This group is for entrepreneurs who want to create a lifestyle business vs. a VC-backed business. What is the difference? A VC-backed business is typically dependent on the next round of financing to survive, and many times the investor and entrepreneur goals can differ as the business grows. A VC might be happy if, say, just 1 in 10 companies are wildly successful. An entrepreneur wants his or her company to be successful with no allowance for failure. A lifestyle business is about the entrepreneurs who want to create a business that they own and run. Their payout might not be a huge exit, but a healthy paycheck or dividend payment each year. This MeetUp is about the issues we face as a lifestyle business owner and meeting likeminded people and potential partners. My vision for this is slightly different from the Tim Ferris "4-Hour Work Week"-type business in which you go it alone and hit the road traveling most of the time (not that there is anything wrong with that). Rather, this is more about how to create a sustainable business that might involve a small group of owners. Some of the issues we'll discuss include:
- How do you structure funding for a lifestyle business?
- How do you divide equity amongst the partners and what happens if someone leaves? (Hint: plan your divorce while you are still in love.)
- How do you get your initial deals done?
- How do you do marketing if you are a technology person?
- How do you do technology if you are a marketing person?
- How do you sell if you are not a sales person?
- How do you surround yourself with the right people to ensure success?
- How do you determine whether a business is suited for a lifestyle business vs. having VC-level capital requirements? (I had a company that we thought would be a lifestyle business, but when we realized the economics weren't there, we ended up raising VC money)
- How do you find the right partners to compliment your skill set?