29 Sep 040: Would you go to the bar if there was a 95% chance you wouldn’t get a beer?
In the US, 95% of startups fail.
Is the American dream just for rich boys?
In this episode I chat with Brian Mac Mahon – founder of Expert DOJO, the largest startup high performance center for entrepreneurs in Southern California.
With access to thousands of experts and mentors Brian and his team help entrepreneurs find out whatever they need to know to pursue their small business dream.
Find out what raising capital for startups is really like, and what you need to focus on to make sure your business gets on the path to success.
1:03 – Introducing Brian and his background in startups through Expert Dojo; The big disconnect Brian saw in the way businesses were being funded and how he wants to address that through his company
3:03 – Details on Brian’s love for entrepreneurship and creativity; being a service entrepreneur.
5:14 – How entrepreneurship hasn’t changed much over the past 100+ years.
6:32 – His somewhat contrarian views on companies like Amazon and Uber.
9:25 – Matthew’s counterpoint, using the airline industry as an example.
12:35 – The journey of being an entrepreneur and how the funding landscape has affected that journey; the problem with accountants running companies as opposed to entrepreneurs.
15:13 – Identifying the problems with funding as well as presenting options to fix them; the effects of social media and mindsets on this landscape.
19:02 – How Expert Dojo is addressing these issues; their approach to starting out by studying startups and the conclusions they came to.
23:26 – The community that supports startups in the US versus in other countries; an example of a logistical company that they’re working with.
26:30 – Why he sees the Lean Startup idea as problematic; the importance of branding and business planning.
28:23 – Distinguishing between pivoting/agility and abandoning ideas too quickly.
29:19 – The final piece of information they found in studying startups.
30:05 – What Brian’s days generally look like and how the Dojo operates.
32:10 – The statement that encapsulates Brian’s philosophy on startups and how he tries to help.
35:38 – Managing relationships between the businesses he’s helping and venture capitalists.
37:20 – How Brian’s business also helps venture capitalists as well as the companies he works with.
39:03 – The mission of Expert Dojo and some advice from Brian.
39:41 – How he sees this changing, particularly thinking about crowdfunding.
40:58 – The problems he sees in crowdfunding.
42:21 – Creating an investor club to help educate people on investing.
44:00 – Discussing cryptocurrencies and Brian’s interest in them.
45:38 – Benefits to seeing so many startups in so many different industries; understanding the relevant probabilities.
48:12 – The rapid fire questionnaire.
52:14 – Contacting Brian and Expert Dojo.
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