Whether you’re looking for partners or trying to secure funding, growing a brand takes determination. Venture capitalist Arlan Hamilton looks for this determination, along with other characteristics, in an entrepreneur to determine whether his business will succeed.
As founder of Backstage Capital, Arlan invests in overachieving and underrepresented entrepreneurs. To date, it has supported 200 businesses, including Buy Latinx, BippyAnd Café Couplet.
Over nine years, Arlan met thousands of potential founders and refined his list of prerequisites. This list helps him make more informed decisions and find entrepreneurs worth investing in.
When it comes to launching a successful and sustainable brand, Arlan has specific traits she looks for in a founder.
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The 5 character traits every founder needs
Ahead, Arlan shares five characteristics every startup founder must have if they want to invest in them.
1. Trust
For Arlan, the epitome of a good founder is someone with “radical self-confidence.” A true sign of trust is showing up when someone thinks you’re going to fail or won’t agree to work with you.
“You have to first believe that you can achieve it and that you are the one doing it,” Arlan says. Ownership of your idea is also important, because if you don’t think you’re the one to bring this business to life, then an investor won’t either.
2. Resilience
“If I have to model anything, it will be courage, drive and resilience,” says Arlan. Entrepreneurs must be able to survive ups and downs, for example by handling delays or handling customer service. Your determination will keep you motivated as things change over time.
3. Open-mindedness
As an entrepreneur, it’s important to keep in mind that your business will change. Arlan wants to work with people who have accepted that some changes along the journey are necessary.
There will be a lot of pivoting, Arlan warns. Be comfortable learning along the way, rather than fighting to stay the same. “It’s not just about changing your mind. It evolves and there are opinions as the data comes in,” she says.
4. Kindness
Unexpectedly, kindness is one of the key factors Arlan looks for in founders. As a business owner, it’s inevitable that you interact with hundreds of people and you never know who might help you in return.
How you interact with other people and businesses is a direct reflection of your brand.
“There are so many people involved in your story, and you leave an impression on this world, and kindness goes a long way,” Arlan says.
5. Uniqueness
Arlan admires a founder who isn’t afraid to showcase their unique perspective and what makes them different. One of the best ways to embrace your unique perspective is to start sharing your ideas with others and find who you can partner with to bring them to life.
“Have a unique view of the world, strong opinions, and a willingness to take action, even if others tell you you’re crazy,” says Arlan.
If you don’t already have these soft skills, work on developing them alongside your business. View every interaction as a way to grow personally and professionally.
To learn more about how Arlan chooses founders to work with, and his strategy for reaching $1 million in revenue, watch the full Shopify Masters episode.