Golden Rules: Lessons From VC Guru Fred Wilson

Today, Intern Memo catches up with Fred Wilson, partner at Union Square Ventures. As a venture capital investor, Fred's company has provided capital, guidance and spurred the growth of ubiquitous web service properties like Feedburner, del.icio.us and Comscore. He also writes a blog where he shares his thoughts on topics ranging from the future of the internet to the Kings of Leon. For anyone interested in entrepreneurship, the future of web services or the future of rock music in New York, there are few people with greater vision and insight than Fred Wilson.

His style is straightforward and simple. Fred Wilson by no means disapproves of the intern experience, but he believes if you have an idea, you should take some initiative and try to realize it. Although it might seem obvious, the best way to start a company is to do just that, start it. It's this type of spirit that births gems like the Intern Memo.

And that's the point: just go for it. For interns, maybe this means speaking up in a meeting, letting your boss know about the great suggestion you've been agonizing over for the last few days, or just flat out working harder than anyone else around.

Intern Memo: Most people intern in fields with traditional career paths--investment banking, magazines, real estate. What is your advice for someone who wants to get experience "being an entrepreneur?"

Fred Wilson: Start a company

Intern Memo: Do you feel its important for an intern to get experience working for an existing company before trying to start something on his or her own?

Fred Wilson: No.

Intern Memo: How can a young person get into VC?

Fred Wilson: VC is not a young person's business. Starting companies is a better thing to do when you are young. Most successful VCs have a lot of experience they can bring to their portfolio companies. That's not something a young person can credibly do. But they can take risks, work hard, make mistakes, and learn from them.

Intern Memo: For someone interested in working for a web or new media company, what kind of skills are going to be useful? How does an intern gain experience in these kind of fields?

Fred Wilson: The best way to get experience is to find work in the field you want to be in. Don't worry too much about where you work or what your role is. Do good work and you'll be rewarded with more responsibility. I am a big fan of 'just do it'.

Intern Memo: When you're not working, you're an active member of the culture of New York City. Any recommendations for how an intern should spend his or her free time?

Fred Wilson: The amount of culture in NYC is amazing. There's something for everyone. Be adventurous, try new things.

Want to try new things this weekend? Rock climb, be incredibly comfortable in the Merrell's Kid Zone and watch X-Games' stars on the half pipe this Saturday at the third annual Adventures in NYC in Central Park. If you've got a sweet tooth, check out the Cupcake Picnic in Central Park at 2pm on Saturday in Strawberry Fields or for something with a bit more gravitas, go to a reading by Fight Club author Chuck Palahniuk at The Strand Bookstore also at 2pm this Saturday. (828 Broadway between 12th and 13th)

And when life hands you lemons, make some lemonade, specifically at the Second Avenue Summer Fair on Second Avenue from 23rd-34th this Saturday or the Renegade Craft Fair both days at McCarren Park Pool in Williamsburg.

If all else fails, there's free rum tasting all day Saturday and Sunday in Brooklyn at LeNell's Ltd on Van Brunt Street.

Have a great weekend. Wish your dad a happy Father's Day on Sunday. He gave you life and you can't take that away from him.

The Editorial Board

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