330: The 4 Questions You Need To Be Asking To Make Better Decisions: Kickstarter Co-Founder and Author Yancey Strickler

Steve Blank is a legend in Silicon Valley. In addition to launching eight startups in 21 years, he’s also a well-known author and educator at Stanford University, Columbia University, and the UC Berkeley Haas School of Business. Having worked in the realm of entrepreneurship for so long, Blank has survived some of the worst recessions in U.S. history and has first-hand experience of what it’s like to keep your business afloat under high-pressure circumstances—knowledge that’s directly applicable to the COVID-19 global health crisis. In this interview, Blank shares his three-step process for what every business needs to do right now to survive the pandemic. He breaks down everything from calculating your burn rate to reassessing the way you work with your team. Blank also shares his own personal experiences with the 2008 recession and dot-com bubble. If there’s any other type of content you’d like to see that would be valuable to you during this time, please don’t hesitate to reach out at support@foundr.com to let us know. Key Takeaways Why Blank believes today’s entrepreneurs should listen to the advice of seasoned founders The three-step process Blank recommends to understand where your business is headed, from calculating finances to reassessing business models The biggest lessons Blank learned during the 2008 recession and dot-com bubble Why Blank believes in planning for the morning after The importance of high-level execution during times like today How to think about recalibrating in terms of retaining staff and hiring The importance of setting expectations—whether in your marketing or management Why this pandemic could be an opportunity to re-evaluate how you want to spend your life

7 Apr 202057min

CEO Dallas Tanner on the breakneck creation and growth of multibillion-dollar home rental company Invitation Homes. Like a lot of successful businesses, Invitation Homes was a seemingly overnight hit that had been in the making for many years. “We bought the first 30,000 homes in the first 18 months,” says CEO Dallas Tanner, of the single-family home rental company. Based on that burst of early success, it might seem as though Tanner did the impossible—come up with a brilliant idea, instantly get buy-in from an investor, and reap immediate rewards. But long before Invitation Homes launched in 2012, Tanner had already cut his teeth in the home rental business. During college, he bought a couple of houses with his dad and managed them while going to class. He later founded the Treehouse Group Companies, which focused on workforce housing in the Southwest. So, when Tanner set out to start Invitation Homes, he did so with a large body of experience, knowledge, and accomplishments in his chosen field. That could have had something to do with the quick traction he got at Blackstone, his early capital partner and provider of funds for those 30,000 homes. “High speed, low drag,” Tanner says of their initial goal. There was an intense focus on getting out there, scaling up, and achieving meaningful gain in as short a time as possible. Were they worried, though, that the swift pace might blind them to any turbulence ahead? “If you’re building an airplane while flying it, there’s always a risk that you may miss a step. We were lucky to have no major issues and that’s because we were comfortable in the area we were building. We knew it and understood it.” That early work and knowledge of the industry paid off. In 2017, Invitation Homes went public with an initial share price of $20. Two years later, it hovers between $29-30 per share, a 48% increase. Blackstone sold its remaining shares (11%) of the company in November 2019 for $1.7 billion, bringing Blackstone’s total profit from IH to $7 billion. “As we think about our business, we’ve gotten more and more efficient here in year seven,” he says. “We’re focused on the kinds of things that deliver a really good customer experience but make us as optimized as possible.” For example, the inaugural days of the business found technicians switching out locks each time a home got a new resident. New tech eventually provided the option of electronic entry, which Invitation incorporated into its homes. Now, when a resident moves out and a new one moves in, only the code needs to be changed. This made the move-in experience that much smoother for new residents and saved time for the team. Remember, though, that the quest for good systems shouldn’t overwhelm everything. “You’ve got to spend your time being as efficient as possible, but driving growth at the same time,” Tanner says. “It’s always a balancing act.” He acknowledges that it also takes some luck and good timing. “But, the only way those things go your way is if you’re head down and going hard.” Interview by Nathan Chan, feature article reprinted from Foundr Magazine, by Rebeca Seitz

