08: Raising Finance and Entrepreneur Fundamentals - Nick Miller
Nick Miller is the CEO of Buzzhire, an on-demand staffing agency for the hospitality industry in London. Their app provides a modern solution to staffing issues and empowers users to work when they want at a price that suits them.
Nick has also launched several other businesses including EatFirst and Jumia whilst working for RocketInternet.
We discuss the best strategies for raising finance, creating a successful team and some amazing insights on being an entrepreneur.
1. Be Sensible About Equity
Raising a large amount of money always seems like a good idea but ask yourself if you really need it straight away or if you can do without and retain a bigger holding and thus more control of your company. VC’s are often put off by companies where the founders don’t have a controlling share in the company.
Equally, don’t be greedy and try to retain too much of your business. Selling at an inflated valuation can be damaging and limit your ability to raise further finance. So be realistic about your value and give out shares accordingly.
2. Enjoy your commute
Plan your living and working situation in a way that you enjoy your commute. It is one of the single biggest contributors to well being and happiness much more than most material items. So before taking on that higher paying job, ask your self will the commute make me happy, rather than will the money.
3. Interview Strategy
Ask Oddball questions to gauge more personality. If you think the candidate is a fit are worthwhile to spend time in the interview to make sure they really understand your business. Ensure that they have everything they need to make the decision to work for you.
4. Have clear distinctions of roles for founders.
CEO — to raise money and drive the vision
COO — to run the business and keep things together
CTO — to build the tech
Each person should have ownership of their area and be trusted by the others that they will deliver. Of course, you need to meet regularly to be sure your all working towards the same goal. But each in their different area and then stop getting in each other’s way.
5. Plan realistically — Don’t take on too much
Expect all of your plans to take twice as long and ensure to take on a minimal amount of stuff at any point in time so that you do it properly. And then you don’t get stressed out and deliver what you say will the way you want to!
Give yourself time to focus on being awesome at minimal stuff instead of being poor at everything.
Quiet Leadership: Winning Hearts, Minds and Matches — Carlo Ancelotti
A thoughtful insight into managing people and getting buy-in from others, it sounds like a great read and happy to add to my ever-growing list. Nick mentions a great quote.
_‘People don’t care how much you know, till they know how much you care.’ _<
A great quote on how much of a role passion play’s when you want to be successful at anything.
Nick and Buzzhire:
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Special Guest: Nick Miller.