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33 minutes | 2 days ago
The Benefit of a Hard Reset
In today’s episode of Startup Therapy Podcast, Wil and Elliot talk about the benefits of a hard reset for a Startup, letting go of liabilities in exchange for a fresh start, and identifying priorities when going through a hard reset. Listen in to know why a Startup reset can sometimes help save a business!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat to Listen For 00:00 Intro 00:47 Benefits of a Startup's hard reset 04:16 Outsourcing based on what may happen 08:19 Part of a hard reset is getting fresh talents to join the team 12:27 With a rest, what does the staff look like? 15:12 Take inventory of the stuff that didn't work 18:20 Businesses walking away from monthly liabilities 22:06 Shred expenses and cut old agreements to reset 25:51 Sometimes, a start over is best to be profitable 27:51 If you're thoughtful, can build a more nimble business 30:01 Some hard events push for a reset, for decisions to be made
58 minutes | 9 days ago
Why Every Founder Needs a Founder Group
In today’s episode of Startup Therapy Podcast, Wil and Ryan talk about why founders need to belong in a therapy group, the benefits of voicing out your worries as an individual, and setting goals for yourself, not just your Startup. Listen in to know how founders can effectively unload personal struggles!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat to Listen For 00:00 Intro 00:58 How lonely are founders? 04:06 The things that founders can't share 10:22 Founders Group at Startups.com 14:37 How does trust develop within the founders group? 21:11 A group can't converse when they have differing ideas 28:35 Empathy for the members is equally important 33:03 The three questions to ask in every session 33:42 What keeps you up at night? 39:27 What do you need help with? 44:52 How can the community here support you? 47:51 Then, the founders talk about their goals 51:23 The point of a clarity call 52:35 Do you justify that every other goal is important, but yours? 54:43 When trust is established, the group can accomplish anything 56:06 Email us or visit groups.startups.com
29 minutes | 16 days ago
When Are Founders Just Employees?
In today’s episode of Startup Therapy Podcast, Wil and Elliot talk about how founders struggle to negotiate their compensation, what should happen in cap table discussions, and why founders should rethink how they get paid. Listen in to get an idea how founders benefit more from their company!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat to Listen For 00:00 Intro 00:50 What's going through your head? 02:21 When it isn't worth it anymore 06:02 The cap table discussion 09:26 When the thing you're most excited about is gone 11:46 Don't disincentivize employees by cramming them down 18:00 Have a conversation with investors to set the process you need to adhere to 21:25 Negotiate comp packages based on milestones 23:27 Founders should rethink how they get paid 25:12 What will make you keep working in the company?
35 minutes | 23 days ago
We get Paid in Finishes, not Starts
In today’s episode of Startup Therapy Podcast, Wil and Elliot talk about spending a decade to build a business from scratch, how past success can’t dictate the next success, and why nothing matters until the end goal is reached. Listen in to learn how founders grow an idea into a successful Startup!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat to Listen For 00:00 Welcome back to the Startup Therapy Podcast! 00:55 How long does it take to reach success? 02:28 The incubator project in 2001 03:39 The split in focus with multiple projects 07:54 How long will it take to prove a good idea? 10:33 Commit time to grow your company 12:03 Every idea is a bad idea unless you act on it 15:59 A problem you are willing to invest in 17:42 The early high-five indicators 18:55 What will a decade cost you? 22:03 "Don't work on something you don't care about." - Elliot Schneier 24:13 Focus and the right idea lead to success 27:04 Past success doesn't guarantee the next success 30:15 How do you explain commitment to new hires 31:22 Nothing matters until you reach the finish line
32 minutes | a month ago
You Are NOT Your Startup
In today’s episode of Startup Therapy Podcast, Wil and Ryan discuss why founders should separate themselves from their Startups, the lack of predecessors to guide young founders, what else to focus on besides building the business, and maintaining individuality. Listen in to learn about individuality and separation from your Startup!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat to Focus on to Get a Hit [00:00:32] Are we a separate entity from our Startup? [00:05:58] For founders, everything should have been right [00:10:04] There's a pattern to follow, young founders don't have that [00:11:24] There's a company that you do, it's not who you are [00:16:01] It actually isn't validation, it's a relief [00:18:14] Self-inflicted prison: you get stuck in your Startup [00:20:06] It's not always about how your Startup is doing [00:23:30] What do you do when you're not building your Startup? [00:23:30] What can we do for other founders? [00:26:33] Why is it affecting you at a personal level? [00:29:14] Your Startup is not who you are
45 minutes | a month ago
How to Translate What Investors Tell Us
