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The great thing about the ever evolving tech industry is there are no real experts. If there were, though, that list would probably include Steve Guengerich, who prefers to think of himself as an Ambassador for Austin tech. The Capital Factory mentor, co-founder of Appconomy, managing director for BroadBrush Ventures and member of Powershift Group, has been living in Austin’s tech community for over 20 years and has spent much of his time helping grow companies into successful ventures.
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He recently completed his 11th book, Naturally Caffeinated, a two-part project with the Austin community. The ebook is available right now (for free!), focusing on short, essential lessons learned over the years about founding and running a startup. But if you’re part of the Austin tech community, you can be included in the second part of the book when you contribute through digital publishing platform Weeva.
“I think it’s a good time to be an entrepreneur,” Guengerich said. “There are a lot of people out there that are trying to help them be successful. If the book can help them, that’d be great.”
Guengerich gave us a preview of the book by sharing his top tips to being a successful entrepreneur and founder:
There is only one reason you’re becoming an entrepreneur
“It should be because you are compelled to do it, because it’s what makes you happy,” Guengerich said. “You don’t do it for the money, for the fame, you do it because it makes you happy and you can’t see yourself being happy any other way.”
You follow a lean DIET
Diet meaning: demand, idea, excellence, team. This is how Guengerich vets entrepreneurs and knows if he has an investable deal. Does the company have an indication of demand? Is there product market fit? Do they have an amazing and totally committed team?
“The lean startup doesn’t mean doing things cheaply, but doing things highly efficiently," Guengerich said.
You never miss an opportunity to pitch
"You don't want to have any regrets," Guengerich said.
You practice, practice, practice to perfect your pitch, so no matter where you are or who you're talking to, it’s perfect.
You accept criticism
"You want to give it as well as get it," Guengerich said.
Almost everyone could be a customer, so take feedback and criticism seriously.
You value speed and transparency
"Especially in the startup industry ,every moment counts," Guengerich said.
“I’m very bullish on the tech ecosystem. I think what we’re seeing from the different groups that are entering the city is fantastic and it will make us even better.”
If you’d like to contribute your own advice to the book, head to Weeva until August. Expect the printed version in mid-September.
