The Startup Chat With Steli And Hiten

In today’s episode, Steli and Hiten talk about ways you can manage your emotions in a startup. Startups are said to be emotional rollercoasters, but how do we actually deal with these emotions that we go through? Listen as Steli and Hiten explain how you can control your emotions, tips on how to avoid getting angry, and why awareness is the first step to understanding your emotions. Time Stamped Show Notes: 00:03 – Today’s topic is about managing your emotions in a startup 00:35 – A startup is an emotional rollercoaster 01:26 – One of the most intense emotions an entrepreneur experiences in a startup is fear 01:45 – Combat fear by not having fear 02:03 – Will Smith says to have fear of fear 02:20 – Fear is irrational: you focus on things you can’t control 02:56 – Deal with fear by thinking through it 04:20 – Play it through all the way 04:53 – Anger is a negative, but empowering emotion 05:18 – Hiten says to not be pissed off and angry 05:52 – Hangry is the number cause of being angry –

In today’s episode, Steli and Hiten list the ways in which you can use conferences to grow your startups. In the entrepreneurial world today, there are conferences popping up left, right and center—it’s hard to know which ones will benefit you the MOST. Steli and Hiten discuss how you should choose your conference, how to MAXIMIZE the value of that conference and the importance of making in-person connections with those that attend. Tune-in to get the MOST out of your next conference. Time Stamped Show Notes: 00:26 – Today’s topic is about using conferences to grow your business 00:43 – Steli wants to talk about this topic because both him and Hiten always get invited to speak at conferences 01:14 – Steli thinks that the majority of conferences are a waste of time and 10% of them can be worthwhile and valuable 01:52 – Be selective about which conferences to attend 02:20 – Look at the focus of the conference 03:06 – Ask yourself whether the audience attending the conference could be potential custo

In today’s episode, Steli and Hiten point out the importance of vulnerability in leadership, especially with startups. Now, more than ever before, vulnerability is an important part of building a company’s culture and is also the means to building trust in one’s leadership. Listen to how being vulnerable can show a leader’s honesty and authenticity. You’ll also find out what is equally important to being vulnerable—showing a commitment to NOT giving up. Time Stamped Show Notes: 00:25 – Vulnerability for those running startups is one of those important topics that entrepreneurs should talk about 01:07 – It is the quality or state of being exposed to the possibility of being attacked or harmed, either physically or emotionally 01:49 – It’s an interesting topic because in leadership, people want to communicate and display strength 03:14 – Back then, vulnerability in leadership was not even a topic 03:41 – Hiten believes that vulnerability is a huge part of leadership—now more than ever before 04:00 –

In today’s episode, Steli and Hiten talk about creating online courses for your startup business. Creating a course that suits your audience well, requires some upfront work. Steli and Hiten discuss the importance of searching for the BEST topic first and from whom? No one better than your own clientele or target audience. Listen in as Steli and Hiten both share the steps you should take to create your content, and why quantity cannot replace quality when it comes to your online course. Time Stamped Show Notes: 00:27 – Today’s topic is about creating online courses for your startup 00:58 – Opt-ins have become a typical thing for every market 01:43 – #1 You might think quantity wins 01:53 – If you create a lot of ebooks or content; at most, only one of them will get you the best leads 02:42 – Before actually creating the content, first find out what will be the best piece of content to create 03:10 – The danger of creating a LOT of content is that the courses you create may not be very good or attr

In today’s episode, Steli and Hiten talk about startup fraud. Unfortunately, even with great hiring processes and systems in place, it’s inevitable for you to come across a lemon. The worst case scenario is coming across someone who is fraudulent and takes advantage of you. Steli and Hiten discuss a very clear, cut and dry story with Close.io of a sales rep who engaged in fraudulent activity. They break down the difference between making a mistake (which may require a second chance) and when somewhat flat-out deceives you and the company (which means letting that person go). Tune-in to hear Steli and Hiten’s advice about how to effectively deal with fraud in your startup. Time Stamped Show Notes: 00:31 – This episode talks about when a person in your startup does shady things 00:58 – One difference in building Close.io was the huge amount of transparency in communications 01:20 – A Close.io customer hired a sales rep who was supposed to set up demos with the head of marketing agencies 02:01 – The foun