Our focus in today’s episode is listening to what investors are actually saying. Wil and Elliot discuss the direct and indirect ways investors say ‘No’, the passive-aggressive questions, when founders become annoying, and how investors should behave. Listen in to learn how to translate what your investor is saying!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat to Focus on to Get a Hit [00:00:40] Why founders can't understand their investors? [00:02:24] The NO's that sound 'Yes' [00:06:18] Venture Community vs Angel Investors [00:07:11] From an analyst to a partner [00:09:38] Is it a yes or a no? [00:10:35] Understanding the user pipeline and deal flow [00:12:27] What happens when you press on investors [00:15:45] When investors are interested, they'll blow you up [00:17:55] Time kills deals [00:19:34] If it's not a resounding Yes, it's probably a No [00:22:04] The tendency to annoy investors when you can't take the hint [00:25:12] Show investors a drastic demand in the product [00:28:08] How should investors behave? [00:34:28] Always make a statement in a question [00:36:47] Education on a fairly complicated space [00:38:20] The passive-aggressive questions [00:42:00] Investors saying 'maybe' [00:45:10] Investors should be definitive in saying 'No'
72 minutes | a month ago
Why Don't We Feel Like We've Made It
Our focus in today’s episode is how to get a hit on your business. Wil converses with Sam Parr, Co-Founder and CEO of The Hustle, a massively successful email newsletter to help entrepreneurs make smart business decisions fast by providing information in an easy to consume format. Wil and Sam look back at the early stages of their Startups, how to gauge financial security, why an early start is an accelerant, tough conversations with investors, and incredible stories of successful Startup businesses. Listen and learn how to get your first million!What to Focus on to Get a Hit [00:00:07] Welcome to the show, Sam Parr! [00:01:18] The early days of the Hustle [00:03:35] The gap between expectations and reality [00:05:57] When you get your first million dollars [00:07:37] The perks of balling out [00:09:41] Business impacts the capitalist society [00:12:31] Doing things that aren't just about safety [00:13:42] Emotional instability, compounding level of anxiety [00:15:07] Possibilities changes your worldview [00:17:42] Success doesn't often equate to happiness [00:19:21] What are the goals? [00:22:27] What was your number for security? [00:25:16] How agency and non-funded businesses grow [00:28:24] Genuine appreciation for the hustle, for the grind [00:31:54] A Man's Search for Meaning by Viktor Frankl [00:35:22] We're built to get stuff done [00:36:33] Remove the timeframe, fulfill your obligations [00:38:59] Tough conversations with investors [00:41:13] Victim mentality to get out of a bad deal [00:42:06] The untold hustle stories [00:44:32] Massive capital gains versus annual cash flow [00:46:09] Stories of small operations minting profits [00:50:28] What can you make that can last 50 years? [00:53:31] When early success becomes an accelerant [00:56:41] Four years from now, a 50 million net worth? [00:58:55] If you're good at setting up a startup [01:01:00] Hiring a person to stir the business [01:04:00] The perks of financial stability [01:06:45] What to focus on to get a hit
66 minutes | 2 months ago
Why aren't Founders more Transparent?
Our focus in today’s episode is transparency of founders about their startups. Wil converses with Andrew Warner, an internet, startup entrepreneur and founder of Mixergy.com. On Mixergy, proven entrepreneurs are invited to teach how they built their startups. Wil and Andrew define the lines between genuine curiosity and transactional conversations in building relationships, how topics and answers have consequences, and getting people to open up about themselves by sharing a little bit of yours. Listen to how transparency can affect business relationships.Episode Resources Mixergy.com - “Learn from Proven Entrepreneurs”What to Listen For [00:00:12] Who is Andrew Warner? [00:02:02] Why aren't founders more transparent about their startups? [00:02:48] Why do I have to talk about the loser stuff? [00:05:23] A little bit of a personal backstory. [00:08:15] Being open to others about your vulnerability. [00:12:24] Everything has always worked until you fail. [00:14:07] Nobody wants to hear how well you are doing. [00:15:08] If you do not have the tools of being vulnerable. [00:16:16] People are always craving to be transparent of some things and hide others. [00:19:01] The moment you're vulnerable, you become less defensive. [00:20:45] What are some areas you don't feel talking about publicly? [00:23:09] When one openly becomes honest and vulnerable, everyone becomes honest and vulnerable. [00:26:48] Be genuinely curious to get people to open up. [00:28:34] Do you need to share a little bit to get some during interviews? [00:30:38] Ask a double-barrel question to give some room for sensitivity. [00:32:00] Being vulnerable makes building relationships faster. [00:34:52] Transactional relationships won't help build real connections. [00:38:33] Actually listen and give leading questions to actually connect. [00:39:44] When people sit with you more and more, they value your time. [00:44:34] Incapability of small talk, possibly a fatal flaw. [00:46:49] How to disarm someone so full of himself. [00:52:32] Ask very personal questions to further relationships. [00:57:51] The topics and answers that have consequences. [00:59:16] Look for topics that people do not need to defend. [01:01:46] Be prepared for backfires. [01:04:18] Do you wish you can take back what you've overshared? [01:08:30] Tell people if you're uncomfortable sharing something. [01:09:20] We connect with people with their flaws, it makes us human.
