Bill Lewis’ Post

The best thing to happen to me as a first time entrepreneur was finding myself a mentor and advisor in Andrew Levine. He has helped me avoid SO many mistakes. While I got lucky and stumbled onto him three years ago, here are some pointers you can keep in mind for finding and engaging with your mentor: 1️⃣ The ideal mentor is someone who has gone through a similar journey that you’re going to go through, that way they can identify problems before they become visible to you. For example, if you’re a VC-backed startup founder, it helps if your mentor has scaled one or more startups during their career. If you’re in Biz Dev at a Series A startup, then someone that has successfully built a BD team at a Series C+ company would be a good fit 2️⃣ Where do you find your mentor? It can literally be anywhere. You may run into someone at a conference, they could be one of your angel investors, they might be a CXO at one of the partners you work with, or you could even proactively reach out to someone you think would be a good fit. The key is to consciously look for one 3️⃣ Once you have identified someone, have a couple of conversations to understand if their core values align with yours and the company’s. This is typically an instinct driven decision, you will know. After you know that there is a fit, it’s important to actually tell them that you would like them to be your mentor. It sets the right expectations 4️⃣ Another important conversation to have with them is around compensation. This really varies. For advisors to early stage founders, I have typically seen a reasonable hourly fee + ESOPs (0.25% to 0.5%) structure. One thing you want to keep in mind is that you want to make it worth the mentor’s time and if there is no monetary compensation, the burden on you is higher 5️⃣ For founders I’ve seen that mentors that are also investors in the company (can be a small check) are more aligned to work together for the company’s success 6️⃣ In terms of engaging with your mentor, mutually decide a frequency at which you want to speak. For me, I have a weekly one hour call with Andrew. Sometimes it extends longer as well or if the situation requires speaking sooner then we do ad hoc calls 7️⃣ Lastly, dont expect instant results. The more time you give it, the better the outcome. Along with understanding your work, the mentor needs to understand you as a person to guide you most effectively. This will only happen months after you start working with them

Recently, a friend from NEU and I reconnected. We've known each other for a long time, but it had been a while since we last caught up. Most of our conversation revolved around personal updates, but we also carved out some time to talk about business. He's a hard-working entrepreneur with an exciting startup in a unique niche. Our discussion about the startup world focused on how exciting it is to build processes from scratch, how to stay optimistic in a world of uncertainty, and the importance of paying things forward. He asked about my startup experience, and expressed interest in gaining more exposure to startups and even connecting with earlier-stage startups to support fellow founders in their journey. Naturally, we ended up talking about advising. I shared insights from my recent posts about why I entered the startup advising/coaching space and what I've learned along the way. Given his busy schedule, he felt he could interact with a couple of startups simultaneously but overcommitting was a concern. I suggested that he might prefer advising over coaching. Advising does require time to prepare and deliver in order to add value, but is less hands-on than coaching. To use an analogy: Advising is like helping the captain steer a rowing ship by providing insights and recommendations. Coaching, on the other hand, involves not just guidance but sometimes rowing alongside the team or even teaching them how to row. From my perspective, coaching demands 2-3x more time commitment to deliver substantial value vs. Advising. The one thing that I recommended him to look for when scoping potential advisory engagements, was fit. Similar to signing a new client, finding a business to advise requires having the right fit in order to be beneficial for both parties. In my opinion, in order for there to be a good fit, you have to: 1. Get along with the Founding team (trust/respect). If this doesn't happen, you're almost sure to have a team that will not listen (much less implement) your advice. 2. Have a mutually agreed goal on why your help is needed, and what are the expectations around the cadence, structure, outcome, etc of your calls/engagements. It's also important to understand the founding team's expectations on how long your help would be needed/wanted. 3. Ensure that the startup product, niche, segment, industry, etc is something that excites you and you're passionate about (or at least you like). If not, it's going to be very challenging for you to show up and give your 10/10 every time if you don't like the product or feel that the segment/industry is, for lack of a better word, boring/dull. Saying no to a project that you're feeling "mneh" about is a million times better (both for the founders' and your sake) than committing to something that you're not going to enjoy and/or deliver the most value on. What else should be considered when you're contemplating working as a startup Advisor?

