Our focus in today’s episode is transparency of founders about their startups. Wil converses with Andrew Warner, an internet, startup entrepreneur and founder of Mixergy.com. On Mixergy, proven entrepreneurs are invited to teach how they built their startups. 

Wil and Andrew define the lines between genuine curiosity and transactional conversations in building relationships, how topics and answers have consequences, and getting people to open up about themselves by sharing a little bit of yours.

Listen to how transparency can affect business relationships.

Episode Resources

• Mixergy.com - “Learn from Proven Entrepreneurs”

What to Listen For

• [00:00:12] Who is Andrew Warner?
• [00:02:02] Why aren't founders more transparent about their startups? 
• [00:02:48] Why do I have to talk about the loser stuff? 
• [00:05:23] A little bit of a personal backstory.
• [00:08:15] Being open to others about your vulnerability. 
• [00:12:24] Everything has always worked until you fail. 
• [00:14:07] Nobody wants to hear how well you are doing.
• [00:15:08] If you do not have the tools of being vulnerable. 
• [00:16:16] People are always craving to be transparent of some things and hide others.  
• [00:19:01] The moment you're vulnerable, you become less defensive.
• [00:20:45] What are some areas you don't feel talking about publicly?
• [00:23:09] When one openly becomes honest and vulnerable, everyone becomes honest and vulnerable.  
• [00:26:48] Be genuinely curious to get people to open up. 
• [00:28:34] Do you need to share a little bit to get some during interviews?
• [00:30:38] Ask a double-barrel question to give some room for sensitivity. 
• [00:32:00] Being vulnerable makes building relationships faster.
• [00:34:52] Transactional relationships won't help build real connections.
• [00:38:33] Actually listen and give leading questions to actually connect. 
• [00:39:44] When people sit with you more and more, they value your time. 
• [00:44:34] Incapability of small talk, possibly a fatal flaw.
• [00:46:49] How to disarm someone so full of himself.  
• [00:52:32] Ask very personal questions to further relationships. 
• [00:57:51] The topics and answers that have consequences.
• [00:59:16] Look for topics that people do not need to defend. 
• [01:01:46] Be prepared for backfires. 
• [01:04:18] Do you wish you can take back what you've overshared? 
• [01:08:30] Tell people if you're uncomfortable sharing something. 
• [01:09:20] We connect with people with their flaws, it makes us human.

For Startups, what exactly do we owe our employees and to what extent?

In this episode of the Startup Therapy Podcast, Wil Schroter & Elliot Schneier redefines the unwritten social contract between employers and employees, the problems that arise when issues remain unheard, and how transparency has changed the leadership approach of Startups. 

Listen in to hear why transparent leadership builds valuable trust!

Episode Resources:

• Send us your questions - [email protected]
• Email [email protected] for Startups Coaching sessions 

What To Listen For:

• [00:01:14] There's a lot that employees rightfully feel they are owed.
• [00:03:03] Some employee journeys are their first journey and founders should at least explain to them what they don't know.   
• [00:07:00] Most major problems are always mapped back to someone who wasn't heard. 
• [00:10:23] It's easier to just tell people what to do when a problem arises, but taking time to listen to employees builds so much trust both ways.
• [00:13:05] The paranoia about the concept of communicating in a transparent way. 
• [00:17:43] Transparency and honesty can be an adequate form of compensation.
• [00:19:07] Bringing the staff into conversations, makes them feel like teammates instead of cogs.
• [00:24:03] If you can't attach humility to your leadership, you really start to lose credibility.
• [00:27:47] Old school draconian type of work environment isn't getting you the top talents anymore.
• [00:31:43] Listening style of leadership is more natural than the learned-style approach.
• [00:35:02] Now, people feel comfortable enough to converse organizationally with leaders.  
• [00:37:33] "Do it because I said so," is a very weak argument. 
• [00:38:42] That social contract that we owe has created more human relationships, a metric of happiness.  
• [00:40:49] The more opportunity to have less problems amongst everyone, it's easier to lead a company.

[00:43:30] Don't hesitate to reach out to us at [email protected]. 

Are you working yourself into the ground without making much progress, if any?

In this episode of the Startup Therapy Podcast, Wil Schroter & Elliot Schneier break down the failure of their company AffordIt, what actually happens when you run out of VC money, and when you should drop the ego & focus on doing what’s best for your mental health instead.

