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StartFEST Day 2


Day 2 of StartFEST: At least two people today said that you need to work your butt off if you want your startup to be successful.  If you’ll remember my post here, Mark Cuban’s advice to “kick your own [butt]” is actually what motivated me in the first place to start my own entrepreneurial journey.  Butt kicking, it would seem, is turning out to be a major theme across the board.  

Some of the biggest names of day two at StartFEST were Dave Bateman, CEO of Entrata (formerly Property Solutions) and Clarke Miyasaki, Vice President of Business Development at Stance.  Below are some of my favorite quotes and thoughts from the day.

Nate Gardner - EVP, MX

“Build a company that can move fast and adapt to the needs of the customers.”

 

Dave Bateman - CEO, Entrata (formerly Property Solutions)

Grow to $100 mil in revenue without raising capital

Five Recommendations on Bootstrapping

  • Keep ego in check
    • Spend money wisely and don’t waste it
    • Save money by spending less on company headquarters to start out
  • Go guerilla marketing

    • Great way to get name out there for less
    • You need to be creative and think outside of the box
    • Guerrilla marketing should create value
  • Create the right team (A-Team)
    • Take your time to make sure you get it right the first time
    • Find people who can do more than one thing, and then you can get multiple things done
    • Everyone should know the trade of the business.  For example, if you have a tech company, everyone should be into tech
    • Communicate vision constantly, everyone should know the vision
  • Architect for Efficiency
    • Use outsourcing effectively
      • Entrata has 700 programmers working in India.  This started when two of Entrata’s six programmers quit and Dave moved to India for 8 months to hire and train 20 programmers
    • Go with your gut
    • Flee from distraction
      • Allocate your time correctly
    • Don’t over network
      • Make sure there is a purpose for networking with everyone, so that you do not waste time
    • Structure equity compensation properly for employees
  • Cash is King
    • Learn to fly close to the tree tops
    • Running cash tight takes discipline
    • In the beginning, structure deals to bring cash immediately

Last bit of advice he had was to work your butt off to make something great.

 

Clarke Miyasaki - VP of Business Development, Stance

The Art of Luck

  • Take advantage of every opportunity
    • This requires you to be ready by preparing and maximizing everything that comes your way
  • Aim higher than your highest expectations
        • Expect a lot of yourself and be bold
      • Intelligently leverage your relationships and be nice
        • You must actually have a relationship with people to leverage the relationship
        • Take time to develop relationships with people and get to know them
      • Do what you are great at and work your butt off
      • Enjoy the process - Everything works out in the end
        • Optimism will help you in more situations than you realize

       

      Sid Krommenhoek - Managing Partner, Peak Ventures 

      Lesson Through Startup, IPO, And Now Venture Capital: There Is No Truth

      “You have to be willing to battle to be successful.”

      “There are no simple answers.”