Learn from Mistakes: Common Pitfalls Founders Must Avoid While Building a Startup    📌 Mistake #1: Neglecting Market Research 📌 One of the most common pitfalls is rushing into a business idea without conducting thorough market research. Understanding your target audience, their needs, and the competitive landscape is crucial for building a successful startup. By investing time in research, you can identify gaps, validate your idea, and tailor your offering to meet real market demands.   📌 Mistake #2: Ignoring the Importance of a Solid Business Plan 📌 A well-crafted business plan serves as a roadmap for your startup's success. Founders often overlook this crucial step, underestimating the value of a comprehensive plan that outlines goals, strategies, financial projections, and potential challenges. 📌 Mistake #3: Building a Product in Isolation 📌 Building a product in isolation from customer feedback can lead to disappointment. Don't be afraid to engage with potential users early on and gather feedback iteratively. Incorporate this valuable input to create a product that truly resonates with your target market, increasing the chances of product-market fit.   📌 Mistake #4: Overlooking Financial Management 📌 Financial mismanagement is a common stumbling block for startups. Entrepreneurs should maintain a vigilant eye on finances, avoid unnecessary expenditures, and plan for various financial scenarios.   📌 Mistake #5: Ignoring Scalability and Long-Term Vision 📌 Focusing solely on short-term gains without considering scalability and a long-term vision can hinder growth potential. Successful founders strike a balance between addressing immediate needs and laying the groundwork for sustainable expansion.   📌 Mistake #6: Neglecting Team Dynamics 📌 A strong and cohesive team is the backbone of any successful startup. Founders should prioritize building a supportive and collaborative work environment, fostering open communication, and hiring individuals who share the company's vision.   📌 Mistake #7: Fear of Failure 📌 Fear of failure can paralyze decision-making and stifle innovation. Embrace failure as an opportunity to learn and grow. Many iconic entrepreneurs faced setbacks before reaching the pinnacle of success. 🚀 The Road to Success Starts with Learning 🚀 By learning from the mistakes of others, founders can avoid common pitfalls that can otherwise hinder their startup's growth and success. Embrace curiosity, seek mentorship, and continuously educate yourself on the ever-evolving entrepreneurial landscape.   💡 Remember, success is not only about avoiding mistakes but also about seizing opportunities and persevering through challenges. Stay agile, be open to change, and let each obstacle become a stepping stone on your path to success! 💡   #Startups #Entrepreneurship #BusinessTips #FoundersJourney #MistakesToAvoid #SuccessMindset #LearningFromMistakes #BusinessGrowth #Leadership #Innovation

🚀 Want to be a successful startup founder? Here are 7 behaviors that separate the winners from the losers: 1️⃣ Get it Done Now Attitude: Tackle problems head-on and don't let them pile up. Ignoring them only makes things worse. 2️⃣ Be Satisfied: Take responsibility for your own achievements and don't put others down. Learn from their successes instead. 3️⃣ Be Content: Find levels of contentment and don't compare yourself to others. Success is subjective, and being happy with your accomplishments is key. 4️⃣ Lead by Example: Show your team how to be successful by getting your hands dirty and leading firsthand. 5️⃣ Be Available for Your Team: Don't disengage yourself from your team. Little things matter and your availability is crucial. 6️⃣ Be Flexible: Don't nit-pick and be open to different ideas. Flexibility boosts team morale and fosters success. 7️⃣ Be Open-minded: Don't be closed off or condescending. Share knowledge, learn from others, and keep communication flowing. Remember, success is what you make it! 💪 Explore how Tentho's accounting, bookkeeping, and CFO advisory services can help your business succeed. Learn more here: https://bit.ly/44hWpkV #smallbusiness #entrepreneurs #startup #founders

People are a startup's greatest asset.

