The Jonathan Mills Patrick Show
By Jonathan Mills Patrick
The Jonathan Mills Patrick ShowJan 27, 2022
S2E1 - Sidharth Jain of GraffersID.com; How Customers Can Be the Best Investors and the Power of Validation
I had the opportunity to speak with Sidharth Jain of GraffersID (GraffersID.com) to talk about his experience in helping startups launch tech-based businesses. To connect with Sidharth you can find him on LinkedIn at https://www.linkedin.com/in/sidharth-jain/
👨🏻💻 You can find me online at my personal website - https://JonathanMillsPatrick.com/
🎙 Looking for audio versions of this content? Try my podcast at https://anchor.fm/jmp1
🚀 Looking for startup resources to help you launch and grow a business? Check out my resource and courses at https://jonathanmillspatrick.gumroad.com/ Say hello on these social media channels:
🐦 https://twitter.com/jmillspatrick 🎞 https://instagram.com/JonathanMillsPatrick
S1E50 - Season Wrap-Up and my Thanks
Thanks so much for sticking with me through 50 episodes. Of all the podcasts you could listen to, you chose to spend some of your time with me. I'm honored.
This wraps up the first season. In 2022 I plan to return with more long form interviews with other entrepreneurs and professionals. If you have any suggestions for me about folks I should interview please email me at jmp@jonathanmillspatrick.com.
As a way to say thanks, I'm offering 50% of all my courses, ebooks, and pitch deck templates. Just use the code "halfoff" at https://jonathanmillspatrick.gumroad.com/
S1E49 - The SBA increased the maximum EIDL loan amount to what!?
Hi, folks. The SBA has just announced an increase to the maximum EIDL loan amount. In fact, they quadrupled the maximum amount!
But, there are some requirements you may have to meet depending on the loan amount you ask for.
Timestamps
2:10 The increase amount for the program
2:45 A reminder about the program
3:37 UCC filing requirements
4:37 Real estate requirements
5:21 Personal guarantee requirements
6:36 How the grant component works
7:40 Links to the application process and a checklist
Links mentioned in the episode
Low-income verification map - https://sbaeidl.policymap.com/newmaps#/
Application process and checklist - https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl#section-header-5
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E48 - Small Business Grants that are Still Available?
2:05 State specific grant programs
4:56 Gender specific grant programs
8:11 Science specific grant programs
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Want to start a business helping companies find the capital they need to launch and grow their business? Register for my Commercial Loan Broker in a Box course at https://jonathanmillspatrick.gumroad.com/l/commercialloanbrokeriab/
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S1E47 - Small Business Grants versus Loans
Every entrepreneur looking for capital would love some free money. The key is understanding which programs are loans and which are small business grants.
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Want to start a business helping companies find the capital they need to launch and grow their business? Register for my Commercial Loan Broker in a Box course at https://jonathanmillspatrick.gumroad.com/l/commercialloanbrokeriab/
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S1E46 - Product Market Fit is the key to startup success
Some people point to a lack of financing as the #1 reason startups fail. That can hurt, but it isn't the top reason for failure.
A lack of product market fit is the thing that will keep your startup from launching.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E45 - Private Equity vs Venture Capital
In today's episode I am sharing the differences, and a few similarities, between private equity and venture capital.
A lot of people lump all investors in one bucket. This creates a problem because, as a founder, you aren't going after the right investors if you don't understand the stages that these groups focus on.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E44 - How to Invest through a Direct Share Program
I been selling courses through Udemy for years now. Because of my involvement the company recently asked if I would be interested in investing in their Initial Public Offering (IPO) through a Direct Share Program.
In this episode I cover what that is and what the benefit is to such a program.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E43 - How to Recruit Top Talent to your Startup
Since investors are focused on investing in proven teams, it is critical that you hire top talent for your startup.
