Business Insights from 30 Years of Experience

Jun 20, 2024

Business Insights from 30 Years of Experience

Introduction

  • Speaker has 30 years of business experience, built 19 companies, and invested in 78 startups.
  • Offers mentorship and business knowledge for free.
  • Discusses key aspects of starting, growing, maintaining, and selling a business.

Key Areas Covered

  1. Starting a Business with No Money
  2. Winning in Business
  3. Losing in Business
  4. Mind Mapping Over Business Plans
  5. Finding Purpose
  6. Finding a Co-Founder
  7. Learning How to Sell
  8. Marketing Strategies
  9. Public Relations (PR)
  10. Getting Investors
  11. Securing Sponsors
  12. Building a Company Brand
  13. Building a Personal Brand
  14. Hiring, Growing, and Expanding Globally
  15. Getting a Mentor
  16. Understanding Equity
  17. Exiting a Business

Starting a Business

  • Business starts with a feeling and passion, not just an idea.
  • Write down what you like and don't like doing.
  • Focus on business ideas related to your passion.
  • Execution: Start small (e.g., podcast, blog, social media handle).
  • Experiment with revenue models.

Winning in Business

  • Importance of delayed gratification.
  • Develop a strict moral code and a client-centric culture.
  • Hack luck through persistence, knowing your destination, and taking risks.
  • Learn to embrace fear and failure.

Losing in Business

  • Learn to accept failure and bounce back from it.
  • Don’t let material things own you, and lose the ego.
  • Be comfortable with getting a D (failure) in business.

Mind Mapping

  • More flexible than a business plan.
  • Starts with your hobby and links to the business.
  • Map out various aspects like network, brands, team, and future expansions.

Finding Purpose

  • Think deeply about your purpose. It’s key to motivation.
  • Identify problems you care about solving.
  • Match your life to these problems and work with others who share your purpose.

Finding a Co-founder

  • Co-founder should complement your skills and share your moral code.
  • Write down detailed descriptions of your ideal co-founder.
  • Publicize your search and leverage social networks.

Learning How to Sell

  • Sell the sizzle, not the steak (focus on benefits and experiences).
  • Understand your customer and build genuine connections.
  • Long-term sales strategies involve polite persistence and regular contact.

Marketing Strategies

  • Experiment, as 50% of marketing budget will likely be wasted.
  • Understand who your customer is and what resonates with them.
  • Apply the staircase method: stand out, evolve, and systemize.
  • Ensure multiple entrances to your business (social media, email, PR, etc.).

Public Relations (PR)

  • Targeted PR is more effective.
  • Understand and cater to journalists’ needs; provide ready-made stories and high-quality photos.
  • Develop relationships with journalists over time.

Getting Investors

  • Different stages require different types of investors (family and friends, angels, VCs).
  • Don’t sell too much equity early on.
  • Alternative methods: crowdfunding, brand partnerships.

Securing Sponsors

  • Understand the ROI and emotional appeal for sponsors.
  • Make a case for value return and build emotional connections.
  • Align sponsorships with what the brand truly cares about.

Building a Brand

  • Define and understand core values and mission.
  • Two methods: reference (leveraging other’s influence) and leadership (company’s internal lead).
  • Learn to say no to protect your brand identity.

Building a Personal Brand

  • Understand and define your personal values and rules.
  • Personal branding can be challenging but is necessary.

Hiring, Growing, Expanding Globally

  • Hire based on belief in your company’s purpose.
  • Offer equity to align workers' interests with company goals.
  • Growth involves clear structures, systems, and processes.
  • Importance of scalable and sustainable business practices.

Getting a Mentor

  • It’s about finding specific help rather than a long-term mentor.
  • Ask for advice and specific help, not an open-ended mentorship.
  • Offer value to potential mentors to build the relationship.

Understanding Equity

  • Equity doesn't equal control; understand shareholder agreements.
  • Ensure enough equity for future growth and potential investors.
  • Consider safe agreements to facilitate early-stage investments.

Exiting a Business

  • Building a business you love is more likely to lead to selling opportunities.
  • Partnerships can sometimes lead to acquisitions.
  • Consider management buyouts or mergers with competitors as exit strategies.
  • Don’t build a business solely to sell it; focus on building something meaningful.