Startups: What you may need to know.
McLeod Law Partner, Brent Cooper, hosts his first episode of the Business and Entrepreneurship Series with Rite-Way Fencing President, Scott Ruzesky.
What defines success? How do startups receive capital? How can you find new business ideas?
I recently had the pleasure of hosting my first episode of the Business and Entrepreneurship Series with Rite-Way Fencing President, Scott Ruzesky.
Here are my favourite takeaways from the first episode:
“I think that finding the opportunities, is having the vision”. 8:18
“Being entrepreneurial…is the ability to see what others can’t see.” 8:28
(As to capitalizing a Start-Up) "Where you find capital is by being careful about every dollar you spend; really stretching your early dollars, and reinvesting that money back into the business.” 10:53
(As to expanding into other places) “If you know your core business, you should be able to succeed in any marketplace.” 11:28
(As to how to approach opportunities) “I really just don’t take no for an answer, even if people (say) it’s not going to work; until I tell myself ‘no’, it’s going ahead.” 12:05
(As to learning how to find opportunities) “I think you need to talk to someone who is truly entrepreneurial…find out how they see things.” 13:20
(As to the discipline that comes from capital) “Certainly the capital involved will discipline you as to what you can and can’t do; you can’t do everything all at once.” 15:30
“There’s a few pillars that are important to running a business…banking, accounting and legal representation.” 15:57
(As to the importance of banking) That relationship is very critical…especially to a seasonal business.” 17:45
“Innovation is a part of any business that’s trying to get ahead of its competition; I’m big on tech, and anything to speed up our processes.” 19:29
(As to how to decide on which innovative idea) “I do a lot of research; I’m slow to implement (a new way) when I know something already works.” 21:45
(As to the definition of success) “There’s definitely different ways you can measure success; you shouldn’t measure it strictly by your bank-book.” 22:44
(As to being curious by nature) “I need to get down to the answer of the question I have in my own mind.” 24:30
“The basis for your business is knowing accounting.” 26:10
“In legal, you’re looking for someone who understands your vision, (but also) various expertise…The style of how you do business needs to be understood by your legal team.” 27:27
You can listen to the full first episode of the McLeod Law Business and Entrepreneurship Series at any of the following: