Review of the book Angel by Jason Calacanis

I just finished reading and listening to Angel: How to Invest in Technology Startups, a book by Jason Calacanis.  I first mentioned Jason on this blog back in 2009, when I wrote "starting is easy; finishing is hard." Fast forward 8 years.

First Thoughts

First, let me say, this is a great book. I'm now going back, highlighting sections, and ready to put what I have read to work. I also recommend downloading the Audible version. It's read by Jason and has some extras at the end (not in the physical book).

So many other books are all hype, promising everyone that they can do anything. They promise you fame and fortune, resulting in readers changing their profiles to read "Hustler, Grinder, and Lifestyle Coach". I love that Jason didn't say everyone can be an angel investor.

Actually, he did but there were some clear caveats. If you want to be an effective angel investor, you'll need a combination of things and Jason details what they are (see chapter 4).

Though you might not meet all of Jason's criteria to be an effective angel investor, I still think you should read (and listen to) this book if you're a founder or thinking of getting into angel investing.

CONS:

1. Jason was specific about what you need to do, to be an effective angel investor.  Right away, you'll realize if you can or can not do this.  Sorry to all of those precious snowflakes out there who think they can do anything.  If you don't have the money or stomach for high risk, you can't do this.
2. At $1000-$2500 for each of your first 10 investments, if you don't have the money, you can't afford to be an angel investor.
3. If you can't deploy even greater amounts of money, in the event one of your startups gets a Series A from a known venture capital firm, you'll get diluted. (do a search on Pro Rata)
4. If you're unwilling to move to Silicon Valley, your deal flow may be limited. (I like my home in Maryland)
5. You have less than a 1% chance of being successful. (The truth hurts)

I just exchanged Twitter DM's with Jason.  He wanted to note that he did talk about being an angel with no money (advisor shares!).  I want to make sure I properly represent the book so I'm adding this blog post edit.  Also, I plan to write other blog posts about the book.

PROS:

1. Jason was specific about what you need to do, to be an effective angel investor.  Right away, you'll realize if you can or can not do this.  Note I'm listing this as both a Pro and a Con.
2. He describes probably the safest path you can take if you're going to get into angel investing.  Granted, you still have less than a 1% chance of being successful.
3. Jason speaks and writes from the heart. He sounds like a kid from Brooklyn.  He actually reads the Audible version of his book.  I've been listening to him since the beginning of his This Week in Startups (TWIST) podcast. It was good to hear his voice and not some voice actor.
4. He has an impressive track record in angel investing so he's not like these knuckleheads you see out there trying to be "lifestyle advisors".
5. "You only have to be right once" ~Mark Cuban

Now, it's time to put in the work.

Disclaimer: I was in no way compensated for the writing of this review.

Nine Destructive Behaviours

Geoff Crane, in the time I've known him, has opened my eyes to the area of project leadership many ignore.  Geoff looks at things from a human perspective.  I know it sounds odd but many of us make objective, quantifiable calculations.  Geoff does as well but he doesn't ignore his gut feelings.  He writes about his knowledge and experiences on his blog Papercut Edge. Geoff recently wrote a series about destructive behaviors (behaviours for my colleagues in Canada) project leaders need to avoid; 9 of them in fact.  As I read each, I found myself nodding my head over and over again.  Yep, he nailed that one.  Yep, he nailed that one as well.

How did he do it!?  How did he describe situations that could have been taken from my biography?  Too bad I didn't have Geoff's book several years ago.  I could have avoided all 9 destructive behaviors.

1. The Sack
2. The Magpie
3. The Deer in Headlights
4. The Hungry Vulture
5. The Premature Solutioner
6. The Terrier
7. The Wanderer
8. The Anticipator
9. The Reluctant Puppet

When he decided to publish the series as an ebook, I was flattered that he asked me to write the forward.  Do yourself a favor.  Read his blog.  Read his ebook.  You'll be glad you did.

Forward from Nine Destructive Behaviors

To be successful as a project leader, you need to know destructive behaviour when you see it. And there is no better tool for this than Geoff's ebook! The Latin saying, ‘praemonitus, praemunitus,’ loosely translates as ‘forewarned is forearmed’. “9 Destructive Behaviours Project Leaders Need to Avoid” is an essential read for any individual wishing to be a successful project leader.

