VSC Consulting and Haas School of Business Technology Club is holding a panel to discuss about current trends in technology and media. People on the panel include Matt Marshall (founder of VentureBeat), Tim Chang (Principal VC of Norwest Venture Partners), Nitin Bhandar (Founder of Skyfire), Jameson Hsu (Founder of Mochi Media), Robert Patterson (Founder of Aap!Global), and Vijay Chattha (Founder of VSC Consulting).

A lot of topics were covered, but I’ll cover 5 areas that are most relevant to young entrepreneurs and students. Excuse my writing; I’m just quickly jotting down notes.

1. What classes did you wish you took in college?

Most answers began with the usual suspects: Business Law, Organizational Behavior, Computer Science, Sales, etc. However, Tim makes a point about partying more; most of business is about networking, while also being a friendly person. Also, take classes you really don’t want to take. For example, do you really suck at finance? Force yourself to confront your weaknesses.

2. How do you guys bring together a team?

The biggest part of a startup is the people. The advantage about hiring young people is that they are more susceptible changes and adapting. Hire people who have an opinion on things. Hire people who are way smarter than you; sounds like a cliche but it’s very important. In early stages, surround yourself with people who are really passion about problem solving; there are no answers.

4. What is a VC looking for?

Are you mature enough to be CEO?
What type of network does the entrepreneur come from.
A great ability to hire rockstars.
Salesmanship and communication. Life and business are constantly about selling.
Persistence. Will the person give up? It is common to change to business model over 3 times.
Self-awareness. How mature are you? Are you able to identify your weaknesses?
Are you in it to be rich or famous?  Some people there to grow the company as big as possible, while others just want control and PR coverage.

4. Lifestyle Business.

Many students are happy making a facebook app, or a small social site. You don’t need much venture capital to start a “lifestyle” business. Venture capitalists expect a billion dollar company. They need companies that return 10-20x in order to maintain a good return on their investment fund. You may be happier just owning a small website that can sell for $20M. What is your agenda?

5. How important was your MBA?

Great networks. You will meet friends who will stick with you after graduation.
Most importantly, it’s a time to take a step back and think about what you really want to do in life.
Unlike engineering schools, business schools prepare for problems that do not have a clear solution.
If you’re not interested in grad school, look for mentors. Surprisingly, a lot of people are willing to give their time back.

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