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SalesFounders - Startup Sales Growth | Venture Capital | Crowdfunding | Sales Strategy |

SalesFounders is a weekly podcast that focuses on sales growth and strategy for startups. We interview VC’s, entrepreneurs, and industry experts to discuss the strategies that will help founders bridge the sales gap and accelerate their most profitable channels of growth.
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SalesFounders - Startup Sales Growth | Venture Capital | Crowdfunding | Sales Strategy |
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Now displaying: 2017
Jul 11, 2017

The most expensive capital a founder will ever raise is the first round of equity. An early equity round can be a harsh reality check for a founder considering whether to bootstrap or face dilution. The good news is there are other options to consider. In fact, there are ways for early stage startups to obtain funding without having to sacrafice equity. One approach is called Revenue Based Financing (RBF), and happens to be the  specialty of my guest, Chris Russell. 

Chris has extensive experience as both an operator and investor; having been involved with dozens of startups. Chris founded GSD Capital in 2010 to invest in early-stage Mountain West startups. He was also the founder of WestHost where he grew the company to 80,000 clients in over 130 countries by the time it was sold to the UK2Group in 2008. 

On this episode we explore the concept Revenue Based Financing. How does it work? Who is it for? And why is it such an appealing alternative to early-stage debt financing or venture capital? We also explore the dynamics of the best founding teams, the metrics investors look for in a winning startup, and the surprisingly truth about what matters most when pitching to an VC.

Jul 7, 2017

As a follow-up to the 4 Pillars of Online Marketing, this week's Mastery episode focuses on how to pick the right marketing and SEO firm for you business, as well as what you should expect for results and costs. Without a background in web development and SEO, it is extremely difficult for entrepreneurs to create a competitive online presence. At some point, you will need to enlist some professional help to build a powerful lead-generating engine. As you consider your options, here are a few expectations and warnings signs to guide you in your decision.  

For more information, visit www.salesfounders.com

 

Jul 5, 2017

Online marketing is one of the most cost effective strategies to attract leads and drive revenue. The challenge is that most entrepreneurs get it wrong as they attempt to develop it themselves. This week, Voxxy Marketing founders, Michael Clark and Justin Taylor join me to explore the 4 key components to your online presence: your website, content, SEO, and paid strategies. We walk through the steps to leverage each component into a cohesive strategy that will have a magnetic impact on your target audience. 

 

Jul 1, 2017

When it comes to lead strategy, efficiency is the key to success. On this episode of mastery, we explore the reasons most startups struggle with lead strategy, the key components of a winning lead strategy, and a few cautions and best practices to you develop or refine yours. 

 

 

Jun 27, 2017

A crowdfunding campaign has become one of the most powerful, and competitive, platforms for entrepreneurs to introduce products to the market. The challenge is that less than 20% of campaigns succeed and most of those fall short of reaching their potential. This week, SalesFounders pulls the curtain on America’s leading crowdfunding marketing agency, funded.today.

Co-founder Zach Smith joins us to talk about the secrets of crowdfunding and how his team has their clients raise more than $135 million in crowdfunding pledges. With hundreds of successful campaigns in their portfolio, funded.today knows exactly what it takes to create a successful launch strategy, get featured on trending lists, manage a mid-campaign pivot and the 7 p’s that will give your campaign the edge needed to stand out in the crowd. 

For more information, visit www.salesfounders.com/blog

Jun 23, 2017

The mentor dynamic is a key component of success, especially when it comes to entrepreneurship. Too many entrepreneurs embrace the "lone-wolf" strategy with a fierce independence and desire to grind it out alone. The reality is that every entrepreneurial success story is built upon a network of relationships, advocates, mentors, and supporters. 

"No individual has sufficient experience, education, native ability, and knowledge to ensure the accumulation of a great fortune without the cooperation of other people."-Napoleon Hill

Jun 20, 2017

Narrowing your startup into a specific niche might seem counter-intuitive in the early stages of development. "What if I get it wrong?" "How can I possibly say no to willing customers?" This is a narrative familiar to most founders, especially during the pivotal stages of validation. The truth is that finding a niche is the only way to differentiate yourself in today's noisy market. Playing it safe just doesn't work anymore, and my guest, Nick Wood shares how hard work, sales mastery, and a passion for entrepreneurship have evolved into a niche platform known as Kholo. 

