JOE, CEO, Co Founder discussed on Business Rockstars

Automatic TRANSCRIPT

The planet this is business rockstars and this is Joe make hand he's the CEO and co founder of nodes source and we were talking about race and how to really take calculated risks so what's your advice on that yeah I mean you know there is no sort of magic formula here I think everyone has to kind of evaluate their own risk parameters but you know for me at having been on summer at some very early age one of the things that I've done particularly starting note source was yeah I didn't dive right into it right you know if somebody says quit your job and and follow your dreams it's probably because they're already wealthy enough to be able to do something like that and I don't think the majority of folks are in such a privileged position and also one of the things that I did was and I recommend this to some folks is you know have a full time job and kind of have something on the side because in essence you can start to evaluate okay man's got kids are got you know mortgage payment or bills or whatever it might be and if I just leave all that to go focus on this thing and this doesn't work out then you're kind of in a bad situation right and that's when you dead right for a while you have a job that's correct yes so I would like to speak to an ad agency in New York while I was kind of cultivating nodes and what that enabled me to do was to say okay I have a full time job I know that I'm able to kind of keep this going and yes I'm gonna work a lot of extra hours on on my passion project which is the company that I want to start but that way I can go into it kind of knowing all right do I have customers are sick is there a market to sell into what is that market look like and who the people that I need to potentially hired help me build that business while not being radically distracted with your personal finances and I think that's one of the biggest things about calculating that risk is if you are constantly distracted with your personal finance financial obligations can't focus on the good points so it's really doing that research and understanding your market and if there is a market that's correct yeah I mean you looking into you know whether it's you wanted to start a new fast food company are you doing something like a tech company to figure out if there is actually market there is is challenging but doing that work up front I think is extremely valuable because you may have this very silo to sort of in your own bubble believes that you have the next grade you know photo sharing app but there's not really a market for that anymore no one's going to care in any sport a lot of not only your potential money into something like that but your time and that's the most valuable piece for knowledge from nor is that if you're spending too much time on something that really doesn't have a a big opportunity to sell into then you're probably wasting your time let's take a step further how do you know if there is a market where do you go about starting that research yeah great question so you know from my from my personal experience I think it goes back again to pattern recognition right so I have an enterprise software company we sell to other business so consumers start ups very very different right you may come out with an axe you know hover board Hey this thing doesn't didn't really exist before it actually was put out into the market but when it comes to things like more B. to B. or enterprise related companies look at what you know companies in fortune five hundred have been doing for a long time right you can look at the H. R. in this re or accounting or finance the the the parts that run the operations of the business and if you see opportunities to to sort of it proves that aspect of the business world then go size that market right so for example let's take a chart how big is the H. R. market well let's say we just want to focus on benefits will how big is that benefits market how many companies use H. R. companies that provide their benefits now you've got a market that you can actually look into because more importantly if you bootstrap the business you want to get those first couple of customers to show that you can actually sell into them within secondarily if you go to fundraise one of the things that investors look for is how big is that market and and tell me how big it actually is and having that research having that answer is a master differentiator for folks that are going to be able to raise money and those who are not for entrepreneurs and have a great idea they now know that there's a market for it and then a big question becomes how my gonna on this project I love that your an example of having humble beginnings but finding a way to get it done and the majority of your businesses are all of that I think you said you started with bootstrapping so tell me about this bit strapping process yeah so in my opinion bootstrapping a business can really test the mettle of you as an ox nor it's that great that we talked about earlier right and I think one of the benefits of doing that is number one you are really in control of your own destiny at that point now granted you know you may have to work a couple jobs like I mentioned you kind of have this thing bring on the side Sir can you have a lot of your time and resources but in doing the bootstrap in through the bridge trapping process you can number one starts to determine is there something really here we talk about the market we also talk about other people I can hire other customers available to the source and if you bootstrap that you kind of have a proof point there that is extremely valuable in the case that you want to potentially go to raise money so in the process of boot strapping I believe that what you'll learn about how you can actually position the value of your company to prospective investors is is orders of magnitude higher than if you just walked into you know Silicon Valley and ask a bunch of the seas Hey look at my paycheck and tell me what you think it forces you to make more strategic wiser decisions that's your money you're spending one of their own money as a little harder to spend you want to make sure you really really are making good decisions yeah you basically have skin in the game right I mean I think this is one of the challenges with a lot of folks that just raise money initially is that if you don't have skin in the game meaning you know sweat equity of course you're gonna work a ton of ours and and work really hard but if you've got your own money that you worked hard for into that business you're going to think a little bit harder about a lot of decisions to make right you did eventually end up raising money so tell me a little bit about that pitch process yes so first and foremost I have had no experience vision of the seas it is a a rather daunting experience if you don't have any experience doing it but fortunately you know I was raised doing a lot of cedar arts and music as a child my mother taught children's theater so being in front of people are sort of presenting if you will kind of came in second answer so I had an edge there however there are some some things that I think on screen or should think about before they go into that initial pitch one is no that venture capitalists are professional deal makers this is all they do right they'll see a thousand pictures in a year so what are you going to do to be able to differentiate and more importantly expect them to ask questions and interrupt your process and slow so that they want to see how you can react to that sort of stuff right I think the other thing with with pitching is if you can find anyone in adviser or mentor and another option when it's done it before and just five fifteen minutes and have coffee with them tell me what was your first pics like what do I need to be prepared for what do I wear what why do who I talked to I look at these little things can actually make a bigger impact because its reputation over and over and over again that will actually make you successful in the fundraising process and so tell me a little bit about your co founder yeah how do you guys work together yeah great so my co founder Dan Sean I have known each other than no jazz communities for for years and she is and it's sort of an iconic figure in the no GS munity right so she's extremely focused on evangelizing in supporting the open source side of no J. S. and making sure that it continues to grow today no J. S. is the fastest growing open source project on earth ahead of any other technology we've actually got more than a third of soft Abella purse on the entire planets are self identified as no chance developers so the work that he does in there is extremely critical to the success of no J. S. just as a technology I'm kind of more like the business got right I focused heavily on you know one of the strategic initiatives that we need to accomplish in say twenty seventeen or how we think about the commercial aspect of open source of one of the macro trends that are happening sort of the C. suite when there's big concerns around cyber security for example and that gives us a really good balance because she has the potholes really on the open source community with no and I have the polls more or less on the commercial Joe McCann he's the CEO and co founder of nodes source this is business rockstars all money managers might seem the same but while some give their clients cookie cutter portfolios Fisher investments Taylor's portfolios to your goals and needs some only call when they have something to sell Fisher goals regularly so you stay informed and while some advisors are happy to wear in commissions whether you do well or not Fisher investments fees are structured so we do better when you do that.

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