It was fantastically energising to give a talk at TEDx Glasgow Caledonian University yesterday about how I found my purpose again when I found my next startup problem worth solving.
"I’m back with Vistalworks, doing the doing of entrepreneurship, because I have found my next problem worth solving. I have found the people I want to solve it with. And I know how we will recognise when we are making a sufficiently meaningful difference."
Running at 15 minutes, I have shared the talk on the podcast because I think it is relevant. The normal episode type will resume next week.
In this talk I share the 6 questions I ask myself to get from idea to startup, and the quick, cheap validation process I use to de-risk business ideas before I jump in. I bust some common startup myths and talk frankly about how the actual experience of failing, of losing the company I had worked so hard for, was nowhere near as toxic to my mental and physical health as the fear that it might happen.
The script for the talk, first given at TEDx Glasgow Caledonian University, October 12 2019 is at my Entrepreneur Agony Aunt blog - the video will be added to the same page once available.
Organic farmer and premium food brand producer Endrina Maxwell is one of the most opportunistic and inspiring entrepreneurs to join me on the podcast yet. She explains how she has maximized value and competitive advantage at every stage of the food production process, from innovative fish farming to organic seed, feed and manure production - and in her latest venture the NutriSecret range of healthy, chemical-free food products and cooking oil. We cover brand, differentiation, pricing, benefits not features and how to effectively diversify to reduce risk and pursue market opportunities. She shares her personal tips on finding purpose, focus, and how she uses goals and planning to drive her onward.
Vicky reports back on her recent Women Entrepreneur's Challenge to Malawi, organised by Kate Webb and her team at the Responsible Safari Company, including what she learned, and the profound impact this has had on her personally and as an entrepreneur. Tackling a listener question on how to startup when you have no money, they discuss the importance of having a support network of other business people, and why having the right people and expertise around you can be more important than cash. Kate shares her own experience of saying yes to opportunities and no to debt, then working with whatever you have to make it happen. To prove her point - the episode ends with an incredibly exciting request for help! If you are interested in getting involved in helping Kate and Dame Kelly Holmes promote Sport For Purpose or fancy joining them on a challenge in October 2018, check out http://www.orbis-expeditions.com/blog/dame-kelly-holmes-the-orbis-challenge-2018/
This episode I’m talking about quitting. And I’m talking to myself, because when you have a job, have a company, have investors, have staff - there are some things you just can’t say out loud without major consequences. “I quit” is one of them. So based on my own experiences, and the many conversations had with other founders & CEOs feeling trapped in their startups, here's the if, when, why and how of quitting in your startup.... Quitting your role, quitting the company, exiting a market, project or product - and winding up your startup completely.
Entrepreneur Jamie Shankland has taken products to market in 40 countries and has found problems worth solving in sectors including oil & gas, fashion and online events planning. He shares the lessons he has learned about ensuring customer meetings have meaningful outcomes, better business development, finding out what customers really, really want as he advises a founder with only 7 months cash left who is trapped having lots of conversations that have yet to convert into paying customers. "You need to reach out to people as you design and certainly before you finish the product. We're ultimately solving problems, your product is only that thing that solves the problem - it is that underlying customer problem that drives everything. Whenever you speak to a customer, it has to be linked to an outcome."
In a very frank monologue episode, Vicky urges entrepreneurs to pay themselves more and dives into the when, what and how to plan for a salary and the things people don't tell you about startup founders personal finances (or lack of them). Clearly, on a roll, and without pausing for breath, Vicky also covers financing your startup in desperate times, what worked and didn't work for her as her company faced running out of money, and what to do and not to do when there are only a few weeks of cash left in the bank.
What are the risks and rewards of working in a startup? And what 3 things do startup employees most wish their CEO would learn? I'm joined by Regina Berengolts, my head of data in my last startup, and now leading the data science team at a high growth TV analytics scaleup for the employee perspective on getting the people part of startups right. We talk about the startup mindset we look for in employees, whether a startup job is right for you, CEO transparency and the questions potential hires should be ready to ask of founders. We also get into the importance of knowing what you are hiring for before you bring people in and why you probably don't actually need to hire a data scientist yet.
Dean Nash, Head of Legal & Compliance at Monzo Bank, talks light touch risk management processes, trust and autonomous decision making - and the tensions that arise from very different worldviews of the founder and the board director. Dean may just have changed my mind about a few hard truths of board governance as we dive into a question from a first-time board director trying to support a fast-moving founding team who regard board meetings as an unnecessary distraction.