The #1 Funding Lesson All Entrepreneurs Must Learn
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 793 Ratings
🗓️ 8 December 2017
⏱️ 11 minutes
🧾️ Download transcript
Summary
There's a mistake that so many entrepreneurs make when it comes to funding, and it's not that hard to avoid.
Jeff Hoffman addresses this topic in today’s Freedom Fast Lane episode. The clip is from the Q&A session we had with Jeff when he first spoke at the Capitalism Conference (formerly Freedom Fast Lane Live) back in 2015. We invited him back to kick off this year’s conference in Austin, which wraps up today.
In this episode, Jeff explains the clear steps every startup entrepreneur must take in order to determine what—if any—outside funding is needed to make the business successful.
Jeff blames Silicon Valley for creating the idea that entrepreneurs need to get funding as soon as possible. The truth is, most entrepreneurs ignore getting funding from customers by providing value. Instead, they go to bank debt, private equity, venture capital, you name it.
One of the biggest problems with small businesses is overcapitalization. Don’t let that happen to you. Instead, follow these steps Jeff recommends to make sure you’re ready to pursue funding.
- Make a list of everything you need to do between now and someday, whenever your goal deadline is, to make your company successful.
- Circle everything on that list you think you can do without someone else’s money.
- Go do all of those things.
Take it from Jeff—don’t get funding until you absolutely need it.
Transcript
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| 0:00.0 | You're listening to Freedom Fastlane presented by Capitalism.com. |
| 0:08.0 | This is the show about building businesses and investing the profits so that you can live life on your terms. |
| 0:16.0 | And now your host, the future owner of the Cleveland Indians, Ryan Daniel Moran. |
| 0:28.8 | Fastlaners, welcome to Freedom Fastlane. This is Ryan Daniel Moran, and today you are in for a treat. |
| 0:36.3 | At Freedom Fast Lane Live 2015, |
| 0:39.0 | far and away, the most popular speaker |
| 0:41.1 | was billionaire Jeff Hoffman. |
| 0:43.9 | We used to call it Freedom Fastlane Live. |
| 0:46.2 | Now we call it the Capitalism Conference |
| 0:47.9 | because it has pivoted to being a global summit |
| 0:51.1 | for entrepreneurial empire builders. |
| 0:53.5 | Jeff has a resume that is lengthy and really humbling and impressive, but the most notable |
| 1:02.4 | among them is that he was one of the original co-founders ofpricelyne.com. He exited that company |
| 1:09.2 | and then has a whole bunch of other awards and accolades |
| 1:13.8 | next to his name. I've had the privilege of getting to know Jeff over the last year and his talk |
| 1:21.1 | was so popular and so I received that I wanted to share the Q&A with you here on the podcast. |
| 1:27.0 | So this isn't his full talk, but his Q&A was immensely valuable. |
| 1:31.6 | Now, enjoy this clip. |
| 1:38.4 | I want to talk about funding quickly because I think when you become unattached from the cash flows of being my business, of it being my thing, of the money that's in the business account is my money, all of a sudden you can work on your business rather than working in your business. |
| 1:59.0 | And I think that's an important transition for entrepreneurs |
| 2:01.2 | when they start building teams, is to disassociate from that connection. But it's hard because |
| 2:06.9 | so many entrepreneurs who are at that million dollar point or so are still so attached to it. |
... |
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