Regardless of where a firm invests in terms of stage, a junior VC will need to be conversant in how pre- and post-money valuations, liquidation preference, antidilution provisions, and other standard terms affect investor ownership and expected returns.

prospective junior VC needs to be able to prove to a firm that he or she will be able to contribute from day one in order to get an offer. This means knowing the way around a capitalization table as well as how to understand standard terms in a term sheet.

Three avenues to obtaining quality referrals that could turn into first meetings are LinkedIn, other entrepreneurs, and VC recruiters.

Come with one or more investment theses – The interviewee should develop one or more detailed investment ideas/theses and be prepared to discuss and defend them during the interview. This will require the interviewee to be up to date on relevant industry developments including recent fundings in the space, M&A activity, and product launches.

Don’t get hung up on brand-name funds.

PEHub’s PE Week Wire and Dan Primack’s Term Sheet are great ways to get tipped on when VC firms are raising new funds.

If someone has worked with high-tech companies on projects, he or she should by all means note it in their pitch to the hiring firm to show the value that they can add through specialized industry knowledge or contacts.

Give special attention/effort to firms that have recently raised a new fund somewhat larger than its last fund.

First and foremost, talk to every venture capitalist who is willing to take a call or informational interview.