In this episode of "Outcome by Design," I was joined by Karl Jacob, the CEO of LoanSnap and a serial entrepreneur. Karl has some sound advice for entrepreneurs, serial and first-timers:
- Because every startup is a snowflake, Karl advises serial entrepreneurs to be aware of what they know and don’t know based on experience. Bring a "beginner's mind to each new company," regardless of whether this is your first or fifth startup. Embrace your inner rookie, and stay curious!
- With a quote from the movie “Top Gun, ” Karl also reminds us that control is an illusion. And instead of clinging to a failed idea, recognize it, fail gracefully, roll with the punches, and use your experience to recover from failure faster.
- And, of the mythical viral growth loop, true virality is when the use of the product is sharing with others – and if it’s viral, you could turn off marketing and still grow. Viral growth loops are indeed “rare birds.”
- Karl advises entrepreneurs that “you’ll have more ideas,” so don’t be afraid to sell, merge or move on from your startup. Consider the trade-offs carefully, including the burden of further investment vs. selling and the impact on your employees, partners, and investors.
- Karl’s #1 rule is to reach profitability as fast as possible. You’ll have more options at a higher valuation.
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