Definitions of Modern Day Legends In Venture Capital

When I was young, Babe Ruth was a legend in sports. To me the definition of a legend is someone extraordinary and special. I think most people would agree with me that Babe Ruth exceeded all expectations.

I always thought of him as the perfect home run hitter. But when I took the time to learn more about him, I found that he struck out many more times than he hit a homerun. Perhaps that should have been the only lesson I needed to learn about perfection. Yet, here standing in front of me was Alan Patricof, a legend of venture capital investing.

Alan is known in business circles as more than a legend. He is also known as one of the Fathers of Venture Capital. He helped create "venture investing" and has, for more that forty years, worked to bring the business into maturity. So, I couldn't help but sit and hang on his every word, just hoping to learn from the master directly. And it didn't take me more than one minute!

"When you're starting a new venture, perfect is something that is not necessary. I'm sure you've heard of the concept called pivoting; what you start out with today will be completely different six months from now. You have to learn as you go. Learn through the process."

I reflected on his words. I thought of my own life and how grateful I was to hear him say that perfection is not necessary. I visualized myself as a young boy and what I thought my life would be like these many years later.

My real life isn't anything like my boyhood fantasy. In some ways my real life doesn't measure up, but in most ways it is far better than I could have ever imagined. And that's the point of learning as you go.

The truth is that you don't know what you don't know and so life must be revealed a little at a time. Here a little and there a little. That's what process is. It means going from one step to the next and gaining a little with each stride.

Progression doesn't usually come in huge chunks or events. It mostly happens little by little, day by day, year by year, lesson by lesson. After all, what would be the fun in watching a ball game if you knew the outcome from the beginning? Why read a book if the entire plot was revealed immediately? What would be the measure of life if you went from youth to perfection over night?

No, perfection isn't necessary. But enjoying the process of life will make all the difference in the quality of your living; so make sure to keep your pivot foot firmly in place!

"Perfect is something that is not necessary."

- Alan J. Patricof

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Lynn Butterfield represents Coldwell Banker with the Economic Development Corporation of Utah & MountainWest Capital Network, he mentors early stage companies with other professionals at the Wayne Brown Institute and is a member of the Utah Association of Realtors Legislative Committee. Find out more about entrepreneurs, and mentoring at http://www.venturecapital.org/

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