Comments on: How much are YOU worth?

By: The Time Deficit : Alexia Golez

The Time Deficit : Alexia Golez — Wed, 02 Jul 2008 08:34:01 +0000

[...] tagged me ages ago, in a great post called ‘How Much Are You Worth’. I was just about to move domains, so I’m just getting around to replying now. [...]

By: John P

John P — Sun, 25 May 2008 19:58:47 +0000

Well Pat, there have been lots of good comments so far, but here’s my 2 cents worth:-

You obviously can’t afford to take your eye off the ball with your current business(es), or with your family and friends; so you have essentially 2 choices –

1. Hire a “mini-me” Pat Phelan – this would need to be a very competent person who you can offload much of the general / day-to-day admin, and some of your other business activities to.
This would allow you to have more time to think strategically or indeed get more involved in other ventures and/or give some advice.
It is obviously only appropriate if you believe that you can get the return on this investment in someone.

2. Possibly take on a couple of “pet projects” where you would mentor some businesses you believe are viable and have significant potential.
Maybe you should have a standard approach where in return you are allocated a % of the business – if you are committed to invest your time in helping someones business succeed, then they should be prepared to reward you with a small share in the business.

Pat, there are only so many hours in the day, and so much of this you can do, so you will need to be very selective, and indeed brutal in some cases …

However, this will always be an issue for you – with your strong networking skills and wide business knowledge and vision, you will frequently come upon great ideas and concepts. The trick is to either align with those that are complementary to your own business, or if in a different business sphere, those that you believe will succeed.

Hope this helps in some small way.

By: Evert Bopp

Evert Bopp — Sun, 25 May 2008 09:59:41 +0000

Pat, I think that “D” is pointing in the right direction. Set some time aside every week (or month) for an open pow-wow. Sit down listen to people and at the end say “yes” or “no” (based on your opinion if you can or want to help). If it goes beyond that there should be compensation and equity is a good option. It doesn’t even have to be up-front equity, agree some milestones with them and tie equity (for you) to these milestones. I for one would happily give you part of my venture in exchange for advise and assistance…

By: Jackie Danicki » To serve or not to serve?

Jackie Danicki » To serve or not to serve? — Sun, 25 May 2008 02:10:34 +0000

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By: D

Sun, 25 May 2008 02:05:23 +0000

Here’s an idea.

Set aside a specific time and day each week.

EG: Monday 5-6pm where startup entrepreneurs/techies can phone you or meet up and ask for your advice on startup issues during those times only.

By: Sabrina Dent

Sabrina Dent — Sat, 24 May 2008 20:21:55 +0000

Brevity not being my strong suit, I ended up with a post by way of reply. And thank you for dinner, again. It was a great crowd and a smashing evening.

By: Sabrina Dent: Pixel Pushing Ireland » I’m Just a Girl Who Can’t Say No

Sat, 24 May 2008 20:08:02 +0000

[...] bought me dinner last night (and is, by the way, looking positively svelt these days, the bastard) asked a question on his blog today about filtering all those things we’ll broadly call stewardship offers. These are the people [...]

By: liamlowe

liamlowe — Sat, 24 May 2008 18:18:45 +0000

Not very web 2.0 but PA is the answer.
After all both Denis O’Brien and Michael O’Leary started out as PA for Tony Ryan.
There is a young accountant somewhere in Cork and he or she is going to make your life 100 times easier.

By: Shefaly

Shefaly — Sat, 24 May 2008 15:21:02 +0000

In the second para – natural selection bit – I should have added that you probably do it because nobody asks you blatantly and you recognise value anyway. If people started taking advantage of your generosity, it might be a damper too.

Thanks.

By: Shefaly

Shefaly — Sat, 24 May 2008 15:19:20 +0000

Interesting dilemma although one does not have to be a star to face it. Recently Penelope Trunk blogged about mentoring and amongst the dialogue that the post generated was a question – how do I find a mentor? It is, in my book, on par with ‘how do I find eternal love?’. One does not find it by chasing it. The chemistry either is, or is not. Similarly with the kind of ‘connection making’ that you seem very efficient at.

I think the laws of natural selection apply here too. You do it because at some level, it gives you happiness. When it ceases to do so, you will reduce the time you give it.

Whether to convert it into revenue generation is an altogether tricky question, which I struggle with too. I have introduced many friends to other friends, which has resulted in revenue generation and long-term relationships between them. I did not think of a share but then a 50-year veteran of PE recently advised me that he always negotiated for himself a share of the profit. As my work brings me to more and more investors, and people want me to use my UK and my India networks to help them, I am increasingly having to come up with a pitch. It is high-risk and in both cultures – India and UK – people love making money but not discussing it, making it very tricky.

I should be glad to hear what you come up with and how it works.

PS: Found my way here through Jackie Danicki’s blog.