Talking Points 

  • The value of hard work - Setting big goals and how to double down. 
  • Making the transition from sales to entrepreneurship
  • How to convert a customer pain into a viable startup
  • Validating your solution through customers and channel partners
  • Finding your niche - embracing feedback and being willing to pivot
  • Knowing your strengths and how to leverage them
  • How to create messaging that resonates with your customer
  • Sales challenges of entrepreneurship
Jun 13, 2017

This might be the perfect case study on the topic of crowdfunding and the lean startup. My guest is Bryson Hill, co-founder and CEO of Daplie, a startup that offers the internet's first personal at-home cloud server that anyone can set up and use. Their mantra is to "Take back the internet" and Bryson joins us to share the exciting trajectory that is going to fundamentally change the internet. 

Daplie is also the first company to launch simultaneous equity and reward crowdfunding campaigns. On this episode, we are going to dig into the founding story of Daplie in context of the lean startup method. We’ll talk about the pros and con’s of crowdfunding, and the secret sauce that has enabled Daplie to hit a grand slam in their first inning!

Jun 9, 2017

“More than 90% of startups fail, due primarily to self-destruction rather than competition. For the less than 10% of startups that do succeed, most encounter several near death experiences along the way.”  - Startup Genome

This week, we take a closer look at the causes of startup failure. Considering that 70% of failures are attributed to premature scaling, it's imperative that entrepreneurs understand the startup framework as well as the red flags and warning signs of premature scaling.

 

For more information, visit www.salesfounders.com/blog

Jun 6, 2017

Episode Summary 

Entrepreneurship seems to be commonly associated with stigma of crazy hours, high stress, and a constant need for multi-tasking. Ironically, these are three of the most devastating forces to your productivity and success. The reality is that most of us misuse the the most powerful asset we have - our brain!

James Garrett is the creator of Brain by Design, a coaching and consulting company that translates what scientists know about the brain into practical tools that anyone can use to increase their creativity, decrease stress, and be more productive. James joins us this week to explore the brain-science of entrepreneurship and tackle 7 commonly adopted myths of entrepreneurship and explain how to leverage the power of your brain to boost productivity, creativity, and success.

Talking Points

On this episode we discuss:

  • Why hard work is not always the best way to ensure productivity.
  • Understanding the executive and creative modes of your brain.
  • How your Brain reacts to Stress. 
  • The power of meditation. 
  • Flow states and time management. 
  • The myth of multitasking
  • Decision fatigue and micro decisions
Jun 2, 2017

This week, we take a closer look at the stages of startup growth. Entrepreneurs who discipline themselves to follow proven methods of validation and growth can drastically reduce the threats of premature scaling. In episode 1, Paul Ahlstrom suggested that "premature scaling is often a result of doing many of the right things, in the wrong order." Join us as we explore the objectives and blindspots that face entrepreneurs in each stage, as well as the resources available to help you define your startup roadmap.   

For more information, visit www.salesfounders.com

 

 

May 31, 2017

One of the biggest hurdles facing entrepreneurs is raising capital! It's hard enough to decode the red tape and fine print of most investment vehicles, not to mention the unlikely chance you will find yourself in a position where the amount of equity or "skin" required justifies the capital offered. With over $531 billion dollars funding startups in the US each year, it's time we explore some strategies to give some leverage to entrepreneurs.    

My guest this week, Leo Kanell, is the founder of Fundwise capital and author of the business funding formula. Leo is passionate about providing funding tools, startup education and growth solutions for entrepreneurs. Leo and his team have helped secure over $150 Million in funding for clients across the country. The best part, is his strategies are focused on helping entrepreneurs retain equity and control of their companies. On this episode, Leo walks through the common pitfalls of early stage funding and explains how he helps entrepreneurs gain the understanding and tools that will help them scale into revenue. 

For more information visit www.salesfounders.com/blog

May 26, 2017

Who you are is a direct result of the questions you ask! Asking is at the foundation of every great opportunity. The problem is that most people aren't thinking big enough. There is a limitless supply of success, fortune, abundance, and happiness all around you. The only way to get it, is to ask for it. 

"Successful people ask better questions, and as a result, they get better answers." –Tony Robbins

For more information, visit us at www.salesfounders.com/blog

May 22, 2017

"Passion is powerful," say's Jason Adams when asked about launching Bex sunglasses  with only $600. 8-years later, Bex is a multi-million dollar brand that sells hats, sunglasses and apparel throughout the world.  This week, Jason joins me to walk through the creation of what started as a passion for design and a belief that he could create a successful business doing something he loved. Well talk about branding, funding, growing pains, competing with major brands like Oakely, and RayBan, leadership, and some of the key lessons that can help you generate sales traction. 

