he says, “and I’m just trying to do it all!”

Check out Collegiate Contact’s website, Twitter and Facebook for more information!

Over 95 entrepreneurs, both students and recent graduates, gathered at Northeastern last night to gain perspective on the world of venture capital and angel investment. The panelists at the biannual Investor Insights included such heavy hitters in the industry as Bob Davis of Highland Capital Partners, Jon Karlen of Flybridge Capital Partners, Chris Cuddy of Launchpad Venture Group and Matt Fates of Ascent Venture Partners.

Attendees were invited to engage in a dialogue that yielded insightful discussion around building your team and pitching to potential investors. The evening prompted an anecdotal story about Coldplay and an offer by Bob Davis to pay for more Twitter followers (@bobdavishcp – you’re welcome!).

Chris Wolfel, IDEA CEO, kicked off the discussion by asking, what types of traits are necessary in a young entrepreneur and what kinds of challenges can they anticipate facing? Jon Karlen insisted on a “never say die spirit.” He explained that in this industry ventures will hear “no” a lot, but there needs to be an “ability to persevere past any no” and “retool and go back out again.”

Chris Cuddy echoed Karlen and added that a willingness to ask for help and “reach out to advisors in areas where you don’t have experience” is a crucial characteristic in any entrepreneur.

The combined decades of experience of the panel led one attendee to inquire what the panelists wish they would have known as young entrepreneurs that they now know as investors. “It is okay not to know everything,” answered Bob Davis. He explained that if one comes to that understanding, then they will be better prepared for the finish lane to change. “Successful entrepreneurs can move with the tide and see how the market is evolving. I didn’t know that early on,” said Davis.

In giving advice to entrepreneurs who are at the very beginning stages, Kalen encouraged the audience to remember, “it takes time to get off the ground.” Cuddy stressed the importance of not selling yourself short, while Davis focused on the necessary task of compiling a fully thought out business plan. He explained that as a potential investor, he is not going to read your 50 page plan, but it is crucial for the entrepreneurs to think “through all of those components and a business plan will help facilitate that.”

Another audience member posed a question about using outside consultants and whether or not that raises a red flag to investors. The panelists agreed that there needs to be just cause behind using an outside consultant for one of the core components or expertises that your company is offering. Doing so would be seen as a mistake. Matt Fates cautioned ventures to be mindful that “there are things that make sense to outsource and things you can’t give away.”

Each of the investors offered advice and anecdotes about the biggest shortfalls that they have encountered when hearing a pitch.

• Davis focused on the importance of sharing who you are, not just leading with your idea. He explained that when first meeting with a venture, he considers “people, market and product,” in that order. The entrepreneur and investor relationship has a lot to do with chemistry, explained Davis. He noted that a “great team will turn a marginal idea into something special” and if he gets to know the individuals, he will feel more comfortable asserting that a correct match has been made.
• “Have the confidence to listen,” said Kalen. In pitch meetings, Kalen watches to see how venture team members listen and absorb feedback and their responses to such critiques.
• Fates stressed that you “have to do your homework.” When deciding which venture capitalists or angel investors to target, Fates encouraged the audience to “find investors that are looking for you,” ones that have invested in similar sectors.
• For the audience members who were more concerned about even having the opportunity to pitch potential investors, Cuddy told ventures to utilize connections rather than blind cold calling.

Building the perfect team was a popular topic throughout the discussion, especially since most of the audience members are beginning to scout for their first hires or build relationships with their cofounders. It is important to find “a bunch of puzzle pieces that work well together and complement each other,” said Kalen.

Cuddy shared his Coldplay connection, explaining that he knew lead singer, Chris Martin, long before the band hit it big.
Chris Cuddy, Jon Karlen, Bob Davis and Matt Fates

Cuddy explained that Martin once said to him, “we decided to be the best we that we could.” Martin was referring to his band mates, the people that he surrounded himself with. They decided not to focus on whether or not they were the best musicians or knew the most about the industry; rather they focused on what made them unique and special.

