37 min
Learning to Be a Rookie: Insights from LoanSnap CEO, Karl Jacob Outcome By Design
-
- Investing
In this episode of "Outcome by Design," I was joined by Karl Jacob, the CEO of LoanSnap and a serial entrepreneur. Karl has some sound advice for entrepreneurs, serial and first-timers:
Because every startup is a snowflake, Karl advises serial entrepreneurs to be aware of what they know and don’t know based on experience. Bring a "beginner's mind to each new company," regardless of whether this is your first or fifth startup. Embrace your inner rookie, and stay curious!With a quote from the movie “Top Gun, ” Karl also reminds us that control is an illusion. And instead of clinging to a failed idea, recognize it, fail gracefully, roll with the punches, and use your experience to recover from failure faster.And, of the mythical viral growth loop, true virality is when the use of the product is sharing with others – and if it’s viral, you could turn off marketing and still grow. Viral growth loops are indeed “rare birds.”Karl advises entrepreneurs that “you’ll have more ideas,” so don’t be afraid to sell, merge or move on from your startup. Consider the trade-offs carefully, including the burden of further investment vs. selling and the impact on your employees, partners, and investors.Karl’s #1 rule is to reach profitability as fast as possible. You’ll have more options at a higher valuation.
In this episode of "Outcome by Design," I was joined by Karl Jacob, the CEO of LoanSnap and a serial entrepreneur. Karl has some sound advice for entrepreneurs, serial and first-timers:
Because every startup is a snowflake, Karl advises serial entrepreneurs to be aware of what they know and don’t know based on experience. Bring a "beginner's mind to each new company," regardless of whether this is your first or fifth startup. Embrace your inner rookie, and stay curious!With a quote from the movie “Top Gun, ” Karl also reminds us that control is an illusion. And instead of clinging to a failed idea, recognize it, fail gracefully, roll with the punches, and use your experience to recover from failure faster.And, of the mythical viral growth loop, true virality is when the use of the product is sharing with others – and if it’s viral, you could turn off marketing and still grow. Viral growth loops are indeed “rare birds.”Karl advises entrepreneurs that “you’ll have more ideas,” so don’t be afraid to sell, merge or move on from your startup. Consider the trade-offs carefully, including the burden of further investment vs. selling and the impact on your employees, partners, and investors.Karl’s #1 rule is to reach profitability as fast as possible. You’ll have more options at a higher valuation.
37 min