Part 2: Building relationships and the VCs

You've written that "relationships are the fundamental foundation for building a long and sustainable career as an entrepreneur" - why are they so important?
Businesses come and go, but relationships are forever. I recognize that some of the relationships I am building today will bear fruit many years from now. But it is important for me to stay in action so I am available for future opportunities.

regard to relationships, how does one go about building a network of relationships among one's business peers?
I consider going to networking events as part of my job requirement for being an entrepreneur. Especially in the first five years or more it is important to put your hand out as often as possible and make new relationships. I also learn about people in magazines, newspapers, television, etc. and if I hear someone that sounds like a good fit or match for what I am up to I will find a way to connect with them.

Networking will seem very haphazard and ambiguous for quite some time, but after awhile you start to know people who know people and the world gets much smaller and you then start to have the ability to implement your ideas much more quickly and with greater success.

What are the specific things to understand in the investor relationship within your start-up business?
The VC game is a specific way to grow a business and it only makes sense for a small percentage of all startups. If your business does not have a potential billion dollar valuation then it probably doesn't make sense for VCs, but it still may be a great business. Understand that VCs have to answer to their investors and that is their primary concern.

Finally, any last bits of advice on starting a business?
Starting a business is a learning experience and every situation is different. Sure, there are tons of common mistakes, but they shouldn't try to avoid them. Doing so would be counter productive. I would encourage all would-be entrepreneurs to go for their dreams and enjoy the ride!