Learn more at www.salesfounders.com

May 19, 2017

"Knowing thyself is the beginning of all wisdom" - Aristotle

How well do you know your strengths and weaknesses as an entrepreneur? Are you aware of your blindspots? Understanding who you are, your natural strengths, and disposition is the only way to truly leverage your potential as both a leader and a founder. On this episode, we explore how you can discover and align with your strengths and how to identify and mitigate your weaknesses. 

May 16, 2017

What if there was a formula that an entrepreneur could follow to ensure startup success?

This week, PrinterLogic CEO, Ryan Wedig shares 7 steps he's followed to transform a tech-founders epiphany into an world-class software company. From messaging and sales strategy, to cap tables and advisors, Ryan explains how PrinterLogic has grown to #141 on the Inc. 5000 list and become a disruptive force in the print management industry.

May 12, 2017

It's troubling that so many brilliant entrepreneurs cringe at the idea of selling. Selling is merely an exchange between two parties, and whether you realize it or not, you've been selling since the day you were born. When you break it down, the currency of the exchange is value.

The good news is that there is a simpler approach to selling. On this episode of Mastery, we explore salesmanship, human nature, and 3 simple models to understand why customers buy.

May 9, 2017

Eirini Schlosser is the CEO and Founder of Chuz, a mobile app that is being described as the “Spotify of where to go and what to order.” More specifically Chuz is disrupting lifestyle decision making with the mapping of human emotions.

On this episode we are going to break down the business model to learn more about how Chuz is disrupting mass-review sites like Yelp and Foursquare with a data-driven solution that adapts to the mood and behavior of its users. 

On this episode we discuss:

  • Why Eirini walked from a very successful M&A execution role at Morgan Stanley.
  • Launch strategies, channel partners, and a unique approach to data.
  • Automating your go to market strategy with data.
  • Validation strategy, key pivots and the revenue model.
  • User growth vs revenue and the 5-year plan. 
  • Why Chuz is focused on mapping human emotions

Meet Our Guest

 Eirini Schlosser is the CEO and Founder of Chuz, a mobile app that curates quality spot content and replaces mass reviews with a data-driven, adaptive software that recommends spots for food, drink, and lifestyle based on menu-specific feedback, tastes, and habits.

Eirini Schlosser completed her masters at London Business School and started her career in investment banking in Morgan Stanley's M&A Execution Team in London.

At Morgan Stanley she had exposure working on multi-billion dollar technology, consumer, and retail deals. Though an incredible learning opportunity on how businesses scale, how to problem solve analytically, and how to execute and work very hard, she craved creative outside-the-box impact.

May 5, 2017

Introducing the SalesFounders Mastery series. Each weekly episode takes a step outside of your business to focus on you, the Founder. Join us as we explore the habits, strategies, and mindsets of successful founders and how you can lead your startup to the next level.  

The root cause of startup failure, or an individual's failure to succeed can be traced to a disconnect, or an imbalance between disciplines of salesmanship, entrepreneurship, and the organizational focus toward an ultimate objective or purpose.

Consequently, at SalesFounders we focus on these 3 disciplines to ensure that our clients have a balanced and sustainable approach to leading their organizations to their ultimate potential.

Entrepreneurship - An understanding of the entrepreneurial approach to innovate and validate a solution to a market need and maintain a sustainable competitive advantage amidst adversity and competitive forces. 

Salesmanship - An ability to establish rapport, discover the needs of your audience and communicate in a manner that adapts to the needs and demonstrates value in a way that naturally facilitates an exchange. 

Purpose - The underlying passion, reason or motivation that drives behavior. 

May 2, 2017

In spite of the obvious stigmas of entrepreneurship, the reality is that most successful entrepreneurs seek to avoid risk. Moreover, companies that have emerged from their humble garages did so NOT by brute force and good luck, but through disciplined learning and calculated risk. 

Dr. Eric Pedersen joins us this week to discuss strategies to mitigate startup uncertainty, and the calculated risks necessary to become a truly scalable organization. If there is even a shred of uncertainty as you think about the future of your company, this is an episode you can’t afford to miss.

“Plan the work and work the plan, but be flexible, adaptable and responsive to unexpected events”  - Dr. Eric Pedersen

Talking Points

  • 3 consistent traits of successful entrepreneurs.
  • Zero Risk? How to quantify and mitigate the inevitable risks of entrepreneurship.
  • The problem with short-term technology and long-term debt.
  • 5 Risks that pose the greatest threat to your company.
  • Strategies to attract and retain key technical positions.
  • BusyBusy.com and the risks necessary to become scalable.