44 minutes | 2 months ago
What Do We Owe Our Employees?
For Startups, what exactly do we owe our employees and to what extent?In this episode of the Startup Therapy Podcast, Wil Schroter & Elliot Schneier redefines the unwritten social contract between employers and employees, the problems that arise when issues remain unheard, and how transparency has changed the leadership approach of Startups. Listen in to hear why transparent leadership builds valuable trust!Episode Resources: Send us your questions - Therapy@Startups.com Email email@example.com for Startups Coaching sessions What To Listen For: [00:01:14] There's a lot that employees rightfully feel they are owed. [00:03:03] Some employee journeys are their first journey and founders should at least explain to them what they don't know. [00:07:00] Most major problems are always mapped back to someone who wasn't heard. [00:10:23] It's easier to just tell people what to do when a problem arises, but taking time to listen to employees builds so much trust both ways. [00:13:05] The paranoia about the concept of communicating in a transparent way. [00:17:43] Transparency and honesty can be an adequate form of compensation. [00:19:07] Bringing the staff into conversations, makes them feel like teammates instead of cogs. [00:24:03] If you can't attach humility to your leadership, you really start to lose credibility. [00:27:47] Old school draconian type of work environment isn't getting you the top talents anymore. [00:31:43] Listening style of leadership is more natural than the learned-style approach. [00:35:02] Now, people feel comfortable enough to converse organizationally with leaders. [00:37:33] "Do it because I said so," is a very weak argument. [00:38:42] That social contract that we owe has created more human relationships, a metric of happiness. [00:40:49] The more opportunity to have less problems amongst everyone, it's easier to lead a company. [00:43:30] Don't hesitate to reach out to us at firstname.lastname@example.org.
41 minutes | 2 months ago
Why No One Tells Founders, It's Over, Move On
Are you working yourself into the ground without making much progress, if any?In this episode of the Startup Therapy Podcast, Wil Schroter & Elliot Schneier break down the failure of their company AffordIt, what actually happens when you run out of VC money, and when you should drop the ego & focus on doing what’s best for your mental health instead.Listen in to hear what our VC’s did when we ran out of money!Episode Resources: Send us your questions - Therapy@Startups.com Sign up for the Startups Newsletter - https://www.startups.com/newsletter What To Listen For: [00:00:12] - Welcome Elliot! [00:01:12] - The failure of AffordIt [00:02:42] - What happens when you run out of money from your captial raise? [00:05:19] - Obtaining VC in hard economic times [00:07:35] - What happens if you take on investors and don't become a unicorn? [00:10:12] - How to fail gracefully & maintain relationships [00:11:12] - Is it the investor's job to call when to fold the business? [00:13:08] - What we wished our investors would have done [00:15:35] - The importance of mental health in leadership and why no one cared at the time [00:18:04] - If investors won't advise you in critical moments, who will? [00:22:34] - The group that shatters your ego as a Founder the most [00:28:12] - AffordIt's breaking point [00:31:10] - The perfect person to tell you you're done [00:32:32] - Not sure if it's time for you to fold the tents or have a question? Email us at Therapy@Startups.com [00:36:57] - You don't have to run out of money to fold the tent
29 minutes | 3 months ago
The Advisory Board
Do you really need an advisory board?In this episode of Startup Therapy, Ryan Rutan and Wil Schroter talk about why an advisory board is important, how to build your own board of advisors, and creating connections that will lead you to endless opportunities. Listen in for tips on getting advisors to expand your Startup network. Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat To Listen For: [00:00:58] The Advisory Board [00:02:03] Why is an Advisory Board important? [00:06:02] How do you decide who joins the Advisory Board? [00:07:44] The Board members are interchangeable. [00:13:03] Advisers aren't that hard to get. [00:15:06] How to ask someone to be in the Advisory Board? [00:18:53] Don't get worked up on the number, get worked up on the quality. [00:21:17] These people must have perennial advice. [00:24:40] Connect to people who might be helpful to you and the business. Build a network. [00:25:53] Even if you lack credibility, connections can get you where you need to be. [00:27:16] One person can give you the answer and fast forward everything. [00:31:08] "If you want to get advice, raise capital. And if you want to, raise capital, try to get advice."
