In episode 268, Lance meets with Seth Temko, the founder of Full On Strategy, a go-to-market consultancy that helps companies achieve hypergrowth. With a background in entrepreneurship and startups, Seth has a wealth of experience in the technology sector. He has lived through the boom and bust of the dot-com era and has a deep understanding of the challenges and opportunities that come with starting and scaling a business.
In this interview, Seth shares his top three tips for entrepreneurs, including that he believes that starting your own business is both the hardest and easiest thing you can do. While it comes with financial strain and stress, it also gives you control over your own destiny. Seth emphasizes the importance of patience, as everything takes longer than expected. He advises entrepreneurs to focus on the things they enjoy and are passionate about, and to outsource or delegate tasks that drain their energy. Seth also discusses his go-to-market strategy for Full On Strategy, which includes building partnerships and creating a community of restaurant tech executives and founders.
To learn more about Full On Strategy, visit: https://fullonstrategy.com/
00:00 Introduction
01:08 Three important things every entrepreneur needs to know
03:00 Background and experience in raising capital
07:43 Overview of Capital Raise and its services
11:57 Early experiences in the video streaming industry
12:32 The market crash in 2000 led to the downfall of a startup
13:18 The impact of 9/11 on a financial services company
14:17 Transitioning from corporate to entrepreneurship
19:26 Working with family in business and the importance of trust
21:41 The significance of revenue and profitability in business success
25:31 Uber’s dominance in the market and strategy for success
26:13 TikTok’s shift towards driving commerce and monetization
26:51 The importance of generating revenue and being profitable as a startup
27:26 The entrepreneurial strategy of selling to the government
28:28 Overview of the book “How to Live the Abundant Life”
29:27 Focusing on giving and helping others for personal and financial benefit
31:30 Achieving seemingly impossible goals through bite-sized tasks
34:06 Where to find Carl’s book “How to Live the Abundant Life”
35:50 Outro
Amplify Your Business: Insights from Carl Grant III on Building Real Businesses and Raising Capital
Entrepreneurship is not just about having groundbreaking ideas; it’s about turning these ideas into viable businesses that attract investors and generate revenue. In an enlightening conversation with Carl Grant III, CEO of Capital Raise and Kinexa Partners, the journey of entrepreneurship, alongside the challenges and strategies for success, are brought to light. Through this exchange, prospective and established entrepreneurs can gain a deeper understanding of the business landscape and learn how personal determination intertwines with professional growth.
Building Real Businesses that Attract Investors
One of the recurrent themes emphasized in the interview is the importance of demonstrating a viable business model to attract investors. According to Grant, “investors invest in real businesses, not ideas,” noting that ideas alone were sufficient to raise funds in the early days of the Internet but not in today’s competitive landscape. Entrepreneurs must have actual customers and operate within a large and growing market to be considered attractive investment opportunities.
Grant’s experience highlights the need for startups to focus on generating revenue from the beginning. “The businesses that tend to be the most successful are the ones that are thinking about revenue right out of the gate,” he asserts. This mindset of pursuing profitability early on is critical to avoid the continuous cycle of seeking investment and potentially facing financial jeopardy during economic downturns.
The White-Glove Service in Raising Capital
As the CEO of a company that specializes in matching entrepreneurs with investors, Carl Grant III offers a unique perspective on capital raising. The process entails more than just connecting business owners with financial backers; it involves nurturing these relationships and providing strategic guidance. In the interview, Grant describes the detailed approach taken by his firm, Capital Raise, complete with a kickoff meeting, constructing a compelling business profile, and personalized advice on presenting a pitch.
The nuanced understanding that Grant shares about the investment landscape reveals that entrepreneurs benefit significantly from services that can “combine the research functionality of a pitchbook with the introductory capability of a LinkedIn.” This approach takes the guesswork out of seeking investors and enables a strategically targeted and efficient fundraising process. From providing comprehensive assistance to potentially overhauling pitch decks and financial models, the tailored service offered by Capital Raise exemplifies the kind of support that significantly increases an entrepreneur’s chances of securing investment.
Entrepreneurial Mindset and Personal Growth
Throughout the interview, Grant frequently touches on the notion of personal fulfillment and impact in entrepreneurial pursuits. He shares poignant examples from his life, such as volunteering at a juvenile detention center, to illustrate how achieving meaningful goals can be immensely rewarding. These experiences, deep-rooted in community service, can offer entrepreneurs profound satisfaction that’s incomparable to financial gains.
Grant’s urge to share these insights led him to author a book titled “How to Live the Abundant Life,” where he explores how the principles that lead to business success can also apply to personal growth and community involvement. His entrepreneurial journey, from the desire to be independent and take charge of one’s own destiny to impacting lives and investing in one’s dreams, resonates strongly with a universal longing for a life well-lived and full of purpose.
In the fast-paced world of startups and innovation, Grant’s reflections serve as a reminder of the broader impacts of entrepreneurship. It’s not just about building a successful business, but also about pursuing a journey that offers both personal and professional fulfillment.
The insights offered by Carl Grant III highlight the importance of establishing real businesses with solid revenue streams, leveraging strategic guidance to connect with suitable investors, and embracing the overall entrepreneurial journey for its potential to yield both financial success and personal fulfillment. These principles can aid entrepreneurs in navigating their paths, helping them overcome challenges and seize opportunities for growth. Through diligence, dedication, and a focus on comprehensive development, the ambition to build something of value – for the market, for communities, and for oneself – becomes an achievable reality.
