In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks to the Founder & CEO of
BOSS Startup Science,
Gregory Shepard.
According to Gregory, bad decisions are the number one reason for startup failure. However, he explains that bad advice is the root cause of these bad decisions. Surprisingly, the main contributors to lousy advice are investors and mentors. This is attributed to investors needing firsthand experience as founders and mentors needing to understand the specific needs of each business.
Investors may give advice based on their experience working with founders, but with a deep understanding of the operations and details of the business, their advice can be beneficial. For instance, they may push founders to raise money or focus on valuation without considering the long-term consequences. Similarly, mentors who have had success in the past may need more expertise to provide relevant and practical advice for current market conditions.
To address this issue, Gregory suggests a model similar to the medical field, where general practitioners refer patients to specialists for specific diagnoses and treatments. In the business world, it is essential to seek advice from specialists who deeply understand the particular challenges a founder is facing.
Shepherd emphasizes the importance of teaching founders the necessary skills and knowledge so that they can navigate their entrepreneurial journey independently. However, mentors are still valuable in providing context and guidance. For example, if a founder takes a course on valuation, they will understand how valuation works and be able to defend themselves to an investor. Conversely, mentors can help founders along this learning journey by understanding how they have learned valuation.
Key Points from the Episode:
- Common reasons for startup failure
- Bad decisions as the number one reason for failure
- Investors and mentors as main contributors of bad advice
- Lack of firsthand experience as founders and understanding of specific business needs
- Importance of seeking advice from specialists
- Resources and courses offered by Startup Science
- Tools such as grant finder and investor network
- Teaching founders necessary skills and knowledge
- Openness to suggestions and advice from mentors and interested individuals
About Gregory Shepard:
Gregory is a highly experienced serial entrepreneur, having completed 14 liquidity events, including two notable transactions contributing to a $925M deal that won four PE awards for deals between $250M-$1B.
Known for his strategic insights, he's a ForbesBooks author with over 100 articles published in national and international outlets. Shepard is also a TEDx and keynote speaker at numerous universities, associations, and conferences globally.
As the host of Meet The BOSS on Forbes Radio, he shares his expertise widely and is a regular guest on popular podcasts, TV and radio shows. Co-founding BOSS Capital Partners, where he facilitates global investments in tech startups.
Moreover, through BOSSStartupScience, he provides entrepreneurs with resources and guidance via his Business Operating Support System (BOSS), an open source methodology designed to improve startup success rates.
About BOSS Startup Science:
BOSS Startup Science aims to improve the success rate of startups, given that the current 90% failure rate is disheartening. The CEO, Greg Shepard, believes that education, connections, and assistance are crucial to helping founders succeed.
Their mission is to support startups in achieving success, focusing on one founder at a time. This endeavor is fueled by the understanding that wealth inequality is closely tied to entrepreneurship, with 95% of people improving their financial situations by selling a business.
BOSS Startup Science began by extensively researching the reasons behind startup failures. They conducted 1,200 interviews and thoroughly analyzed research data. The findings revealed that many founders repeat avoidable mistakes, primarily related to people, knowledge, and financial resources.
While accelerators are designed to aid startups in overcoming these challenges, only 2% of applicants get accepted. The main reasons for rejection are needing more knowledge and connections within the startup ecosystem. Hence, BOSS Startup Science seeks to provide founders with the necessary tools, knowledge, and networking opportunities to increase their chances of success.
Links Mentioned in this Episode:
Want to learn more? Check out BOSS Startup Science website at
https://www.startupscience.io/
Check out BOSS Startup Science on LinkedIn at
https://www.linkedin.com/company/boss-startup-science/?viewAsMember=true
Check out BOSS Startup Science on Twitter at
https://twitter.com/bossstartups
Check out BOSS Startup Science on Facebook at
https://m.facebook.com/people/BOSS-Startup-Science/100076130833610/
Check out Gregory Shepard on LinkedIn at
https://www.linkedin.com/in/gregshepard/
Check out Gregory Shepard on Twitter at
https://twitter.com/GregShepard_
Check out Gregory Shepard on Instagram at
https://www.instagram.com/gregshepard_/
Check out Gregory Shepard on Facebook at
https://www.facebook.com/GregoryJShepard/
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