We collect challenges.
When we meet someone, at some point in the conversation we bring up how we collect challenges. We ask:
“What are your big challenges? These can be immediate or long term, or even your wishes and aspirations.”
What is a challenge?
Something immediate or long-term:
Example: I’m looking for a way to manage and support our institution’s clinical trials using mobile technology.
Results: Months later, we brought Medaptive Health, an open source platform to create mobile health solutions (healthcare apps) to engage and support healthcare consumers, back to them.
Something aspirational or potentially quite hard:
Example: I’m looking for my company’s first client.
Results: We provided actual traction and brought the startup their first deal with four major medical centers.
Something that just drives someone nuts (process needs improvement or something needs to be more efficient):
Example: I’m trying to get closer to customers and improve products.
Results: We created an ambassador program for small business customers to share regular, real-time product feedback and reward loyal members.
A problem they’re having right now that for whatever reason they just can’t solve it.
Example: Trying to hire for XYZ position, and just can’t find the right candidate.
Results: We understood the need and skills set required for the client and mined our network to find the right individual for the company.
Example: I’m double booked with pitching a client and an accelerator presentation in two different cities.
Results: We made the trip to present and got them accepted to an accelerator that led to multiple big company leads.
Something that is personal in nature: Helping people isn’t only about business. While there is the idea that personal and business lives are completely separate, we all know that in reality the personal often overlaps with the business. Helping someone solve a personal issue will often result in positive effects in the business side of things.
Example: Client going on a business trip and has free time.
Results: Shared local hotspots and made introductions to meet well connected networkers.
Why do we ask about challenges?
To stimulate meaningful and thoughtful dialogue. By asking “what are your big challenges?” it encourages the person to offer something personal and memorable and makes the entire conversation easier to recall by everyone. It also signals to the person that we are genuinely interested in helping the person besides simply making a generic connection.
To encourage thinking about the person’s business and personal needs. There are often more issues (i.e., distractions) than time that take away from identifying what the biggest challenges are. But by asking this question, it forces the person to immediately identify priorities. For companies, this is related to understanding what problems potential customers face and will help focus the solutions to meet real needs of customers.
To be better connectors. We all meet lots of people who do a lot of different things. Being a better connector should not be limited to only knowing people in your specific field. You never know when a chance, random, or seemingly small meeting will eventually lead to a new lead, client, or meaningful relationship, simply because you made an effort to learn/get to know someone and his/her challenge. As Pat Hedley, who was at General Atlantic for 30 years, states in Meet 100 People: A How-to Guide to the Career and Life Edge Everyone's Missing (2017) “The way to make life happen for you is to take advantage of every opportunity. You can expand your network in places you might not expect, such as athletic events, parties, and conferences.” Successful connections are not always linear or direct, such as Point A to Point B. Sometimes the connection is non-linear and indirect. How the connection is made is irrelevant. The end goal is the connection itself.
To create a better network effect and provide value for everyone. If we’re able to easily provide value for someone we’re doing our jobs. If we are able to leverage our network better, we’re doing our jobs and following Venture Catalyst’s frameworks using principles TEA (Trust, Efficiency, and Attitude) and ARC (Alignment, Results, and Communication). Helping someone solve a challenge through a connection tackles the E (efficiency) in TEA. Using our network to help a person is efficient because it allows us to focus on a big challenge and have a large, beneficial impact on that person’s business/life. Being part of the solution to a challenge also addresses the R (results) in ARC. We can help a person achieve tangible results by “making stuff happen.” Using our networks and experiences, we can be scrappy and resourceful to help the person solve a problem. Again, quoting Pat Hedley, “Serendipity rarely finds shy people. Serendipity smiles upon those who are unafraid to take risks and trust others. Break out of your box and put yourself in the path of good fortune.” At Venture Catalyst, we are always looking for Alignment and try to find creative paths and solutions that benefit all parties.
Challenge Accepted: Now what?
Keeping the challenge in mind. Perhaps we won’t have an immediate connection in mind. But if we know what someone is looking for, we may meet someone in the future who is interested in the same issue, or someone who has a solution for that problem. In both cases, we can bring people together and make the connection and it’s a win for all parties.
Tracking challenges. Keep notes of what people are looking for. The notes don’t need to be detailed, but simply a reminder of the issue. Reviewing the notes periodically helps too.
Keeping in touch if time has passed. It’s a good excuse to reconnect. If we haven’t made a connection within a time frame, say 6 months, we reach out to that person and ask whether the challenge discussed 6 months ago is still relevant. Perhaps it still is and we have a more detailed conversation about the challenge. Or maybe the challenge has been solved and there is a new challenge to discuss. Either way, it provides an opportunity for the person to be reminded that s/he and the challenge are on our radar and for us to stay connected with that person.
Most people are extremely busy, off in their silo, and their inbox is cluttered; if we can simply follow up to let them know we were thinking about them, that’s comforting.
Challenge Accomplished!
As mentioned above, we’ve had much success helping our clients solve their challenges. In particular, we often connect members of our network to clients in need of finding the right person for a crucial position. This has often led to a variety of benefits:
You’ll look like a genius. When we are able to make the connection to solve a person’s challenge, from our perspective it’s not a big deal it’s just part of our job. But for the person with the challenge, our connection is not a minor deal, it’s a huge deal. Not only will the person be immensely grateful, s/he will always have a positive recollection and memory of us and of how we came through.
Additional work. It has often led to the client asking us to find another candidate for them, which is a huge compliment - the client knows we can deliver the A (Alignment with the client’s goals - understanding the request) and R (focused on a quality Result - presenting high quality candidate) in ARC.
Long-term relationship. In addition, helping a person accomplish a challenge by making a connection builds the T (Trust) in TEA. The person trusts us to always look out for her/him, which is the foundation needed for lasting relationships. No matter what type of relationship it is (such as client, resource, referral, etc.), the most important aspect of the relationship is the foundational trust, which cements and expands the relationship. Everything else can build off that trust.
Conclusion
Give (multiple times) before you ask. There might be a temptation for a quid pro quo, but resist. The goal about accepting a challenge isn’t about what we can gain from helping a person, but rather it is about making us better and strengthening our network. A good rule of thumb is give (multiple times) before you ask (as Gary Vee / Vaynerchuk) urged in his book Jab, Jab, Jab, Right Hook (2013). Try to assist someone at least twice before making an ask. Plus, a track record of 2/2 is great, and increases the likelihood that the person will come through should an ask be made.
Ideally, you should leave the other person with the following impression of you - desireless (giving more than taking), valuable (useful), and memorable (think of you easily and often).
(In a future blog post, we’ll connect this idea to networking and how to implement this in real life.)