I listen to startup podcasts so you don’t have to.
"As long as it continues to open up opportunity for people, not just close up opportunity, I think then that's just normal change. We're just experiencing it in like such a condensed rapid fashion."
• View AI as an evolving tool that can expand creative possibilities. • Seek out opportunities that AI technology enables. • Stay adaptable and open to change to remain competitive."But I have since returned to music, my first love...This is now where I put my energy."
• Reconnecting with passions can provide personal fulfillment. • Use entrepreneurial experience to explore new ventures. • Prioritize personal interests for well-being after intense startup efforts."The delusion that I had, and I think the delusion that we all have as entrepreneurs...If I cut through that delusion with some common sense from the future, to be honest, who knows if I would have gone through it?"
• Embrace optimism to push through challenges. • Acknowledge that a visionary mindset can be essential. • Balance optimism with practical strategies and awareness of risks."Actually, there are four options...The other one is you could do franchising...that's a way to supercharge growth and it doesn't require a whole lot of upfront capital."
• Franchising enables growth without significant capital investment. • Be cautious of maintaining brand consistency across franchises. • Assess if franchising aligns with your quality and control standards."I think it always comes back to that, which is, what do I want? And it seems really important to you that the customer's experience the business in this way that is your vision."
• Keep core values at the forefront of growth decisions. • Avoid expansion strategies that may dilute customer experience. • Ensure that scaling plans align with your original vision."We need to raise money about $30 million...How do we raise money...to grow the company without selling off all of our equity or piecing it together and ending up with like 100 different investors."
• Consider bank loans or SBA loans for expansion capital. • Evaluate franchising as a method to scale without heavy capital investment. • Seek aligned minority investors to fund growth while retaining control."Maybe you just have to come up with a number. You're like, look, let's give it another whatever, year, 2 years...and if we can't get it acquired...we've had a good run."
• Set specific, time-bound objectives for your business. • Use defined timelines to drive strategy and investment choices. • Be willing to reassess and pivot if goals aren't met."We did a trial run with Kroger and two national stores, and what we discovered was without brokerage teams...it's just really hard to support it with two people and a really limited marketing budget."
• Invest in marketing efforts like demos to boost brand awareness. • Consider outside investment to fund expansion activities. • Align growth ambitions with available resources and adjust strategies accordingly."Also, you could always hire somebody if you feel like there needs to be an image of somebody standing there."
• Recognize when additional expertise is needed to scale. • Hiring a CEO can allow you to focus on areas of passion. • Delegating can help the company reach its full potential."I think I've felt a lot of maybe where I feel like I'm towards the edge of my rope or I've taken it as far as I can go, and now I feel just this pressure...maybe it really is a good time to let go of some control and get some more outside perspective."
• Evaluate if bringing in new leadership could benefit growth. • Reflect on whether selling aligns with your goals. • Understand that stepping back can open doors for expansion.