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About the Episode
Today’s guest started his company 4 years ago at the age of 18 and now has grown it to over 200 employees across 3 continents and he talks about one of the most important entrepreneurial skills that you can have. Also, listen to the part of the show where he shares how to raise venture capital money for your app idea.
TheMost Important Entrepreneurial Skill
Josiah shares that if he could go back in time and teach 18-year old Josiah one thing, it would be not to settle for average teams. In building teams, you need to have a frank discussion around commitment levels, execution skills, or if the other person can live up to the incredibly high standards that you need to have in building a business. Building world class teams by finding people that can deliver, get results and have the same hunger that you have as a founder is one of the most essential skill you need to learn. You are only as strong as your weakest link so become a master of attracting top talents.
Two Things That You Need to Raise Venture Capital Money
So many peoplehave awesome ideas, great passion, drive and vision but do not understand how to raise capital. The first aspect in raising capital is having technical knowledge and understanding and putting the right kind of strategy that demonstrates that you have a good idea. It’s about getting savvy to the point of really understanding what product you want to create in your MVP and the outcome that you want out of that MVP because at theend of the day, your investors — even if they are just friends, family, or fools –they will want to know these details because these are high-risk investments and most of these deals do not do well. They will grill you with your choice of business model, what revenue will look like, or how are you going to acquire users. If you are unable to hold your own with an angel investor, you are not going to fare well in raising money.
The second aspect is all about having the characteristics of someone who can pull things off. Someone who has hunger, commitment and desire will fare ten times better with the right kind of investors. You should have tenacity and investors should see that you have the fire to make things happen.
Wrap these two things together and you are more likely to raise money.
Book: Think and Grow Rich
Book: Good to Great