45 minutes | 4 months ago
How Do We Create Career Paths Within Startups?
Want to get your best employees to stick around?In this episode of Startup Therapy, Ryan Rutan and Wil Schroter talk about how contribution outweighs years of service, capabilities dictate career progression, and why Startups enable accelerated career growth. Listen in for tips on expanding careers without the hierarchy.Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat To Listen For: [00:02:20] Hierarchy isn't necessary for people on the team to grow. [00:06:34] We want as flat of an organization as possible. [00:10:05] What happens when you move to another company [00:11:50] Growth essentially needs to be unpacked. [00:15:31] Cash needs to align with contribution. [00:20:09] Opportunity wherein you can't go to another company because you pay the most in your current position. [00:22:54] Understand what's motivating folks to stay. [00:28:28] The reflection of your progression is through your capabilities. [00:30:27] Position progression shouldn't have anything to do with managing people. [00:33:33] Don't look at the years of experience, anyone can level up. [00:36:19] Measure employee value by contributions, not by time employed. [00:39:26] In smaller companies you can get your hands on stuff you couldn't touch before. [00:42:45] People can outgrow the company, or grow faster than the company's growth. [00:44:55] Title progression is not bound by who's ahead of you.
37 minutes | 4 months ago
Early Retirement Is a Broken Concept
Have you planned your retirement?In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss why retirement goals should start now, how early testing changes your plans, and what objectives to set immediately. Tune in for more retirement opportunities in your Startup game. Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat To Listen For: [00:01:06] Retirement is this day and age isn't what it used to be. [00:03:00] This concept of retirement. The work many of us do just doesn't have the same kind of drudgery that it used that retirement is the safety net from pain. [00:05:00] It's about spending some more time doing things that you are already doing. [00:07:56] Our startups should be helping us to get to our goals without necessarily having to sell. [00:09:11] Deferred living: You can work on a startup for decades and not have it sell, and if you didn't design it towards that every day enjoyment. [00:11:00] Retirement should be the things that you want to do. And the question is, how much of it can I do right now? [00:12:50] Ease into it, figure out that one thing you want to do. [00:18:30] It's like popping a bubble. If you just pop the bubble on whatever that dream is and it's still interesting, okay there's something there worth stressing for. [00:22:05] With retirement, we would have endless choices of what to. But can you spend 16 hours a day with something that isn't a job. [00:25:00] For any major life event transition, you should be testing, you should be preparing yourself. [00:26:20] Retirement should be something that you're constantly chipping away at, by creating more opportunities to spend the time the way you want it. [00:28:00] If we look at retirement as a gateway, we can't retire. The ability to play tests is there, there's no reason you can't be doing these things. [00:30:18] I don't think there are a lot of hobbies that activate us the way our jobs do. [00:32:34] Do you really think that top performing professional athletes were still playing because they need the money? It wasn't retirement because they achieved financial success, they had satisfied themselves. [00:34:14] There's a huge difference between wanting to retire and wanting to not do something you're already doing. [00:34:55] The ultimate goal of retirement is that nothing changes, because all along we deliberately planned to get more and more time to do things we want to do. [00:37:00] Instead of waiting for this amazing moment that can change it all, change a number of things year end, year out, eventually the things you want to do during retirement are already in place.
38 minutes | 4 months ago
Why We Say "No"
Does "No" mean never? Not exactly.Today on the Startup Therapy Podcast, Wil & Ryan discuss why saying "No" is just as much discipline as it is a luxury, how to build your confidence in saying "No", and when saying "No" can actually grow your business.Whatever you do, don't say "No" to this episode!Sign up for the Startups Newsletterhttps://www.startups.com/newsletter
36 minutes | 4 months ago
How Much Money Does it Take to Be Rich?
