When putting together a team, Fern Mandelbaum, Partner at Monitor Venture Partners, focuses on the CEO. She looks for someone who is incredibly committed, persevering, a great listener, attracts talented people, and knows their strengths and weaknesses.
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Mandelbaum did not consciously make the decision to shift her life’s work, but was asked by two friends to help them with their new venture firm. This was in 2002, and a very difficult time to start this type of company. She got very involved in the challenges of the project and decide...
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Mandelbaum recommends trying to meet someone that has connections in the venture capital community. It is very difficult to approach a venture firm unsolicited, but much easier with the introduction of an influential person in the community. Take advantage of opportunities to get in to...
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Mandelbaum sold her first major company, Skyline Toys, when the company was at a critical juncture: they either need to find a strategic partner or raise a lot of money. A perfect partner was found in IDEO, and she sold the company. Mandelbaum decided to take her career in a new directi...
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A common problem Mandelbaum sees in new companies is an unwillingness of the founder to let go. The mark of a great entrepreneur is the ability to recognize what skills you have and what tasks would better be left up to someone else, she says. Choosing the best people and board members...
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Mandelbaum believes that one is born an entrepreneur. A person can learn the basics of entrepreneurship, but the willingness and eagerness to take risks should come naturally and cannot be taught. A great entrepreneur is someone who keeps the team going through the bad times when the f...
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Even without money for salaries, people are often attracted to companies with equity, says Mandelbaum. Obviously, equity is more attractive for people early on in their careers without a family to support and mortgage payments to make, she adds. However, there is angel money available r...
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Mandelbaum moved into the outdoor toy market because she loves sports and outdoor games. She is thriving at Monitor because they focus on companies that have developed innovative applications for technologies that exist, rather than brave new world startups.
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Mandelbaum answers a question she thinks about every day: How does she make time for what is the most important part of her life, her family, while making sure her companies stay alive? She checks in with her family everyday to see that they are happy. She also recommends listening to ...
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Mandelbaum believes that the best, and arguably most valuable, part of business school is the people you meet. She recommends working before going into business school to provide some experience that can be shared among classmates. Though the business school material can be learned jus...
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Mandelbaum is optimistic about the opportunities in the market today based on her assessment of holiday parties, which she believes are a valuable indicator of market climate.
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The most important piece of advice that Mandelbaum would give to an aspiring entrepreneur is to surround oneself with great people and ask these people lots of questions. Take the opportunity to meet with as many people as possible because they could potentially become a best friend, sh...
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