Peggy O'Neal, master coach, gives startup advice on a Spending Plan

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Michael Porteous from NextRound talks about what Startups should avoid in fundraising.

https://nextround.ai

Startup Fundraising Mistakes Discussion Mary and michael discussed their plan to conduct a live Facebook session. Mary mentioned that she will be editing the recorded session. Initially, Mary planned to introduce michael and express her gratitude for his presence. The main topic of their discussion was about the mistakes startups should avoid when fundraising, with Michael Porteous from Next Round as their special guest.

Timing and Funding Sources for Startups michael, with 38 years of experience in the financial markets, explained the purpose of his business, Next Round, which is to connect startup founders with institutional investors such as family offices and venture capital firms. He emphasized the importance of timing the approach to these investors correctly, as founders often seek institutional funding too early. michael clarified that startups do not necessarily need to be in revenue before seeking institutional funding, and he outlined the typical progression of funding sources, from friends and family to angel investors and finally institutional investors. He also mentioned that the amount of funding a startup can expect to receive varies depending on the source, with friends and family typically providing around $250,000, and the first institutional round often exceeding $1 million.

Startup Funding Challenges and Strategies michael and Mary discussed the challenges and strategies surrounding startup funding. michael explained that startup ventures often prefer to join a funding round rather than lead it, and highlighted the risk of predatory investors offering a lifeline in exchange for a significant stake in the company. Mary suggested that startups should always be aware of their runway and keep their options open for funding. They also discussed the potential for startups to avoid venture capital and bootstrap their way to success. michael emphasized the importance of understanding the different objectives of founders and investors, and Mary recommended paying attention to lines of credit as an alternative funding source.

ttps://dianedarling.com

Diane Darling on Networking for Startups

Be intentional, Use a CRM. The importance of followup

https://www.mjlrandc.com/

Matt Luensmann from MJL Recruiting & Consulting gives Startup advice on Cost Effective Hiring

Cost-Effective Hiring Strategies for Startups Mary and Matt discussed the importance of cost-effective hiring for startups. Matt emphasized that having a trusted talent partner can help guide startups through the hiring process, which can be challenging for those unfamiliar with it. They also discussed that the first hire for a startup typically depends on the business model, but is often someone who can help with back-office tasks such as scheduling, social media marketing, and web maintenance. They stressed the importance of recognizing that a business owner can't do everything and the value of outsourcing or hiring on a project or fractional basis to save capital for when a full-time employee is needed.

Employee Hiring Costs and Opportunity Costs Discussed Matt explained the various costs associated with hiring an employee, such as salary, benefits, onboarding and training costs. He emphasized that these costs could amount to $30,000-$40,000 for a single employee. Matt also highlighted the opportunity cost of having a role open for an extended period, which could cost around $200,000 for a non-revenue generating role at a 200-person company. He warned Mary, who is considering recruiting herself, about the potential negative impacts on the company's operations if she doesn't use a recruiter, such as shifting everyone's roles and potentially missing out on the founder's main duties.

Recruitment Costs and Recruiter Benefits Matt and Mary discussed the financial implications of a role being vacant in a company, with Matt noting that the cost of recruitment can easily add up to $50,000. They agreed that involving a recruiter could be beneficial, with Mary highlighting the recruiter's ability to handle back-office tasks like benefits and contracts. Matt shared his experience with a potential client struggling to attract the right candidate, emphasizing the importance of a clear job description and salary expectations. Mary concluded the episode by thanking Matt for his insights and encouraging viewers to connect with him for further help.

Business Commitment and Passion

Mary Scott, from BusinessRiff, discussed the importance of choosing the right business with Joe Nicasio, a business consultant. Joe emphasized the questions startups should ask themselves, such as "Can I make money at it?" and "Do I enjoy it?". He suggested that passion for the business is important, but it should be a long-term commitment, as startups are building both a business and personal brand. Joe advised against starting multiple businesses in quick succession, as it suggests a lack of commitment.

Business Success: Passion, Problem-Solving, Proficiency, Proprietary Solutions

Mary and Joe discussed the importance of passion, problem-solving, proficiency, and proprietary solutions in building a successful business. Joe emphasized that a business should be enjoyable, solve a problem people are willing to pay to solve, leverage one's skills, and offer a unique solution. They also touched upon the challenges of not having the necessary skills for a business idea, with Joe suggesting that individuals could either co-found with someone proficient in those areas or face increased startup costs if they had to hire someone.

Creativity, Profit, and Happiness in Business

Joe outlined his business process based on the four hats of creativity, where individuals should first explore their skills, passions, and strengths, then create ideas as an artist, evaluate and choose the most viable idea as a judge, and finally execute the chosen idea as a warrior. Mary suggested that startups should write down all their ideas and prioritize them based on potential profit and personal satisfaction to ensure both financial success and happiness. Both agreed that enjoying the process is crucial for a successful business venture

.Designing Business for Fulfillment and Impact

Joe emphasized the importance of pursuing a business not just for monetary gain, but also for personal fulfillment and enjoyment. He encouraged the idea of being in a business by design, rather than default, and highlighted the significance of using one's skills and making a positive impact. Mary agreed with Joe's points.

https://SeibCo.com

Jeannette Seibly from SeibCo, LLC with Tips on Visibility for StartUps "Get Your Brag On"

Jeannette Seibly "It's Time to Brag! Business Edition" https://SeibCo.com/books/

Diane Helbig from Helbig Enterprises offers 3 Sales Tips for Startups

If you're not in revenue, you're in sales. www.helbigenterprises.com

https://www.eleaderexperience.com/

Megan Robinson from E Leader Experience talks about the differences between a Manager & a Leader Manager vs Leader: Startup Roles and StrengthsMegan and Mary discussed the roles of managers and leaders in startups. They highlighted that managers focus on processes and procedures, while leaders focus on inspiring and motivating people. They stressed the importance of understanding and adapting to the needs of different individuals, and knowing one's own strengths and weaknesses. Megan emphasized the importance of effective listening in leadership, highlighting how it can lead to better engagement, buy-in, and alignment within a team. She stressed the importance of acknowledging and understanding the concerns, challenges, and opportunities of team members, customers, and the market.