How to Start, Grow, Maintain, and Sell a Business

Jul 19, 2024

How to Start, Grow, Maintain, and Sell a Business

Introduction

  • Speaker: Experienced businessman with 30 years in the field
  • Built 19 companies and invested in 78 startups
  • Offers free knowledge to help start and grow businesses
  • Goal: Change mindset, provide tools for success, and create new pathways for business freedom

Topics Covered

  1. How to Start a Business with No Money
  2. How to Win in Business
  3. How to Lose
  4. How to Create a Mind Map (better than a business plan)
  5. How to Find Purpose
  6. How to Find a Co-Founder
  7. How to Sell
  8. How to Market Your Business
  9. How to PR Yourself and Your Business
  10. How to Get an Investor
  11. How to Get Sponsors
  12. How to Build a Company Brand
  13. How to Build a Personal Brand
  14. How to Hire
  15. How to Grow
  16. How to Build
  17. How to Go Global
  18. How to Get a Mentor
  19. How Equity Works
  20. How to Sell Your Business

Starting a Business

  • Initial Steps: Focus on feelings, not just ideas. Begin with passions and interests.
  • Execution: Begin with simple, achievable tasks (e.g., podcasts, LinkedIn posts).
  • Revenue Models: Experiment and adapt; don't limit yourself initially.
  • Purpose: Ensure the business has a broader purpose beyond profit.

Winning in Business

  • Delayed Gratification: Don't rush monetization.
  • Customer and Culture: Focus on client satisfaction and build a strong internal culture.
  • Luck: Hackable through persistence, clear destination, and risk-taking.

Losing in Business

  • Embrace Failure: Learn from losses and keep moving forward.
  • Manage Ego: Avoid letting short-term ego get in the way.

Mind Mapping vs. Business Plans

  • More flexible and adaptive than traditional business plans.
  • Start with passion, build around business, team, and potential partnerships.

Finding Purpose

  • Self-Reflection: What problems do you want to solve?
  • Purpose in Daily Life: Align daily tasks and business with personal purpose.

Finding a Co-Founder

  • Complementary Skills: Find someone who has skills you lack.
  • Shared Values: Ensure same moral code and mutual respect.
  • Search and Networking: Post your needs, utilize platforms, and actively look.

Selling

  • System and Skills: Understand and implement a systematic sales process.
  • Research: Know your customer and personalize your approach.
  • Long-term Relationships: Build relationships, show consistent value.

Marketing

  • Experimentation: 50% of marketing might fail; keep experimenting.
  • Branding: Understand customer needs and brand alignment.
  • Systems: Use a structured approach for social media, email marketing, etc.

PR Strategies

  • Targeted Efforts: Focus PR on areas where you'll get tangible results.
  • Lazy Journalists: Provide ready-made content for ease.
  • Engagement: Engage with journalists, follow them on social media.

Getting an Investor

  • Profiles and Networking: Know the type of investor you need and connect through networks.
  • Angel Investors: Ask for advice, not just money.
  • VCs: Ensure they have funds and contact via recommendations.
  • Brand Partnerships: Partner with client brands for growth.

Getting Sponsors

  • Value and Emotion: Ensure value return and emotional connection.
  • Brand Understanding: Align with brand values.
  • Networks: Use media buyers, agencies, and existing relationships.

Building a Company Brand

  • Reference vs. Leadership Model: Use endorsements or strong internal leadership to build brand.
  • Values: Clearly define and consistently uphold brand values.

Building a Personal Brand

  • Authenticity: Stay true to your values and interests.
  • Consistency: Regularly produce content and engage with your audience.

Hiring and Growing

  • Purpose: Hire people who believe in your company's purpose.
  • Equity: Offer equity to align employees' interests with company success.
  • Systems: Develop strong systems to facilitate growth.

Going Global

  • Risk Mitigation: Spread risk by diversifying into multiple markets.
  • Research and Partnerships: Identify opportunities and potential partnerships for global expansion.
  • Franchising: Consider franchising as a growth strategy.

Getting a Mentor

  • Value Exchange: Offer value to potential mentors, show respect and engage sincerely.
  • Advisors: Consider setting up an advisory board for more structured help.

Equity

  • Ownership vs. Control: Understand that equity doesn't always equal control; use shareholder agreements for control.
  • Planning: Avoid selling too much equity early on; reverse engineer your equity structure.

Selling Your Business

  • Don't Rush: Best time to sell is when you don't need to; this ensures the best price.
  • Partnership Approach: Build partnerships that can lead to acquisition.
  • Agents and Mergers: Use agents or consider merging with competitors or selling to management.

Final Thoughts

  • Build a business you love with purpose and passion.
  • Use structured approaches and flexible planning to navigate challenges and growth opportunities.

Conclusion

  • If you follow these principles, you will have the knowledge and tools needed to start, grow, maintain, and sell a successful business.