Summary
Melissa Kwan, CEO of eWebinar and serial bootstrapper, discusses the challenges and benefits of bootstrapping a business versus seeking venture capital funding. She is the poster child for urging founders to focus on real customer feedback and paying customers without loading up on VC problems.
We discuss the importance of understanding the customer, personal goals and ambitions, the challenges of building and scaling a product, defining success and financial goals, the desire for financial independence, determining the financial number to sleep well, and the value of personal branding and trust.
Takeaways
- Bootstrapping is a lifestyle choice that offers freedom and control over the direction of a business. At the same time, venture capital funding commits a company to a venture-scale outcome and a different lifestyle.
- The future of tech startups lies in vertical SaaS businesses and smaller, niche solutions that cater to specific markets.
- Why demo calls and salespeople are becoming less necessary as self-serve options and efficient onboarding processes become more prevalent.
- Determining the financial number needed to sleep well varies for each individual.
- Personal branding and trust are valuable assets for entrepreneurs.
- Writing and building an audience can lead to new opportunities and connections.
Timestamps
00:00 The Lifestyle Choice of Bootstrapping vs. VC Funding
05:17 The Trajectory of eWebinar's Growth
09:31 The Challenges of VC Funding and the Importance of Profitability
13:51 The Difference Between Media Validation and Market Validation
19:35 The Rise of Vertical SaaS and Lifestyle Businesses
25:46 The Importance of Analyzing Past Behavior to Predict Future Behavior
32:00 The Problem with Demo Calls and the Shift Towards Self-Serve
37:06 Determining Pricing and the Value of Respecting Customer's Time
45:27 Understanding the Importance of Knowing the Customer
46:25 The Challenges of Building and Scaling a Product
47:24 Defining Success and Financial Goals
48:19 The Desire for Financial Independence
50:38 Determining the Financial Number to Sleep Well
55:41 The Value of Personal Branding and Trust
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PRODUCTEA with Leah, Growth & Senior Leadership