The closing pieces of advice from the panelists summed up an insightful evening into the investment world for all entrepreneurs in attendance.

• “Do something where you feel you have something special. Maybe it’s the idea, maybe it’s the team,” said Fates. “And always show up prepared.”
• “Everyone doesn’t have to be a founder. All of the companies in our portfolio are hiring and there is a lot to be said for the opportunity to learn” before starting your own company, explained Davis.
• “Make sure you are in business with great people and learning everyday,” said Kalen. “The single biggest impact will be your team.”
• Cuddy reminded the audience to “use the help that is in this community.” He urged, “using the resources that are available to you.”

To see more highlights from Investor Insights, check out our live tweets from the evening @IDEANEU or visit our website for more information.

IDEA, the Entrepreneurs Club, and the Center for Research Innovation are proud to announce the first grant recipients of the Prototype Fund. Two students and one alumnus were awarded grants, which help cover the costs of bringing their ideas to life through the creation of prototypes.

IDEA congratulates Tom Olsen, Preston Turk and Robert Hertig. Olsen is a 2011 graduate of the College of Engineering looking to build a non-rotating wind energy generator. Turk is a freshman business major and photographer who will use his grant from the Prototype Fund to build a camera lens holder. Hertig is a senior engineering major who is working with a team to create a low-cost, vinyl record player.

Check out the complete announcement here to learn more about the recipients’ ideas and the prototypes they will be creating.

Product/market fit refers to being in a good market with a product that can satisfy that market. On Tuesday, March 6, The Vilna Shul hosted a panel discussion that addressed the question, “what happens after product/market fit?” The panel featured locally known innovators, including:

• Brian Halligan, CEO and Co-founder, Hubspot
• Doron Reuveni, CEO and Co-founder, uTest
• Gail Goodman, Chairman and CEO, Constant Contact
• Diane Hessan, CEO of Communispace
• Mike Troiano, Principal, Holland-Mark (Moderator)

Here is a summary of what we learned from the discussion:

• Keep in mind that “admitting your weaknesses can invite great suggestions,” said Hessan.
• In terms of numbers, your goal should be to make the total lifetime revenue of each customer you acquire three times the cost acquisition. “That’s when you know you’re in good shape,” said Halligan. According to Goodman, “how can I optimize cost acquisition?” is the wrong question to ask. “It’s all about scale, and understanding the underlying metrics of your business,” she explained.
• It’s important to bring in outsiders every once in awhile to gain a fresh point of view and prevent groupthink. 

  Mike Troiano, Gail Goodman, Doron Reuveni, Diane Hessan, and Brian Halligan

• Startups really need people who are willing to be “utility players,” said Hessan. It’s important to find people with changing skills. “You have to always look around the table and think, ‘here is my leadership team…who will still be sitting here six months from now?’”
• According to Doron, the hardest and most important thing for a CEO to is trying to figure out who can take it to the next level and who can’t.
• Once you have product/market fit, it is essential that you “stay close to your customer,” said Goodman.
• It’s all about your team. “Start building a leadership team of A-players that you really trust,” said Hessan. “Don’t try to control everything yourself.” Halligan suggests adding a really great outside board member to your team.
• Letting go of individuals who helped build up your company from the beginning but just aren’t taking it to the next level is difficult, so you need to be respectful. The way that you say goodbye matters a lot. According to Goodman, “your culture is more than just employees who are with you; it is also those you send out into the world.” Make sure that those individuals land on their feet because they can become your best brand ambassadors… or your worst. Creating a respectful environment starts wit the CEO.

Overall, we got some pretty useful advice from successful individuals who have “been there, done that.” We strongly encourage young entrepreneurs to put themselves out there and attend some of the many invaluable events offered by the community (most of which are free).  There are always interesting people to meet and new things to learn in the world of entrepreneurship.