Do you have safety assets for your next milestone bet?In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss the difference between personal and business safety, an optimized approach to running a Startup, and creating a safety net for every milestone.Listen in and learn how base-level stability can fundamentally change a business. Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat To Listen For: [00:00:33] How can I feel safe from Startup scam? [00:02:10] Safety can be achieved at a much lower threshold. Now that I am safe, how do I become rich? [00:06:22] Personal safety vs Business safety [00:09:40] Optimizing approach to building a Startup [00:12:06] What safety looks like as a milestone? [00:13:40] Safety means you can weather a storm. What is a storm to you? [00:17:03] Startup narrative: What safety really is and how important is it for businesses? [00:19:31] Having a safety net allows you to do things you couldn't do. [00:21:11] Establish real, specific milestones [00:23:45] The safety that businesses should be looking for. [00:25:49] Isolate your milestones, put your bet on something that doesn't impact your safety. [00:27:00] Create base-level stability for the business. [00:29:17] How focusing on getting to that safe point can fundamentally change the business. [00:32:43] Once you're safe, becoming rich becomes a luxury goal. [00:34:00] What do you need to be safe enough to make really big bets? [00:36:18] Figure out exactly what safety looks like.
32 minutes | 5 months ago
Optimize for the Probability of an Outcome, Not the Size
Eager to prove that your business idea is the next big thing?In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss how to get more out of short-term goals, finding validation for Startup growth, and why funding doesn’t equal success. Listen in and learn how to optimize probability for the best possible outcome!Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat To Listen For: [00:00:36] At what point was not aiming big enough the problem? [00:03:01] Trying to hypothesize how big it could possibly be when you don't even know if it works when it's still small? [00:07:49] You could start with one broken argument that says, well, it's going to take the same amount of time to build… [00:13:37] You don't just set one goal and you kind of hang out until you hit that one goal. [00:21:15] It now has to be a giant business to somehow have some sense for validation. [00:22:08] You probably also don't need the funding to do a good job in that market. [00:29:26] Make it work in a microcosm and then make it work somewhere else.
46 minutes | 5 months ago
Reputation: we all have an understanding of the long term & lasting impacts it has on your standing as a Founder, but how do we cultivate our reputation?Today we discuss why reputation is so important, how your resume & reputation are two very different things, and what the cost incurred if we don't take our reputations seriously.Remember, your reputation is very hard to build & very easy to destroy - so listen up!Sign up for the Startups Newsletterhttps://www.startups.com/newsletter
43 minutes | 5 months ago
How Do I Leave My Startup Stress at Work?
As a Founder, running a Startup is inherently stressful, right? Wrong!Today we discuss why self-imposed stress is often unproductive and imagined, a few tactics to try that will help you leave Startup stress at work, and how to be more present when you are home.Listen in to learn how to relax!Sign up for the Startups Newsletterhttps://www.startups.com/newsletter
38 minutes | 5 months ago
Why Can't I Be Happy Where I Am?
Why is it that as Founders, we feel like we must constantly be chasing something - otherwise we don't feel satisfied?But sometimes happiness isn't just about reaching milestones & crossing finish lines, so today we talk about why you're probably running from your fears, unpack our own flawed logic behind not taking a moment to celebrate our own successes, and you can take that much needed moment to breathe for yourself.Listen in to find peace within Startup chaos!Sign up for the Startups Newsletterhttps://www.startups.com/newsletter
37 minutes | 6 months ago
Are Big Cities Better For Startups?
Is it better to live as a Startup Founder in a major city?In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss working from home, where to locate a company, and their experiences living in different areas.Tune in to hear the benefits and setbacks of being in a major city.Sign up for the Startups Newsletterhttps://www.startups.com/newsletterWhat To Listen For: [00:00:33] What are the pros and cons of being in a big city at this point?The pros are things like networking locally and easily socializing, the cons are lack of space and the costs are higher. [00:17:52] How has working from home currently changing how people live and work.People will see how easy it is to move and live in different locations. [00:21:39] What’s the benefit of moving to a place with cheaper housing?You can get a palace with is much nicer than cramped city living. [00:32:26] What about the importance of socialization?Socialization is done outside of working together.
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