Get a free copy here!

Follow-up review of the iStudy v2.0 PMP application

The iStudy PMP v2.0 is an iPhone and iPod Touch application specifically designed to help those aspiring to pass the PMP® Exam. When I did my Original Review of the iStudy PMP® application, I was pretty happy with it.  I said for $10, go for it.  One feature I really liked was the questions were completely random.  So, each test was unique.

So, how does v2.0 compare to v1.0?

Here is what changed between the two versions:

- Key summary for each question as well as page references to the PMBOK

- The initial number of questions has been increased from 20 to 35.  All 35 questions are new and were not available in the previous version.

- Improvements to the UI (better responses; works in both landscape and portrait)

- Users can now purchase an additional 550 questions from within the application.  This version leverages a freemium model.  The free version is ad supported.  If users wish to upgrade, they get an additional 550 questions for $2.99.  (Purchase from within the app).  If you’re interested in this app, you can get it from the iTunes store or go to www.istudyapps.com.

Do I think you should get it?  Again, I say go for it! It's only $2.99 for 550 questions and this version is even better than the last.

Disclaimer: Though I recommend this product, I am not financially benefiting from this review.

Review of the iStudy PMP App for iPhone and iPod Touch

Disclaimer: Though I recommend this product, I am not financially benefiting from this review.

The iStudy PMP is an iPhone and iPod Touch application specifically designed to help those aspiring to pass the PMP® Exam.

If you have seen sample questions from the PMP exam, you know the pain points; double-negatives, lengthy questions, what is the "best" answer...  When I prepared for the PMP Exam a few years ago, I spent several hundred dollars for a program that simulated the PMP exam.  I'll admit, it worked great!  But, what if I could have passed the exam and also saved several hundred dollars?  If this application was around when I was preparing to sit for the exam, I would have purchased it first.

Interface

iStudy PMP contains 200 questions that intend to replicate the PMP exam. The interface is clean and it allows the user to concentrate on answering the questions.  If you come to a question you're not sure about, you can Mark (skip) it.  I thought I ran into some problems with the Mark feature.  Swiping my finger across the screen didn't always advance me to the next card.  After some practice, I realized it was just me. The application was working just fine.

Not to get ahead of myself, but there is a results page to see correct/incorrect results.  One thing missing is a similar navigation page showing the skipped questions.  You're given the opportunity to go though the skipped questions at the end of the exam but you can't see how many skipped you have.  You just have to go through them one by one.  I contacted the creator of the application and he confirmed this is something to be resolved in a future update.

Tests

iStudy PMP has 4 different modes designed to cater to different learning styles.

Normal - This mode displays all 200 (randomized) questions and allows you to sequentially browse. You can go back and forth as many times as you wish, but you have to go in sequential order.

Exam - This mode is similar to the Normal mode minus the fact you have a time limit of 4 hours to answer all of the questions. You can go back and forth between questions as many times as you need to change answers.  If after 4 hours you have not answered all of the questions, the exam will automatically end and your results calculated.  This is good because if there was one thing I took away from doing full length practice exams, they help you build up your stamina.

Stress Test - This is a pretty interesting mode. I like that you choose the number of questions you want to answer (out of 200) and an amount of time you wish to allow yourself.  If you fail to answer a question before the timer hits zero then that question is marked as incorrect and the application advances you to the next question.  Let's say you set the stress test to 15 questions and 2 minutes per question.  Your stress test will be done in 30 minutes.  Pretty cool.

Knowledge Area - The PMP Exam assesses your competency from 9 Knowledge Areas. This mode is like the normal mode but it allows you choose a specific knowledge area.  This is a nice feature when you know you have specific knowledge weaknesses.

Results Screen

Once you have completed a test, or if you intentionally end it, you will be presented with the Results screen. Here you will see whether or not you passed the practice exam. Results will be broken down by knowledge area so you can see where you need to improve.  All questions will be listed as either correct and incorrect with an option to display the entire question and answers.

Summary

For $10, I say go for it!  One feature I really like is the questions appear completely random.  So, each test should be unique.  If you're interested in this app, you can get it from the iTunes store, go to www.istudyapps.com or click here.