Phin Barnes is a Principal at First Round Capital. Before joining First Round, Phin founded ResponDesign, an independent videogame company that developed & published Yourself!Fitness, the first fitness game for Xbox and PlayStation2. At AND 1 Basketball, Phin spent six years helping to grow the company from revenues of $15 million to over $225 million. Phin earned his MBA with honors from the University of Pennsylvania's Wharton School of Business & his BA in Economics & Sociology from Haverford College.
When looking for an angel investor, you want to find interest aligned capital, someone who is going to be with you through the ups and downs of the business.
Instead of sitting back and waiting on a response you should just execute on your business. As things change that are material, update the perspective investors.
As an entrepreneur you really only get to make three choices and then everything else is some combination of those three choices and luck.
Starting a company is a totally irrational decision. It's a crazy thing to do.
The most important thing about failure is not to sweep the failures under the rug and try to ignore them. Instead, embrace them as an experience.
That moment when you realize it's time to actually shut things down is one of the most painful realizations you can have.
Most problems are currently being solved, it's just that there is a lot of friction in that process.
When you're trying to evaluate whether you should continue to pursue an idea or not you should allow the market to tell you that; rather than the market for financing your business.
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