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Identifying Extraordinary Talent, The One Slide Most Founders Get Wrong - Tactician: #0081

"'Identifying extraordinary talent is like realizing your grandma is an internet sensation for her rap battles. You thought she was just good at Scrabble, but no, she's dropping rhymes like hotcakes. Suddenly, Thanksgiving is a ticket to the hottest show in town.'"

20/03/24

Identifying Extraordinary Talent

Why Read:

  • Understand that drive, not just talent, is crucial for success, providing inspiration to nurture perseverance in yourself and your team.

Author:

  • Admired Leadership, a development program focused on leadership behaviors

Link: 

Key Concepts and Tactics:

  • Historical Underestimation of Talent:

    • "Many of the greatest performers of all time, across multiple fields and disciplines, were once judged as having little or no talent. One talent scout’s assessment of acclaimed dancer Fred Astaire read: “Can’t act, slightly bald; can dance a little.” Smile when you read the talent assessment of quarterback Tom Brady by a highly regarded scout: “Skinny, lacks mobility, lacks a really strong arm, gets knocked down easily.”"

  • Examples of Misjudged Individuals Across Various Fields:

    • "Walt Disney was once dismissed from a newspaper job because he lacked creativity and failed to generate original ideas. Similarly, Oprah Winfrey was viewed by television executives as lacking stage presence and the ability to connect with viewers. Steven Spielberg was rejected from multiple film schools because of low grades and a lack of intellectual curiosity."

  • The Common Thread of Drive in Successful People:

    • "Perhaps it’s not about talent at all, but rather about an inner drive to succeed that distinguishes those who go onto stardom. Of all the predictors, indicators, and barometers employed through assessments of talent, the one intangible quality that can never be accurately diagnosed or identified is drive."

  • The Challenge of Identifying True Drive:

    • "Learning who has the fire is made even more difficult because the flame of drive often doesn’t take hold until after rejection or disappointment... It is the extraordinary drive and commitment to succeed that allows ordinary people to scale the heights of excellence."

  • Encouragement to Recognize and Nurture Drive:

    • "But understanding the secret ingredient of massive success should encourage us to watch, observe, and listen to how others engage the world... For those who have found a spark that has turned into a flame there is no time off from the work at becoming great. They prove it with everything they do, almost every day. Very few people have that kind of drive. When you see it, consider it talent about to unfold."

The One Slide Most Founders Get Wrong

Why Read:

  • Master crafting an effective 'ask' slide, by avoiding common pitfalls and demonstrating strategic clarity.

Author:

  • Sahil S, VC at Stedu Fund and Writer at The Venture Crew

Link: 

Key Concepts and Tactics:

  • Inclusion of the Ask Slide: 

    • "Obviously, the easiest way to fail on this slide is to forget to include it altogether. That’s a mistake. The whole purpose of doing a fundraising process is to raise money, so you may as well go all-in with a clear ask."

  • Specifying the Funding Amount:

    • "Name a specific dollar amount. Quite a few founders are against including any amount at all. The logic, they argue, is that there are so many different ways to build the company... It’s good to be scrappy and adaptable as a founder, but you need a Plan A: What, in your opinion, is the right amount of money to raise to get the company to the next stage of growth and the next round of funding?"

  • Valuation Mention (relevant for early stage startups):

    • "Another common mistake I see is that founders include the terms of an investment, or the valuation, on a slide. If you put 'raising $5 million at a $20 million valuation' on the slide before you have a lead investor, you’re making a mistake."

  • Clarifying Use of Funds: 

    • "You’re running a startup, and you’re going to want to raise money to accomplish something... Put differently: If I’m going to invest $2 million into your startup, I want to know what that money buys me, in terms of progress for your company."

  • Detailing Specific Milestones:

    • "Never mind the timeline — talk about the milestones. As we hinted at above, it’s important to list the milestones you believe you need to achieve to raise the next round of funding. Note that this is milestone-driven; each goal unlocks the next part of the journey."

  • Demonstrating Clarity and Competence:

    • "The 'ask' slide is one of the most painful slides to get wrong[…] Having a poor 'ask and use of funds' slide is a huge red flag to many investors."

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