In the entrepreneurial world, we often emphasize the importance of innovation, market research, and funding. But there's one element that can truly make or break a startup: the team. A cohesive, visionary, and passionate team can be the driving force behind a startup's success. 🌐 In my latest piece, I delve into the art and science of building a supportive team for entrepreneurial endeavors. From the essence of team building to the leadership nuances required in the digital marketing landscape, this guide offers a comprehensive look into the world of startup team dynamics. 📘 Whether you're an aspiring entrepreneur or a seasoned business leader, understanding the intricacies of team building is crucial. Equip yourself with insights, strategies, and the knowledge to lead with purpose and vision. 🚀 Dive into this enlightening read and elevate your entrepreneurial journey. Click below: https://vist.ly/b6f3 #EntrepreneurialJourney #TeamBuilding #StartupLeadership #DigitalMarketingInsights

Speaking to founder CEOs who are considering stepping down, I noticed that they tend to make three mistakes, thinking they are doing the right thing. First, they try to fix the business instead of looking at their own psychology. There's a false promise that if only we hired a better team, if only we raised money, if only we went on holiday, our doubts about running the business would go away. It's not how it works. A better solution is to look inside our own minds to really see what's going there and what's driving us crazy. It's never external problems, it's always our own emotions. Second, they assume it's normal to feel miserable because entrepreneurship is supposed to be hard, so they ignore the pain. It's a mistake. There's a difference between hard and miserable, just like there's a difference between running when exhausted and running with a torn muscle. A better solution is to decide carefully what kind of struggle is ok, and what isn't. Third, they don't tell anyone about it thinking it's important to project confidence and commitment. It's scary to admit that we're struggling, but it's even scarier to admit that we're having our doubts. Yet, discussing it with a small group of trusted insiders can bring invaluable additional perspective. I talk about these three mistakes (and several others) in my newsletter. Read it and subscribe here:

🌟 Avoid These 10 Common Startup Mistakes: Insights from My Journey 🌟 As an Business Coach, I've learned that the path to startup success is paved with both triumphs and pitfalls. Reflecting on my own journey, I want to share some practical insights on the common mistakes startups often make, along with strategies to overcome them. 1️⃣ Neglecting Market Research: Before diving headfirst into your venture, take the time to thoroughly understand your market. Conducting market research can save you from launching a product or service that lacks demand. 2️⃣ Ignoring Customer Feedback: Your customers are your best advisors. Don't overlook their feedback, as it can provide invaluable insights for improving your offering and fostering loyalty. 3️⃣ Underestimating Financial Planning: Financial management is the backbone of any successful startup. Create a detailed budget and stick to it, ensuring you have enough runway to weather unexpected challenges. 4️⃣ Failing to Pivot When Necessary: Flexibility is key in the startup world. If your initial strategy isn't yielding results, don't be afraid to pivot. Adaptability can be the difference between stagnation and growth. 5️⃣ Overlooking Talent Acquisition: Building a strong team is essential for scaling your startup. Invest time and resources in recruiting top talent who align with your vision and bring diverse skill sets to the table. 6️⃣ Lacking a Clear Value Proposition: Your value proposition should clearly communicate the unique benefits your product or service offers to customers. Without a compelling value proposition, you'll struggle to differentiate yourself in the market. 7️⃣ Scaling Too Quickly: Rapid growth can be tempting, but scaling too quickly can lead to operational inefficiencies and burnout. Focus on sustainable growth that allows you to maintain quality and customer satisfaction. 8️⃣ Ignoring Marketing Strategies: Even the best product won't sell itself. Develop a comprehensive marketing strategy to reach your target audience and generate buzz around your brand. 9️⃣ Overlooking Legal and Regulatory Compliance: Ignoring legal and regulatory requirements can have serious consequences for your startup. Consult with legal experts to ensure you're operating within the bounds of the law. 🔟 Failing to Plan for Contingencies: No matter how well you prepare, unexpected challenges will arise. Develop contingency plans to mitigate risks and keep your startup on course. In my own entrepreneurial journey, I've encountered these challenges firsthand. However, by learning from mistakes and implementing strategic solutions, I've been able to navigate the complexities of startup life with resilience and determination. What about you? What startup mistakes have you encountered, and how have you overcome them? Let's continue the conversation in the comments below! Follow ARGHYA MALLICK(He/ Him) ⚡ #StartupTips #Entrepreneurship #LessonsLearned #BusinessStrategy

