From promotion and positioning to pivoting, Meetup organizers have much in common with entrepreneurs starting a new business venture.
Hear from Kevin Ryan, Meetup’s new chairman and founder of AlleyCorp, in a discussion about entrepreneurship. Kevin shares his approach to ideation and problem identification, honed over years of experience. Learn how to identify market problems, determine market-product fit, and avoid common mistakes that founders make. This conversation was moderated by Prerna Singh, Senior Product Director at Meetup.
Main Takeaways:
- Great entrepreneurs aren’t just the famous ones you hear about. More often, entrepreneurs are just good at what they do, are passionate about their work, and are leaders. They’re people who are good at their job, want independence, are confident, and start their own company. People are willing to follow them. Entrepreneurs can be introverted or extroverted, but they need to be willing to hire people unlike them and remember that building a company isn’t all about the founder, but also the team.
- When noting some of the challenges that entrepreneurs face, sometimes you have an idea, but just can’t find product-market fit. Sometimes you just don’t have the right people. Maybe a coworker is someone you know, but perhaps they’re not the best fit for the company. Raising money is another challenge.
- Meetup can absolutely be a tool to build and scale your business, but be subtle. Find the right balance, where you’re not just selling your wares. One of the hikes I went on was yoga and a hike. The organizer had a yoga studio, and after the event we knew we wanted to go to one of her classes. Many clients signed up with her this way. When done correctly Meetup can be an amazing vehicle for business. Simply introducing yourself is important.
Top Q&A:
- What is one part of your routine that you would attribute to your success?
- At the beginning of my startup career, I changed the way I operated my life. I prioritized being successful in my career, time with family, and working out. I stopped watching sports, most cultural things, and I cut back time with friends. I just didn’t have enough time, I had to prioritize things for that stage of my life. You can do anything, but you can’t do everything. Don’t do 10 things badly. Figure out what you need to do now.
- Do you think it’s better to raise capital or grow organically?
- It really just depends on the alternatives. Seeking capital by selling part of your company to angel investors or a venture capital firm is the cleanest, but it’s got to be an idea investors care about. It depends on what your options are. It’s not easy to raise money. There are more ideas than there is money. I’ve raised around 100 rounds of financing–some rounds go great, but sometimes everyone hates what I’m selling, it’s a lower valuation than I’d like, worse investors than I’d like, and so on. But you’ve gotta do that to get through.
- When you have a business idea that could find relevance in the market, what are steps for people who have zero experience setting up a business?
- It’s technically not that difficult to start a business when you have an idea, just get incorporated. Setting up isn’t that hard. Hiring is next. The idea, people, and money are the three building blocks. How do you find your people, how do you compensate them, how do you get that money?
Last modified on June 23, 2021
