I was in San Juan, Puerto Rico last week for Disrupt Week . It is a gathering of all things tech, startup enthusiasts, entrepreneurs, influencers, digital nomads, blockchain, coders, marketers, and creators.
I was lucky to sneak in some time with investor Jennifer Hopp. She is a successful entrepreneur turned investor from Silicon Valley. She relocated to Puerto Rico out of her passion to help build up the economy after Hurricane Maria in 2017 by fostering the emerging tech/startup ecosystem. She is using her talents to play a big role in the community and mentor the young entrepreneurs.
We shot this video in Old San Juan which has an old iconic feel with it’s vibrantly colored buildings and weathered down cobblestone streets. She had some great advice for entrepreneurs on product market validation, raising money, selling to your ideal customers and tips on how she stays fit while running not just one but multiple companies. To me that’s the true sign of success when someone prioritizes the things that truly matter (health, relationships, giving back) in their life while still hustling hard to create their impact in the world. Unfortunately most people are so fixed on being successful in business and economics, even if they achieve it they do it at the sacrifice of their health and relationships.
Here are some key takeaways from Jen’s talk:
On Deciding Whether you Have a Good Idea
Test ideas before investing time and money on it
Before talking with investors make sure it works on paper first!
If it doesn’t work on paper it’s probably not going to work in reality 🙂
You want revenue to exceed cost
Unit by unit basis price of product needs to be higher than cost. Rule of thumb price is at least 2x more than cost. (while this seems obvious and simple Jen sees smart people get stuck on this a lot!)
Find your target customer. How many of them exist? Get your product in front of them and get feedback from your market and see if they will buy it and recommend it to their friends!
On Raising Money From Investors
Understand who the investor is.
Investors are people just like you.
Investors aren’t in it just to make money.
Understand what motivates them.
What feeling are they going after?
How Jen Stays Fit While Running Her Companies
Don’t have time? Take a deep breath. Pretend you had a flat tire. What would happen?
You will figure it out. At end of day nobody will be upset with you.
1. We often pack our schedules with things that are unnecessary
2. We don’t leave enough gaps in our time for ‘flat tires’. Carve out time – an extra hour a day.
3. We don’t recognize the world is still going to go on without us.
Working out is productive time. Ideas come when she works out. Brain shifts and becomes more creative
always flexibility. So while most people think taking time away from sitting in front of the computer/doing direct work-related activities is a negative, Jen sees working out as a productive activity because it gives her the ability to solve problems and see things in more creative ways.
Set a plan and execute on it as much as you can AND be flexible and use guidelines. FLEXIBILITY is key!
Jen prefers a high protein diet based on what her body tells her.
Set yourself up for success. Doesn’t allow saturated fat or sugar in her house so she isn’t tempted.
Enjoys her cheat meal once in a while!
Connect with Jennifer Hopp
Hope you enjoyed this!
Comment below on a key takeaway!
Best comment gets a free gift!
