Thank you reddit participants for joining me during my “Ask Me Anything” session about Startups, Funding, and Entrepreneurship.
For those of you who could not join us live, I have compiled the questions and answers here so that you and others have access to the information we shared.
To your business success!
By Ed “Skip” McLaughlin
Author, The Purpose Is Profit: The Truth about Starting and Building Your Own Business
Part 1 of Reddit AMA: Entrepreneurship & Startups
- How to grow organically without giving up ideas that VCs want
- Luck and success
- Funding and Bootstrapping
- Expansion of current business vs. focusing on a new venture
- Strategizing for a seasonal business
- Choosing the right business idea
I’m a current principal engineer that has worked in everything from startups to places like Apple, EA Games, and Google. A few of us are tired of making others billionaires, and are ready to stop playing wannabe VC jumping from company to company for equity shares. We’ve got solid concepts, solid products. Now where to go? We’ve got appointments with Anderseen and a few other bay area VCs but how do we manage to grow organically without giving up the absurd amounts of the ideas that most bay VCs want?
If you have a proof of concept or a prototype, you need to secure pre-orders to shift the leverage from the VCs back to you. If you can optimize the leverage through pre-orders and actual product sales with genuine customers, you will optimize your negotiating leverage and maintain your lion’s share of the equity. I know – easier said than done, but well worth the effort to ensure you become the next billionaire!
Ed McLaughlin is the author of The Purpose Is Profit: The Truth about Starting and Building Your Own Business, along with co-authors Wyn Lydecker and Paul McLaughlin. The Purpose Is Profit (Greenleaf Book Group) is available in bookstores now.
Order The Purpose Is Profit here.
Copyright © 2016 by Ed McLaughlin All rights reserved.
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