31 Mar 202042min

Believe it or not, there are many parallels between the world of boxing and the world of entrepreneurship. Tim West is familiar with both. As the founder of the fastest-growing global boxing franchise, 12RND Fitness, West has had his feet squarely planted in both realms for many years. He started his journey working in brick-and-mortar fitness centers before jumping into tech entrepreneurship, and eventually launched 12RND Fitness in 2014, which quickly exploded across Australia and is now expanding globally. In fact, West is in the process of opening up their first locations in New Zealand, Singapore, London, and Los Angeles this year. In this interview, West dives deep into his thoughts on the franchising model, his biggest lessons from working in tech, and his approach to overcoming obstacles. Check out the full conversation below! Key Takeaways How West worked his way up the rungs of the fitness ladder—from aspiring professional athlete to strength and conditioning coach Why he jumped at the opportunity to open up one of the first franchises for Jetts Fitness, the first 24-hour gym in Australia West’s first foray into tech, and the most important lessons he picked up along the way Why West decided to return to brick-and-mortar fitness, and how he came up with the MVP for 12RND Fitness How West pressure-tested his business model across Australia The reason West tested his business for two whole years before opening up to franchisees A sneak peek into West’s data-driven approach to working with franchisees Why West is grateful for his struggles

25 Mar 202058min

As a founder, you’re likely feeling a lot of stress and anxiety around the current situation with COVID-19. While we hope your business isn’t being too heavily impacted, we want to let you know that we’re always here for you and want to help in any way we can. We’ve been mulling over how we could be the most useful to the Foundr community and decided it would be incredibly valuable to sit down and talk to Steve McLeod. McLeod is uniquely equipped to share advice about the current circumstances for many reasons: he’s a business coach that has guided thousands of organizations through challenging situations (including Foundr); he founded his own company called Fire And Safety, which is now a $20 million business; and he’s a former firefighter who dealt with many disasters during his eight-year tenure. In this interview, we touch on many topics—from managing cash flow reserves to communicating with customers to adjusting your mindset—that we hope you’ll find helpful as we navigate this unfamiliar territory together. Whether you’re getting ready to launch a new business or are already running a seven-figure company, the contents of this interview should be applicable for entrepreneurs at every stage. If there’s any other type content you’d like to see that would be valuable to you during this time, please don’t hesitate to reach out at support@foundr.com to let us know. Key Takeaways How McLeod’s background as a firefighter, founder, and mentor is allowing him to guide businesses today through the COVID-19 pandemic The importance of understanding where your business is today: positioned for growth or in survival mode? Why you need to be transparent with your teams, regardless of your current situation McLeod’s advice: cut costs but don’t stop your sales and marketing efforts Why you need to focus on your existing customers and how you can help them How to keep your mindset clear during this stressful time Why connection, discipline, and alignment are more critical than ever before An overview of cash flow reserves, and how much you should have in the bank now The reason why McLeod doesn’t believe it’s the right time for work-life balance How to be a good leader in unprecedented circumstances Why leaders need to be asking themselves the tough questions today more than ever McLeod’s advice for businesses that are thinking about launching soon

21 Mar 202059min

When Peter Diamandis was a kid, there were two life-changing moments that shaped him into the person he is today: the launch of the Apollo space program and the release of Star Trek. These two events inspired Diamandis’ love of space and taught him to always keep his eyes on the future. It’s no surprise then that Diamandis went on launch over 20 companies in the areas of space, longevity, venture capital, and education. Diamandis has also dedicated himself to supporting others who make an impact on the world, which is why he founded the venture fund BOLD Capital Partners, the X Prize Foundation, and Singularity University—all organizations focused on promoting technologies that have the potential to improve society. In this interview, he shares his thoughts on what it takes to build a sustainable business, his predictions for industries like education and healthcare, and what he’s most excited about in terms of future innovations. This is a conversation you won’t want to miss! Key Takeaways Why Diamandis ended up going to medical school, despite his love of space How Diamandis carved out his own life path, which led to him starting 20+ companies in the areas of space, longevity, venture capital, and education His predictions on which industries will transition from a scarcity to an abundance mindset The golden rule Diamandis always follows whenever he prioritizes what to work on next Why Diamandis believes a person’s mindset is the most valuable asset they own The inspiration behind Diamandis’ latest book, The Future Is Faster Than You Think: How Converging Technologies Are Transforming Business, Industries, and Our Lives What excites Diamandis most about the future, and why he feels optimistic about what’s to come