Listen in to hear what our VC’s did when we ran out of money!

Episode Resources:

• Send us your questions - [email protected]
• Sign up for the Startups Newsletter - https://www.startups.com/newsletter

What To Listen For:

• [00:00:12] - Welcome Elliot!
• [00:01:12] - The failure of AffordIt
• [00:02:42] - What happens when you run out of money from your captial raise?
• [00:05:19] - Obtaining VC in hard economic times
• [00:07:35] - What happens if you take on investors and don't become a unicorn?
• [00:10:12] - How to fail gracefully & maintain relationships
• [00:11:12] - Is it the investor's job to call when to fold the business?
• [00:13:08] - What we wished our investors would have done
• [00:15:35] - The importance of mental health in leadership and why no one cared at the time
• [00:18:04] - If investors won't advise you in critical moments, who will?
• [00:22:34] - The group that shatters your ego as a Founder the most
• [00:28:12] - AffordIt's breaking point
• [00:31:10] - The perfect person to tell you you're done
• [00:32:32] - Not sure if it's time for you to fold the tents or have a question? Email us at [email protected]
• [00:36:57] - You don't have to run out of money to fold the tent

Do you really need an advisory board?

In this episode of Startup Therapy, Ryan Rutan and Wil Schroter talk about why an advisory board is important, how to build your own board of advisors, and creating connections that will lead you to endless opportunities.  

Listen in for tips on getting advisors to expand your Startup network. 

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

What To Listen For:

• [00:00:58] The Advisory Board 
• [00:02:03] Why is an Advisory Board important?
• [00:06:02] How do you decide who joins the Advisory Board?
• [00:07:44] The Board members are interchangeable.
• [00:13:03] Advisers aren't that hard to get.
• [00:15:06] How to ask someone to be in the Advisory Board?
• [00:18:53] Don't get worked up on the number, get worked up on the quality.
• [00:21:17] These people must have perennial advice.
• [00:24:40] Connect to people who might be helpful to you and the business. Build a network.
• [00:25:53] Even if you lack credibility, connections can get you where you need to be. 
• [00:27:16] One person can give you the answer and fast forward everything.
• [00:31:08] "If you want to get advice, raise capital. And if you want to, raise capital, try to get advice."

Want to get your best employees to stick around?

In this episode of Startup Therapy, Ryan Rutan and Wil Schroter talk about how contribution outweighs years of service, capabilities dictate career progression, and why Startups enable accelerated career growth.   

Listen in for tips on expanding careers without the hierarchy.

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

What To Listen For:

• [00:02:20] Hierarchy isn't necessary for people on the team to grow. 
• [00:06:34] We want as flat of an organization as possible.  
• [00:10:05] What happens when you move to another company 
• [00:11:50] Growth essentially needs to be unpacked.
• [00:15:31] Cash needs to align with contribution.
• [00:20:09] Opportunity wherein you can't go to another company because you pay the most in your current position.
• [00:22:54] Understand what's motivating folks to stay.
• [00:28:28] The reflection of your progression is through your capabilities. 
• [00:30:27] Position progression shouldn't have anything to do with managing people. 
• [00:33:33] Don't look at the years of experience, anyone can level up.
• [00:36:19] Measure employee value by contributions, not by time employed.
• [00:39:26] In smaller companies you can get your hands on stuff you couldn't touch before.
• [00:42:45] People can outgrow the company, or grow faster than the company's growth. 
• [00:44:55] Title progression is not bound by who's ahead of you.

Have you planned your retirement?

In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss why retirement goals should start now, how early testing changes your plans, and what objectives to set immediately.   

Tune in for more retirement opportunities in your Startup game. 