I have always believed that every employee is a mini-CEO. A CEO of your career territory as a junior employee, or a CEO of a unit as a manager, a CEO of a department as a Head… and so on. This is because in our little spaces we take impactful decisions that make or mar our growth and productivity either on a small or large scale. I have been quite immersed in the last one week in learning more about organisations and structures from the lens of an entrepreneur. I strongly believe that this is a strong driver in helping intentional leaders fully key into the strategic goals and vision of a company. Over the weekend, I spent ample time marking out paid courses I wanted to take. Interestingly, I stumbled on a free course that piqued my interest - Alas! who would have thought something free could be so impactful. Here are my key takeaways from this interesting course delivered by Western Morissette Institute for Entrepreneurship, Ivey Business School 💡Building a system too early is as critical as building a system too late. 💡Believe it or not time and luck are infleuncers in the success of an endeavour. 💡Address growing pains as they emerge before they become a cancer. 💡The Pareto distribution is an efficient tool when implementing targeted sales during initial traction - this drives 80% sales from 20% of people. 💡5Ps - Poor Planning Prevents Poor Performance (so crucial in the program management space). 💡Passion is needed to fuel the resilience you will need to keep going when you experience the challenges that will come at any level. 💡E- Earnings B- Before I- Interest T-Taxes D-Depreciation and A-Amortization. Knowing and taking control of your EBITDA makes you in control of your financial position and attractive to angel investors. 💡The most powerful startup phrase to know is that “we are not for everyone”. 💡Most startups don’t starve due to a lack of opportunities they drown due to a lack of foresight .💡High growth is tough to achieve and tougher to sustain. Be prepared. 💡Fear isn’t bad, it can fuel our desire. The best antidote to conquer FEAR is to PREPARE. 💡Know your 3Fs - Family,Friends,Fools. They make up your support system. 💡It is key as a leader to know when to let go. ..and so much more to unpack really on the business side of things. Feel free to search this course and take a deep dive. Happy learning!

THE CHALLENGING JOURNEY OF EXECUTIVES IN TRANSITION Hi, if you are reading this and you are an accomplished executive in transition to starting a new business or an executive turned business owner struggling to make your business grow and profitable, what I am about to share with you is probably the most expensive mistake that I have made and that 99% of executives in this category are making and this is probably the most expensive mistake you are making right now. Countless numbers of executives in transition genuinely attempting to build great businesses like I was trying to do ended up with so much stress and frustration, wasting a lot of time, effort and hard-earned money in the process. One of the major challenges I had in my transition was that in all my work life, I had worked in established companies that were decades old before I joined. I had never been involved in starting a business venture from a startup. So when I started out, I wanted to give birth to an "adult" company like the one I had worked and of course, that amounted to attempting the impossible. You can imagine the frustration of a woman in labour attempting to give birth to an adult child. Painfully, about 90% of executives in this category fail in the process because of a lack of a proven model. I failed several times in my business-building effort because I had no proven model to follow. However, I was determined to find a way out so I researched countless successful companies and entrepreneurs. What I found out was that there are basically 5 phases of building a successful business venture from ground zero. The Discover Phase, The Start Phase, The Build Phase, The Systemize Phase and The Scale Phase. I called it the 5 Phase Value Thinker Business Building Model - How to: 📌 Phase 1 – Discover Phase: Discover profitable business ideas that are right for you on demand. 📌 Phase 2 – Start Phase: Start it without breaking the bank, with little or no capital. 📌 Phase 3 – Build Phase: Build it with structures that support growth. 📌 Phase 4 – Systemize Phase: Systemize the business to become a money machine that works on autopilot without you. 📌 Phase 5 - Scale Phase: Scale it to help a lot of people while you make a fortune in return. To learn more about THE 5-PHASE VALUE THINKER BUSINESS BUILDING MODEL click the link below to read my book STARTUP TO FORTUNE – THE A-Z OF HOW TO BUILD A GREAT BUSINESS AND MAKE A FORTUNE HELPING A LOT OF PEOPLE. https://lnkd.in/enuU6VJ Here is the tough truth you probably know. If you want different results you need to do something different, so I encourage you to make a definitive decision right now to get different results because I believe you have all it takes to succeed. Take your first step now to building a great business and making a fortune helping a lot of people by getting copies of the book for you and your team. You can be More! Cordially at your service Hyacinth Aneke #MaximizingPotential