3 Mar 202055min

Erik Bergman’s entrepreneurial journey started with trading hockey cards on the playground. When Bergman realized that owning coveted sports memorabilia made him feel valued and won him friends, he became obsessed. As he got older, his focus eventually shifted from trading cards to making cash. After a brief stint as a professional gambler, Bergman co-founded a website consultancy firm called Catena Media in 2012. The affiliate-based marketing company focused on the online gambling industry and eventually IPOd at €160 million. Despite achieving the wealth Bergman had relentlessly chased since his youth, he was still unhappy. So he set out to learn the true path to fulfillment and eventually found deeper meaning in his life through charity work with his latest project, Great.com. Check out this interview to learn more about Bergman’s journey to finding happiness and the most important lessons he learned along the way. Key Takeaways How trading hockey cards instilled a sense of entrepreneurship in Bergman from a young age Bergman’s brief stint as a professional poker player Why Bergman and his best friend Emil Thidell launched a gambling-focused website consultancy agency From making side-hustle money to officially launching Catena Media How strategic website acquisitions helped Catena Media skyrocket The long and difficult road to IPO Why Bergman found himself in a dark place, despite his newfound wealth How Bergman became involved in charity work and discovered his “splash of color” The inspiration behind Great.com

12 Feb 202056min

Richard Li puts customer service above all when it comes to his luggage company, July. This unfaltering commitment is why he personally makes house calls to address complaints and why he recently hand-delivered packages after realizing that some customers wouldn’t receive the luggage they ordered in time for the holidays. But this high level of service is only a small piece of Li’s success story with July. Li, who has previous entrepreneurial experience from his furniture company Brosa, has also figured out a “magic” formula for manufacturing, marketing, and selling physical products. He used this knowledge to grow July from $0 to $5 million in revenue in just a year. And now he’s looking forward to opening up additional retail stores, introducing more products, allowing for more luggage personalization, and expanding into international markets in 2020. If you want to learn more about what it takes to launch and scale a business that revolves around a physical product, be sure to give our interview a listen! Also be sure to check out our latest online course, Ecommerce Masters, where Richard Li is one of the five instructors teaching advanced ecommerce skills. ATTENTION: We're excited to announce that Richard Li has partnered with Foundr to teach one of the modules in our course, Ecommerce Masters. Get on the Free VIP Waitlist to be notified when we open enrollment! Get a FREE Lesson from Our Course: Ecommerce Masters! Learn the FASTEST Path to a Million-Dollar Store Key Takeaways The opportunity Li saw in Australia’s furniture market that led him to launch Brosa Why he stepped back from Brosa after five years to focus completely on his new direct-to-consumer luggage company, July An overview of July’s funding journey, go-to-market strategy, and first sale The journey from $0 to $5 million in one year How to find a manufacturer that can grow with your company Why Li offers July customers a 100-day trial and lifetime warranty The rules of product development that Li follows Why Li decided to follow the direct-to-consumer trend of opening up a physical store July’s four growth pillars for 2020 Li’s best advice for entrepreneurs building a business around a physical product

4 Feb 202056min

Rob Ward always seems to be one step ahead. Before Kickstarter took off, Ward and his co-founder Chris Peters launched two successful campaigns on the platform, funding Opena and Quad Lock—the two products that led to the founding of Annex Products. Then Ward was early to the Shopify game, which he successfully used to sell his products for several years. Ward was also quick to see the potential of Facebook Ads and has used them to scale Annex to a multimillion-dollar business. This ability to spot trends, paired with his finely-tuned approach to product development, has helped Ward find tremendous success as an entrepreneur. While Opena is no longer active, Quad Lock has become a leading device mount and accessory company, serving a wide variety of users—car commuters, motorcyclists, kayakers, even hang gliders. As a result, Quad Lock sells hundreds of thousands of units each year in over 100 countries. We’re now thrilled to have Rob Ward as one of the five instructors of our latest online course, Ecommerce Masters, teaching advanced ecommerce strategies. If you’re curious to learn more about Ward’s approach to trendspotting, product development, and more, we highly recommend you check out this episode! ATTENTION: We’re excited to announce that Rob Ward has partnered with Foundr to teach one of the modules in our course, Ecommerce Masters. Get on the Free VIP Waitlist to be notified when we open enrollment! Get a FREE Lesson from Our Course: Ecommerce Masters! Learn the FASTEST Path to a Million-Dollar Store Key Takeaways An overview of Ward’s prior entrepreneurial experiences with everything from laser machines to 3D printers, and how they helped him get to where he is today How he and his co-founder, Chris Peters, founded Annex Products in 2012, building on two successful Kickstarter campaigns Why the duo decided to eventually focus their resources on Quad Lock How Ward stays on the cutting edge and predicts trends Insight into Ward’s approach to the product development process—when to start thinking about the next product, the iterative process, and more Why Ward isn’t too worried about Quad Lock copycats Why Ward doesn’t believe in following other people’s blueprints for success A sneak peek into the module Ward will be teaching for Ecommerce Masters

28 Jan 20201h 1min