Hire Power Radio Show

How to Compete & Win-Win Against a Huge Salary with Michael Downing of MDSV Funds


Listen Later

How do you compete against a huge company like Amazon or even a really well funded startup? 

If you are competing checkbook to checkbook, you will lose… Every time! 

The only way to tilt the odds in your favor today is to really understand the career wounds of the person and to be able to connect the dots as to how your opportunity fulfills their desires. 

This requires you to listen. Stop selling and start understanding what is important to the individual. This will allow you to stand out from the competition and allow the person you need to hire to see value above and beyond the paycheck.

Our guest today: Michael Downing, Founding Partner of MDSV Fund 

Michael is a Silicon Valley serial entrepreneur, has co-founded 6 software companies over a 28 year career, 3 of his companies were acquired and one had an IPO in 2006.

For the last 3 years, Downing has focused on investing in promising early-stage tech companies via his venture capital fund MDSV. Michael has recruited, hired and managed hundreds of employees over the span of his career.

Today we discuss:

  • Why leading with the checkbook is a very bad idea
  • How to win talent by NOT leading with the money
  • Challenge today?

    • People are getting paid crazy numbers
    • People need to have a major passion of belief in the company
    • Now this is a requirement
    • Conviction & belief are the new requirement
    • wild/ disruptive concepts draw in talent
    • Without a big/bold vision you struggle- pirate ship opportunity- highly disruptive company
    • Why is this important to the company?

      • Key positions are being filled by people doing side hustles
        • Full Time at companies like facebook
        • Necessity for side hustles
        • Rick’s Nuggets

          • People are jumping ship because they no longer align with the company values
          • Too often big salaries = lot’s of problems (attrition, toxic culture, bad leadership, undefined work) 
          • If someone turns you down for a higher offer, you blew your hiring process. 
          • “Rent gold before buying silver” - Steve Newcomb
          • How do we solve the problem? 

            • Be new, bold, unique, disruptive concept- big vision
              • A new way to solve a problem, product in a totally different way
              • Investor pitch- ½ people say “that's crazy”- your onto something
              • Make believers in what you are doing
              • Build an advisory board first
                • Thoughtful about who the members are
                • Translates to 6-12 contacts that can be team members
                • Credibility
                • Positioning
                • Funding
                • Rick’s Nuggets

                  • Have a interviewing process (you are being judged too)
                    • People to take you seriously
                    • Key Takeaways that the Audience can plug into their business today!  - Value:

                      1. Set Yourself Up For Hiring Success: It's got to be a Big, Bold, Kickass Vision
                      2. Plant Your Roots Early: Your advisory board can be the single most valuable hiring resource in the earliest of days
                      3. Don't Conform: Adapt Your Policies & Benefits to people's changing lifestyles
                      4. Guest Links:

                        LinkedIn: https://www.linkedin.com/in/michaeldowning/

                        Facebook: https://www.facebook.com/michael.downing.7161953

                        Twitter:  https://twitter.com/michaeldowning

                         

                        This show is proudly sponsored by Criteria Corp: https://www.criteriacorp.com/

                        ...more
                        View all episodesView all episodes
                        Download on the App Store

                        Hire Power Radio ShowBy WRKdefined Podcast Network

                        • 4.7
                        • 4.7
                        • 4.7
                        • 4.7
                        • 4.7

                        4.7

                        39 ratings


                        More shows like Hire Power Radio Show

                        View all
                        The Ben Shapiro Show by The Daily Wire

                        The Ben Shapiro Show

                        154,158 Listeners

                        The Way I Heard It with Mike Rowe by The Way I Heard It with Mike Rowe

                        The Way I Heard It with Mike Rowe

                        41,203 Listeners

                        REAL AF with Andy Frisella by Andy Frisella

                        REAL AF with Andy Frisella

                        32,717 Listeners

                        THE ED MYLETT SHOW by Ed Mylett | Cumulus Podcast Network

                        THE ED MYLETT SHOW

                        14,035 Listeners

                        The Game with Alex Hormozi by Alex Hormozi

                        The Game with Alex Hormozi

                        4,445 Listeners

                        The Shawn Ryan Show by Shawn Ryan

                        The Shawn Ryan Show

                        44,274 Listeners

                        The Bible in a Year (with Fr. Mike Schmitz) by Ascension

                        The Bible in a Year (with Fr. Mike Schmitz)

                        61,242 Listeners

                        The Elite Recruiter Podcast by Benjamin Mena

                        The Elite Recruiter Podcast

                        44 Listeners

                        The Mel Robbins Podcast by Mel Robbins

                        The Mel Robbins Podcast

                        20,186 Listeners

                        Build with Leila Hormozi by Leila Hormozi

                        Build with Leila Hormozi

                        932 Listeners

                        BigDeal by Codie Sanchez

                        BigDeal

                        787 Listeners

                        Take It Outside with Jay Cutler and Sam Mackey by Outsider

                        Take It Outside with Jay Cutler and Sam Mackey

                        33 Listeners