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

What To Listen For:

• [00:01:06] Retirement is this day and age isn't what it used to be.  
• [00:03:00] This concept of retirement. The work many of us do just doesn't have the same kind of drudgery that it used that retirement is the safety net from pain. 
• [00:05:00] It's about spending some more time doing things that you are already doing. 
• [00:07:56] Our startups should be helping us to get to our goals without necessarily having to sell. 
• [00:09:11] Deferred living: You can work on a startup for decades and not have it sell, and if you didn't design it towards that every day enjoyment.
• [00:11:00] Retirement should be the things that you want to do. And the question is, how much of it can I do right now? 
• [00:12:50] Ease into it, figure out that one thing you want to do. 
• [00:18:30] It's like popping a bubble. If you just pop the bubble on whatever that dream is and it's still interesting, okay there's something there worth stressing for.   
• [00:22:05] With retirement, we would have endless choices of what to. But can you spend 16 hours a day with something that isn't a job. 
• [00:25:00] For any major life event transition, you should be testing, you should be preparing yourself.
• [00:26:20] Retirement should be something that you're constantly chipping away at, by creating more opportunities to spend the time the way you want it.
• [00:28:00] If we look at retirement as a gateway, we can't retire. The ability to play tests is there, there's no reason you can't be doing these things.
• [00:30:18] I don't think there are a lot of hobbies that activate us the way our jobs do.
• [00:32:34] Do you really think that top performing professional athletes were still playing because they need the money? It wasn't retirement because they achieved financial success, they had satisfied themselves.
• [00:34:14] There's a huge difference between wanting to retire and wanting to not do something you're already doing. 
• [00:34:55] The ultimate goal of retirement is that nothing changes, because all along we deliberately planned to get more and more time to do things we want to do.
• [00:37:00] Instead of waiting for this amazing moment that can change it all, change a number of things year end, year out, eventually the things you want to do during retirement are already in place. 

Does "No" mean never? Not exactly.

Today on the Startup Therapy Podcast, Wil & Ryan discuss why saying "No" is just as much discipline as it is a luxury, how to build your confidence in saying "No", and when saying "No" can actually grow your business.

Whatever you do, don't say "No" to this episode!

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

Do you have safety assets for your next milestone bet?

In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss the difference between personal and business safety, an optimized approach to running a Startup, and creating a safety net for every milestone.

Listen in and learn how base-level stability can fundamentally change a business. 

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

What To Listen For:

• [00:00:33] How can I feel safe from Startup scam?
• [00:02:10] Safety can be achieved at a much lower threshold. Now that I am safe, how do I become rich?
• [00:06:22] Personal safety vs Business safety
• [00:09:40] Optimizing approach to building a Startup
• [00:12:06] What safety looks like as a milestone?
• [00:13:40] Safety means you can weather a storm. What is a storm to you?
• [00:17:03] Startup narrative: What safety really is and how important is it for businesses?
• [00:19:31] Having a safety net allows you to do things you couldn't do.
• [00:21:11] Establish real, specific milestones 
• [00:23:45] The safety that businesses should be looking for.
• [00:25:49] Isolate your milestones, put your bet on something that doesn't impact your safety.
• [00:27:00] Create base-level stability for the business.
• [00:29:17] How focusing on getting to that safe point can fundamentally change the business.
• [00:32:43] Once you're safe, becoming rich becomes a luxury goal.
• [00:34:00] What do you need to be safe enough to make really big bets?
• [00:36:18] Figure out exactly what safety looks like.

Eager to prove that your business idea is the next big thing?

In this episode of Startup Therapy, Ryan Rutan and Wil Schroter discuss how to get more out of short-term goals, finding validation for Startup growth, and why funding doesn’t equal success. 

Listen in and learn how to optimize probability for the best possible outcome!

Sign up for the Startups Newsletter

https://www.startups.com/newsletter

What To Listen For:

• [00:00:36] At what point was not aiming big enough the problem?
• [00:03:01] Trying to hypothesize how big it could possibly be when you don't even know if it works when it's still small?
• [00:07:49] You could start with one broken argument that says, well, it's going to take the same amount of time to build…
• [00:13:37] You don't just set one goal and you kind of hang out until you hit that one goal. 
• [00:21:15] It now has to be a giant business to somehow have some sense for validation.
• [00:22:08] You probably also don't need the funding to do a good job in that market.
• [00:29:26] Make it work in a microcosm and then make it work somewhere else.

Reputation: we all have an understanding of the long term & lasting impacts it has on your standing as a Founder, but how do we cultivate our reputation?

Today we discuss why reputation is so important, how your resume & reputation are two very different things, and what the cost incurred if we don't take our reputations seriously.

Remember, your reputation is very hard to build & very easy to destroy - so listen up!

Sign up for the Startups Newsletter
https://www.startups.com/newsletter