This episode is chock FULL of nuggets and pearls of wisdom that will absolutely blow your socks off. We are joined by Charles Fred, co-founder of TrueSpace, researcher extraordinaire, and serial entrepreneur, who has delved deep into the pitfalls, mistakes, and realities of entrepreneurs and investors through a research partnership with Gallup. TrueSpace is his latest venture, working with companies to grow into the middle-market space and hit the $10M mark, and the insights he has from his work and his research are invaluable to founders of companies that want to scale and grow their companies.
Our conversation with Charles starts out with how much the job-creation pool has changed in the last 4 decades, from “big business” being responsible for most job creation in the ‘80s, to entrepreneurs creating 7 out of 10 jobs today. We go deep into the types of customers in any business (spoiler alert: there are only 2 and they have very different impacts on your business), the distinction between capacity and capability, and the difference between an entrepreneur and an employee.
Charles also lays out the statistics around getting to $10M in annual revenue, how long it takes on average and how many companies make it there. You’ll want to brace yourself, because the reality is shocking. Charles shares why he believes CRMs are making entrepreneurs dumber and worse at their jobs, and he talks about how you’re probably spending your time as a CEO (and why it’s actually hurting your business in ways you don’t even realize). He also offers advice and insight for entrepreneurs looking for investors and investors looking for better, more predictable returns from their portfolio companies.
There’s a ton of data, insight, and wisdom in this episode that will have you thinking hard about your priorities in your company, and if applied with smarts and intentionality, can have you back on a growth path in no time!
Get in touch with Charles via email at [email protected] and get more support and insight at TrueSpace (https://www.truespace.com).
Check out Charles’s recommended resources:
“Limits to Growth” by Donnella H. Meadows (https://www.amazon.com/Limits-Growth-Donella-H-Meadows/dp/193149858X)
“The Infinite Game” by Simon Sinek (https://simonsinek.com/the-infinite-game)
“Thinking, Fast and Slow” by Daniel Kahneman (https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555)
“The Black Swan” by Nassim Nicholas Taleb (https://www.amazon.com/Black-Swan-Improbable-Robustness-Fragility/dp/081297381X)
(ADD: research materials from TrueSpace)
And remember: There’s no breaks as an entrepreneur, so always be learning!
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