Here are four recommendations for recruiting the best candidates.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E42 - Takeaways from Hubspot's Inbound 2021 conference
This week I had the opportunity to participate, virtually, in Hubspot's annual inbound marketing conference, Inbound 2021. Originally I was going to be busy with my company's annual conference. But, that went virtual as well and had the agenda slimmed down. So, I found my calendar having more availability than I thought it originally would. The conference was really worth the money, a premier pass to all the sessions was only $150, so I would higher encourage you to think about attending next year. Especially if inbound marketing is part of, it should be part of, your marketing strategy.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E41 - What is crypto staking?
I’ve been pretty transparent that I invest in cryptocurrencies, or crypto. Not only do I own individual coins (mostly Bitcoin, Ethereum, Doge, and Solana), but I have also recently decided to “stake” my Ethereum. As always I am experimenting with things to learn about them and once I have done that I like to share my new found knowledge. Let’s take a look at crypto staking.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
S1E40 - How to give a terrible investor pitch
There are lots of resources about what goes into a good investor pitch deck 📊.
In fact if you’re looking for a template to work from you can find my own template that I have used to help entrepreneurs raise millions of dollars here.
There are a fewer resources about actually delivering the pitch to investors.
I’ve participated in hundreds of pitches in my career. Whether as the startup founder seeking an investment, an investor looking to invest in a startup, or even as a judge of a pitch competition.
Along the way I’ve witnessed some really good pitches…and some really terrible ones. What follows is a summary of those lessons.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
Ep. #39 - LatAm is a hot bed of opportunity
You can download the Atlantico report here.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
Ep. #38 - The easiest way to build business credit
Your business can have, does have, its own credit score and characteristics. Building up business credit is a lot like building personal credit. But there is one place that builds business credit that many people forget about.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
Ep #37 - How to get a $4.3M business loan
Getting a large business loan usually requires submitting a business plan. Although the documents have differences, a business plan isn't much different than a pitch deck in that they both tell stories.
Here are the pieces that mattered when I was helping a company get a $4.3M business loan.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
Ep. #36 - Deciding to work for a startup or a larger company
I was honored to get the chance to sit down with a young professional, Chandra, and discuss how we should go about making the decision of working for a startup or a larger company.
Here are some things you should think about.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
Ep. # 35 - Customize your pitch deck for the audience
Today I'm answering a listener's question - how does a pitch deck's design vary if you are raising a seed round versus a later round of funding.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com. You can download free startup resource guides at this link.
Ep. #34 - How startup valuations work (pre-revenue startups)
- Why startup valuations matter
- Why valuing a pre-revenue startup is hard
- Ways to value a pre-revenue startup
- Alternatives to setting a valuation
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Need to raise capital for your startup? Check out my course, The Startup Funding Formula, for tips on what investors look for, what documents you will need, and more.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download free startup resource guides at this link.
Ep. #33 - Why startups need Product Management skills
If you aren't familiar with the product management profession that is ok. What matters is that you take the time to learn the processes and skills they have. Because there are no better skills for growing a startup.
Some of the resources I mention include:
Udemy - just search for product management
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
____________________________________________
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download free startup resource guides at this link.
Ep. #32 - Want me to invest? Here are six things I look for in a startup
I have six criteria that make up about 80% of the decisions factors I use when thinking about investing in a startup.
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Interested in making $$$ helping companies find capital to grow through loans? My latest course, Commercial Loan Broker in a Box, teaches you how to start you own side hustle or full-time career brokering business loans.
____________________________________________
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download free startup resource guides at this link.
Let's build a community (S1 E31)
I've been a part of multiple online communities. Some have worked great, while others...not so much.
The ones that I have enjoyed have allowed me to build deeper relationships with people by creating a space for on-demand discussions, idea sharing, etc.
Right now I'm not part of an online community.
So, I decided to start my own.
Head to ibicommunity.slack.com to join me.
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You can download free startup resource guides at this link.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
More about Entrepreneurs-in-Residence (EIRs)
One of my listeners, Sachin, asked me to share a bit more about Entrepreneurs-in-Residence (EIRs).