Meet Our Guest

 

 

Dr. Eric Pedersen, Dean of Science and Technology and Professor of Web Development at Dixie State University as well as being an active tech entrepreneur. He currently serves on the Board of InfoWest, BusyBusy, CodeChangers /GirlsGoDigital, and PurePickleball among others. He has been involved with the technology sector in Southern Utah for the past 25 years. He started the Center of Excellence for Computer Graphics at DSU and was a member of the research and development team that created the first web site in Utah. Dr. Pedersen received his PhD in MIS from Utah State University.

Apr 25, 2017

In 2004, David Williams was asked to help close down a startup that had amassed $2.5 million in debt and still had no product to offer. When David arrived on the scene, what he saw was “the opportunity of a lifetime.” On this episode, we explore the power of Social Capital and how 6 employees and 1 strategic partnership helped David  transform Fishbowl into the leading inventory management solution. Sure, his approach might have “broken a few rules” but the results will compel you to reconsider the way you lead your organization.

“No individual has sufficient experience, education, native ability and knowledge to ensure the accumulation of a great fortune, without the cooperation of other people.”  - Napoleon Hill

  Talking Points

  • Searching a troubled startup for signs of life.
  • Why Social Capital should be given the highest priority.
  • How to manage relationships with strategic alliances and channel partners.
  • Why a startup needs a 100 year plan (even if you plan on selling in less than 5 years).
  • How to build a culture of loyal employees.
  • Should equity be given to employees as stock options?
  • How to manage underperforming employees in a startup?
  • Leadership and the simple skills that lead to big profits

Meet David Williams

Since 2004, David K. Williams has been the Chief Executive Officer of Fishbowl, the maker of the #1 manufacturing and warehouse management software for QuickBooks. He has worked in numerous industries during his career, and he has worked hard to help Fishbowl become one of the fastest-growing and most successful software companies in the state of Utah. Fishbowl has won numerous regional and national awards from a number of respected organizations, including Inc. 5000, Deloitte, MountainWest Capital, and Global Red Herring.

In July 2013, John Wiley & Sons, Inc. published Williams' book, which he wrote to inspire his fellow business professionals and leaders, The 7 Non-Negotiables of Winning: Tying Soft Traits to Hard Results. In it, he detailed the secrets of his success as an entrepreneur. He writes a weekly column for Forbes, and he has also contributed to Harvard Business Review and Inc. Magazine in the past.

In addition to his work at Fishbowl, Williams also acts as the President of the Woodbury School of Business National Advisory Council at Utah Valley University, and he is a member of the Utah Valley Chamber of Commerce's Executive Board of Directors. For more information about Williams, visit the Wikipedia article dedicated to him.

Apr 18, 2017

Entrepreneurs need to constantly be thinking about lead sources and profitable strategies to generate customers. In spite of so many overpriced lead strategies, the most powerful and often underutilized lead source is your own expertise.

My guest this week is Brian Horn, a best-selling author, investor and entrepreneur who helps professionals leverage their knowledge to gain authority status and national media exposure. On this episode, we explore the strategies of thought leadership and how entrepreneurs can convert their expertise into scalable revenue.

Visit https://salesfounders.com/007-thought-leadership-funnel/ for more information. 

 

Apr 11, 2017

What does a venture capitalist look for in a winning startup? How does an entrepreneur know when it's time to scale? In this episode of SalesFounders, we explore the playbook of venture capitalist, Paul Ahlstrom, and take a deeper dive into his book, Nail it Then Scale it. Paul shares 4 key strategies that every startup must understand: What is a minimum feature set? How do I validate my solution? What is my go to market strategy? and Why VC's have no interest in your business plan. Do you know what it takes to build a scalable startup? Join us and find out!

Talking Points

MINIMUM FEATURE SET

  • Understanding the difference between Minimum Viable Product and Minimum Feature Set
  • Start with the features that solve the customer problem. What is the process to accomplish that.
  • Focus on the feature set that is most compelling to the customer.

NAILING THE GO TO MARKET STRATEGY

  • Level 1 - You and your company - what are the things that I can do with my company to go satisfy that customer?
  • Level 2 - Partners - Who are the people that are on the same side of the table as me wanting to sell that customer.
  • Level 3 - Influencers - Boundary Spanners - both sides of the line - the people that are the glue of the industry - analysts and guru’s, press and media - key influencers in the space. Don’t go there till 1 and 2 are figured out.
  • Level 4 - Advertising and Marketing - This is a branding exercise - the whole industry should scream your name -

Customers can validate but they cannot innovate - Paul Ahlstrom

NAILING THE BUSINESS MODEL

  • Getting the essence of the model figured out before you have too much infrastructure is important. It get’s harder to adapt the bigger you get.  
  • The truth about business plans - a big fat guess
  • Getting into the business model competition -
  • Hypothesis - requires the big idea canvas
  • Go into the field and start having a conversation around this. Discover and uncover the value exchange.
  • Sensitivity analysis - When we have the interjection around 15 minutes, that would be good to narrate something different into it.

