Eric Ries and Steve Blank, move over. My new favorite book on startups is by Brett Fox, and the title is Learn How to Take a Punch: Building Your Startup Isn’t a Marathon, It’s a Prizefight. One of my first takeaways in the book is the mental stamina required for a startup CEO. I also learned the importance of hiring right and startup cultures.
Interview Highlights
The Origin Story of Brett Fox
- Started career as an engineer
- Boredom crept in
- Obtained MBA while working full time
- Working at Maxim Integrated was a great learning experience
- Becoming an Entrepreneur in Residence
The Biggest Issues for Startup CEOs
- People – getting the hiring right
- Creating the right culture
- Having to let go of a startup-founder or CTO
- Product-market fit is not always the biggest challenge
Revisiting Rachloff’s Law
- Fanaticism
- Integrity
- Smarts
- Cultural Fit
The Blueprint for Scaling
- Netflix
- Zappos
- Sandy Koufax
Scaling Coaching Concepts
- Start with an unconstrained model – Brett’s go-to mental model
- Work backward assuming you have all the money and staff you need
- Scale back ideas as necessary
Fundraising is a Marathon
- 6 to 12 months is the rule of thumb – can take up to 2 years
- Need around 100 face-to-face visits for a meeting
- Even then, you have a 1 in 3 chance of being funded
- Another option is bootstrapping which leads to optionality
Brett’s Current Work
- Works with startup around the globe
- Promoting his new book
Brett’s Favorite Business Books
The Best Place to Find Brett Fox
LinkedIn – Quora – Twitter
During the interview, Brett stated the best place to reach out to him is on his website. He may need a couple of days to answer your questions, but he will follow up.
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