According to Tim, “People and innovative business relationships are the next big thing.” This former Yahoo executive has launched companies, built brands and now runs a media services company specializing in business trends, new media and human behavior. He is the author of Love Is the Killer App, The Likeability Factor, Today We Are Rich, and Dealstorming. He’s passionate about the power of great relationships.
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- Rev – Tim’s small business resource
- Multipliers – Tim’s Top Business Book
- Love is the Killer App, The Likability Factor, Today We Are Rich and Dealstorming – Tim’s Books
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3 Key Points:
- Know the true meaning of networking.
- Working for an entrepreneur doesn’t make you an entrepreneur.
- If you’re going to need to raise money the first question is, “What’s your addressable market?”
- HP Computers: Visit to hp.com/onfire and enter code fire at checkout for 30% off select HP Products!
Time Stamped Show Notes
(click the time stamp to jump directly to that point in the episode.)
- [01:12] – Tim has been a thrill-seeker most of his career
- [01:20] – In the 1980’s, he was employee #87 at Southwestern Bell Mobile Systems
- [01:47] – In 1997, he quit a mid 6-figure job to work for Mark Cuban
- 02:10 – Tim’s company, Deeper Media, has figured out how to research the relationship between human behavior and technology
- [03:40] – One BIG and Unique Value Bomb: “Great networkers give. Networking is not a shortcut or a way to get funding. Great networkers are always trying to put people together without expecting anything in return.”
- [04:40] – Tim’s 3-pronged idea:
- 07:29 – Worst Entrepreneurial Moment: “In 2010, I had an idea along with a person I knew. In 2012 we founded the startup called Net Minds and did it with our own money with one angel investor. We went out to develop a software. Eighteen months into the startup, I tapped out my savings account, and we couldn’t raise money.”
- [11:13] – As an entrepreneur, if you’re going to need to raise money, the first question should be “What’s your addressable market?”
- [12:24] – If you don’t think like an investor from day one, your daddy better fund your startup
- [13:25] – Startup mentality is you raise a bunch of cash to create a huge valuation
- [14:11] – No matter what company you’re thinking of, you must raise $30 to $40M to get to any meaningful exit
- [16:18] – What is the one thing you are most FIRED up about today? “Helping entrepreneurs and B2B leaders fix brainstorming”
- [17:25] – Speed is everything and if you’re on your own, you’re slow
- [17:45] – Tim shares what triggered his whole journey
- [20:54] – A myth is “It’s all about the big idea and the lone genius”
- [21:21] – You can accomplish anything in the world if you can solve every problem in front of you
- [21:45] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “Risk tolerance”
- What’s the best piece of advice you’ve ever received? – “Out-give everyone you do business with – and you do it with advice. Read more books more than anyone you ever met – you do it in your mornings.”
- What’s a personal habit that contributes to your success? – “I don’t go online the first hour I’m awake”
- Share an internet resource, like Evernote, with Fire Nation – Rev
- If you could recommend one book to our listeners, what would it be and why? – Multipliers –“it’s why the best managers make everyone around them better”
- 25:09 – Connect with Tim on his website
- 25:26 – You can download a 30-page chapter from Tim’s new book here
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