Patrick is the CEO of QuestFusion and a serial entrepreneur with over 25 years experience in managing technology companies. Prior to forming QuestFusion, he was the CEO at three different startup companies. As CEO of Entropic, he took the company from pre-revenue and pre-product to a successful IPO on NASDAQ.
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3 Key Points:
- Start with the business fundamentals, NOT with the product.
- Leave a company if you have to in order to maintain your integrity.
- Do what is strategic, not what is expedient.
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Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [01:05] – Patrick is a serial entrepreneur with an engineering background and an MBA
- [01:22] – He is a father to 5 kids
- [01:38] – Patrick is getting married in 2017 to his fiancé Amanda
- [02:16] – Patrick’s area of expertise is in building companies
- [03:10] – One BIG and Unique Value Bomb: Entrepreneurs now tend to be product-centric, but they really have to start with the business fundamentals
- [04:33] – Worst Entrepreneurial Moment: Patrick was hired to run a private company with a public company as the majority investor. The parent company wanted to change the equity and the debt, essentially changing the numbers in accounting. Patrick refused to do it. He talked to one of his mentors who told him to just look for another position.
- [07:27] – Patrick got out of the company maintaining his integrity
- [07:59] – Despite pressure, do the right thing
- [09:42] – Entrepreneurial AH-HA Moment: Entropic was running at a rapid pace that forced them to step back and look for an alternative liquidity amount, which was an IPO. Patrick felt the company was sub-scale to run it as a public company and that they needed a complimentary product. In the end, they were able to merge Entropic with RF Magic, and they took the company public in late 2007.
- [12:24] – An IPO is NOT an exit strategy
- [12:58] – Don’t do what’s expedient—do what’s strategic
- [13:12] – What is the one thing you are most FIRED up about today? “The idea that the Internet changes everything”
- [14:28] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “I needed to gain experience to establish a solid foundation for running companies”
- What’s the best piece of advice you’ve ever received? – “Everyone is watching you and you need to make sure you’re aware of what you say in your body language”
- What’s a personal habit that contributes to your success? – “I organize by the week and set priorities on a weekly basis”
- Share an internet resource, like Evernote, with Fire Nation – Google Calendar
- If you could recommend one book to our listeners, what would it be and why? – Crossing the Chasm and Innovator’s Dilemma
- [17:06] – Connect with Patrick via email
- [17:11] – Patrick holds a monthly webinar! Go to Quest Fusion to sign up and get a FREE checklist – The 30 Key Actions for Getting Your New Business Going and be registered to receive Patrick’s monthly newsletters for entrepreneurs
- [17:47] – Believe in yourself and believe in what you’re doing
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