EIR roles can take a variety of shapes but the overall purpose is the same. Allow an entrepreneur to work on growing their business while providing them a "day job" helping other entrepreneurs.
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You can download free startup resource guides at this link.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
Ep. #29 - First mover advantage or disadvantage?
Being first in a market has its advantages. But, first mover advantage can also turn into first mover disadvantage.
I've personally experienced this and it sank my first startup.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download free startup resource guides at this link.
Ep. #28 - Ideas are worthless
The reality is that investors don't put money into ideas. No matter how good they are. They invest in business models that show promise. That requires execution. Which in turn leads to milestones. Which leads to investments.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download free startup resource guides at this link.
Ep. #27 - Does a commercial loan broker need a license?
Lately I've been sharing some of the lessons from my upcoming course, Commercial Loan Broker in a Box.
In this episode, I answer a question from John. John asks whether or not you have to have a license to broker commercial deals.
The answer is, it depends. It depends on state you are doing business in and the type(s) of loan(s) you are working on.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
Ep. #26 - Focus on these deals to make $$$
Lately I've been sharing some of the lessons from my upcoming course, Commercial Loan Broker in a Box.
In this episode, I talk about which deals you should focus on to make money.
Whereas many brokers like to close the larger deals those can have challenges. So can working with borrowers who aren't approvable.
So, the key is focusing on the group in the middle.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
Ep. #25 - How do commercial loan brokers make $$$?
Whey you work with businesses to help them attract capital you typically get paid via a success fee. Which means you only get paid if the deal closes.
But who pays that fee? There are two possible options.
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Interested in learning how you can make money as a commercial loan broker? Register for my upcoming course here.
Ep. #24 - Can a startup get a business loan?
There are two types of capital that startups can leverage - debt and equity.
Believe it or not, startups can get startup loans. But they can be expensive and are approved based on untypical factors when compared to normal business loans.
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Interested in learning how you can make money as a commercial loan broker? Register for my upcoming course here.
Ep. #23 Defining an "accredited investor"
If you are going to be raising money for your startup then you will want to understand what defines an investor as an accredited investor. That is because raising money from an accredited investor can open the door to all kinds of exemptions when it comes to filing and reporting requirements with the SEC.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #22 - How investors find deal flow
Investors need a lot of deals to look at in order to find the few that they are willing to back. We call this deal flow.
There are a variety of ways that investors find this deal flow. While I talk briefly about those, there are two main ways that investors use to meet interesting startups.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #21 - Who pays the legal fees - the investor or the startup?
Raising even a seed round can be expensive. Some estimates put the cost at between $40k-$60k.
But who pays that cost? The investor or the startup raising the money?
The truth is, opinions vary.
However, there are a few ways to cover that cost if it is passed on to your startup.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #20 - What should I look for in an investor?
I've talked a lot about how to meet investors and even what investors look for in a startup.
As a startup founder, you should be looking for more than just a check from an investor. You want to work with an investor that offers more value than that.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #18 This is the one skill I think entrepreneurs need
I was recently interviewed for an upcoming article on the skills entrepreneurs need to be successful.
Instead of sharing multiple skills I actually shared a trait that I think is critical.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
Are you an entrepreneur looking to raise funding? You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #19 - How to Make Money as a Commercial Loan Broker
I spent 20+ years of my career in the banking industry. The last five of those was as a commercial loan officer where I did over $500M in deals.
Since that time I have continued helping companies raise capital including brokering loans through my lending network.
One way to make either some side hustle money or even grow a business is to be a commercial loan broker.
In this episode I share some details about how you might become one.
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To learn more about the course I mention in this episode head to https://gumroad.com/jonathanmillspatrick/#OJSJy
Ep. #17 Is Your Stock Portfolio Inflation Ready?
Most of the experts agree that we will see a rise in inflation over the next year or more.
So, as an investor, I started to think about how to "inflation-proof" my portfolio.