CROSSING THE CHASM

  • What he didn’t know was the step-by-step process
  • That’s been my mission - how do we increase the startup pace
  • How do we increase the speed of doing things right more

DISRUPTING POVERTY

  • One of my life missions is to disrupt poverty
  • Global corruption index (see below)
  • Global poverty index map
  • Intangible wealth - effective government and trust and effective judicial systems. It’s what we enjoy in America.  
  • So how do you transport or create that wealth in other countries.

 

Paul Ahlstrom is a co-founder and managing director of Alta Ventures, an early-stage venture fund and co-author of Nail it Then Scale it. For more than 30 years, Paul has operated on both sides of the table as a venture-backed entrepreneur (founder of Knowlix, sold to Peregrine Systems, sold to HP) and as an investor. To date, he has raised over $1B and directly invested over $500M in more than 125 startup companies. He earned his BA in communications from Brigham Young University and an honorary doctorate from the Netanya Academic College in Israel.

Apr 4, 2017

Entrepreneurs are often fascinated with the idea of disruption. The reason is obvious - it is typically associated with entrepreneurs who have defeated a giant, and/or redefined an industry. The reality is that disruption is arguably the most difficult and risky approach to entrepreneurship. 

My guest this week, Andrew Weinreich, is an expert when it comes to the topic of disruption. Andrew founded SixDegrees (the first social networking platform) and is the "father" of social networking. Andrew joins SalesFounders to share his views on innovation and how he has founded multiple companies that all have one thing in common - massive disruption.

Andrew Weinreich is a serial entrepreneur, social networking pioneer, and active presence in NYC’s Silicon Alley for 2 decades. To date, he’s founded 7 startups and has been awarded 2 software patents.

Since 2013, he has sold 2 businesses, including Xtify to IBM, while advising 5 tech startups. He is currently the co-founder and Chairman of Indicative, a data analytics startup.

Mar 28, 2017

In the world of enterprise software, Clint Carlos is an anomaly. Unlike the majority of startups who take on funding, Clint has mastered the art of bootstrapping. In this episode, we discuss mentorship and 2 key lessons that have defined Clint's approach to entrepreneurship. Then Clint also opens the doors to the enterprise SaaS solution Ampt, and shares the system he's used to organically grow Ampt by 3000% in 3 years.

"No venture is real until somebody sells something."

2 Key Mentor Lessons:

1. No venture is real, until someone in it sells something.  It’s never too early to try and start selling, whatever it is.

2. You just never know what you can actually get until you ask for it.  You may be able to command a much higher value than originally assessed.  Be bold, and take chances.

Approaching Sales:

  • If you look at sales simply as facilitating problem solving and engaging in value exchange to that end, it’ll never be a daunting and foreign thing to you.
  • Funding Strategies: 
    1. Getting customers into a 3 year subscription contract, and incentivizing customers to pay the balance in advance helps to stabilize cash flow and minimize churn.  It allows the company’s sales to be the organic source of growth.
    2. Get creative with customers even if it is a convertible note.
  • Two primary lead sources: 
    1. The strategy of thought leadership and strategic content drives site traffic, from which enhancing conversion rates will spike growth.  
    2. Networking - Many of our early customers came from the first 2 levels of our networks. 
  • Sales Funnel Strategies:
    1. Start with a BDR to give a basic demo.  
    2. Closer comes in for a deeper dive and ROI conversation.  
    3. Constantly find ways to speed up the funnel and sales process.
  • Systems and Tools:
    • CRM of choice - Hubspot.com

Episode Quotes

  • “My focus has always been around the ‘science of people’, human mechanics and behavioral economics.  The science of how we go about quantifying what our interactions and relationships mean to us... If someone recognizes you and calls you by name at a bank, how much more wallet share would they then have because of that relationship.”
  • “Every business you start should begin simply as a sales pitch... No naming, logos, or articles of incorporation.  Just the pitch.”
  • “Everything, regardless of how great of a success or failure, has been a learning experience… Have patience in wanting to see traction in your concepts, but when the time is right, run like hell... You’ll always have only yourself to look at in the mirror and know how much of yourself you’ve given.”
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