Here is what I learned.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
Are you an entrepreneur looking to raise funding? You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #16 - Why Dividend Stocks are wrong for Passive Income
I've been studying passive income for some time now. In fact, I have multiple streams of income. Some of which are now pretty passive.
In this episode I share why the idea of a stock portfolio full of dividend paying stocks may not be the best passive income source.
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If you are looking to receive my Passive Income Report once it is live head to JonathanMillsPatrick.com/Passive-Income/
Ep. #15 Why I Shouldn't Have Bought Into the Coinbase IPO
Yesterday Coinbase (one of the earliest cryptocurrency trading platforms) went public via a direct listing.
I bought into the IPO at the opening price of $381. But now I am not so sure I should have. And that isn't because the stock price was down on day one.
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Subscribe to my newsletter on Substack to get more detailed content on these types of topics.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #14 - A Review of Clubhouse and Creating a Board of Advisors
Today I want to share with you my review of the latest social media app taking over the internet, Clubhouse. I've got a few suggestions for improving the experience as well as my overall take of the platform.
I also wanted to remind you both why you should consider creating a Board of Advisors and what type of professionals you might add.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #13 - The risk of PESTs in business
Business is full of risks. There are some you can avoid and others that you just have to plan for. The key is planning for them...
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my "Ultimate Startup Funding Cheat Sheet" here.
Ep. #12 - The best way to finance investing in real estate
This type of line of credit will make your real estate investing, buy and flip or buy and hold, efforts much easier.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #11 - The Best Book for Entrepreneurs
I am a veracious reader. These are the six books I recommend you read as an entrepreneur.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #10 - The Best Resources for Entrepreneurs
Entrepreneurs need to be on a continuous learning curve. Fortunately there are a lot of resources out there that can help with that process.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Skills Entrepreneurs Should Have
Entrepreneurship takes a lot of skill to be successful. More than likely you have one or two skills where you excel. But running a business means that you will have to learn a lot of new skills. Here are some of the key skills I believe an entrepreneur should have at least a basic understanding of.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Do I Have to Be Creative to Be an Entrepreneur?
There is something intoxicating about imagining that you create the latest and greatest innovation that the world benefits from and that makes you a lot of money.
Yet, not every entrepreneur is that creative. In fact, people make a living or even build empires off of traditional business models.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Should I Quite My Day Job?
Going full time in your business is an exciting thing to think about.
The more time you can devote to focusing on your business the better your chances for success.
But making the leap too soon can be a recipe for financial disaster.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
As an Entrepreneur You Have to Embrace This
Entrepreneurship is tough. So, you have to be ready to face adversity. In fact, you have to embrace the reality that you might fail.
The good news is that failure often times leads to success.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Can Entrepreneurs Work for Someone Else?
Some believe that the only way to be an entrepreneur is to work, full-time, for yourself.
I disagree.
In fact, I see that as a recipe for financial ruin in many instances.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Entrepreneurs are Risk Takers, Right?
Some entrepreneurs like to fly by the seat of their pants. While others are more calculated.
Whichever type entrepreneur you are, the fact is that you should anticipate some level of risk.
They key is mitigating that risk.
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If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #3 - Lessons from Talking to Two Young Entrepreneurs
I get the opportunity to connect with new and/or young entrepreneurs on a regular basis. I love having those opportunities because they can often teach you as much as you teach them.
Recently, I connected with two young entrepreneurs in Nepal. The lessons I took away from that call were mind shifting. So, I thought to share them.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my, "Ultimate Startup Funding Cheat Sheet" here.
Ep. #2 - 3 Questions to Ask Before Starting a Business
Starting a business is a dream for a lot of people. The challenge is that many don't know where to start.
In today's episode I talk about three questions you should ask yourself before starting a business. These questions are designed to make sure that your assumptions and expectations are realistic.
If you are looking for more information about entrepreneurship and startups check me out at JonathanMillsPatrick.com.
You can download my "Ultimate Startup Funding Cheat Sheet" here.