In today’s episode, Steli and Hiten discuss the importance of arriving at accurate engineering estimates while doing product development. Typically, larger organizations that have a set process tend to be better at giving out estimates than smaller ones. Having experienced, engineering managers take care of this business function leaves the business owners free to handle what they need to—such as sales and/or marketing. Tune-in to learn how to give out accurate estimates and why knowing the value of your dollar will result in quicker, smarter and more cost effective product development. Time Stamped Show Notes: 00:35 – Today’s Startup Chat is about accurately doing engineering estimates for product development 00:44 – Today’s focus is on software, as hardware is another ball game altogether 01:16 – Information on engineering estimates does not exist on the internet 01:26 – Hiten sent out an email to his entire mailing list quizzing them on how they go about doing engineering estimates 01:43 – There

In today’s episode, Steli recounts last week’s experience of losing his 3 year old son for a brief amount of time. While at a playground with his two sons, Steli lost sight of his younger son. Steli shares how he carried himself in that incredibly stressful situation and how he found himself going into problem solving mode. You’ll hear the value of being able to compartmentalize your emotions and why enlisting the help of other people can have both positive and negative implications in your dilemma. Tune-in to discover some key insights that will help you better manage the crises that come along your way.   Time Stamped Show Notes: 00:03 – In today’s Startup Chat, Steli talks about how he lost his kid at a playground last week 00:36 – In the past, Hiten and Steli have talked about some personal topics such as religion in startups and the death of their parents 01:20 – Steli shares his frightening experience 01:20 – Steli has two boys aged 5 and 3; he took his kids to a huge playground with multiple pl

In today’s episode, Steli and Hiten discuss some tips and tricks for competitive marketing you can use right away. In today’s market, no product is unique—therefore, it’s important to highlight how your product is superior and different from the rest. Knowing which alternative products are being used by your client can also help you specify the ways in which you compete. Tune-in to discover if you should consider setting up an “us versus them” page and why being on review sites helps you influence those potential prospects. Time Stamped Show Notes: 00:04 – Today’s Startup Chat is about doing marketing against your competition 00:50 – A SEO-optimized landing page with a spreadsheet or matrix that shows your tool’s strengths and/or adopting counter PR strategies are some examples of competitive marketing 02:00 – Since there are no unique products in this intensely competitive market, it is imperative to explain to the customer why your product is better 02:23 – Any alternative to your product is competi

In today’s episode, Steli and Hiten discuss the various ways startups can remain cashflow positive. You can manage your cash flow by generating more revenue or by simply controlling your expenses. Steli and Hiten stress the value of tracking expenses, deciding what’s worth your money, and how negotiating for those larger expenses can go a long way in staying cashflow positive. They also explain  why long term contracts should be avoided by a startup and how the right mix of common sense and planning can prevent your costs from spiraling out of control. Time Stamped Show Notes: 00:05 – Today’s Startup Chat discusses how you can manage to stay cash flow positive 00:30 – So far, Steli and Hiten have concentrated on how to generate cash 00:51 – Today, we are going to talk about managing cash flow via generating more revenue as well as controlling expenses 01:16 – Two simple steps to save money and improve your cash flow: 01:25 – The first step: know where you are spending it, second step is to determine

In today’s episode, Steli and Hiten discuss the KPIs (key performance indicators) a company should be tracking—from startup phase to the more established. Most emerging companies are clueless about which metrics to track while others are trying TOO many metrics measuring the numbers incorrectly. While it is common to make such mistakes, Steli and Hiten wish to SAVE YOU TIME and give you the rundown of where your focus needs to be. Tune-in as Steli and Hiten discuss everything metrics and emphasize the importance of goal-setting when it comes to improving your numbers. Time Stamped Show Notes: 00:03 – Today’s Startup Chat is about what KPIs to track as a startup 00:55 – Most emerging startups are asking which key metrics to track and how to measure success 01:42 – As a startup grows, the struggle is there’s too much data to track or they’re tracking the wrong information 02:46 – Most startups don’t have many performance indicators in the early stages that are trackable 02:57 – For Hiten, there are se

In today’s episode, Steli and Hiten discuss some approaches to make your personal life healthier. Why? How you’re doing at home affects how you’re doing at work—bottom line. When there is a misalignment of expectations among partners, this can lead to conflict and at worst, a breakdown in a relationship. Therefore, there must be a strong focus on relationships and understanding your partner’s expectations because your life doesn’t get put on hold for business. Tune-in and discover ways to strengthen your personal relationships, so that both your personal and professional life can flourish. Time Stamped Show Notes: 00:03 – Today’s Startup Chat is about dealing with personal issues at your workplace 01:08 – A client of Steli’s is going through personal issues with his marriage which is affecting his work 01:30 – They went on a hiring spree because they had just raised capital; however, things are going downhill since the founder is not able to give his work the due justice 02:43 – Ultimately everyone ha

In today’s episode, Steli and Hiten discuss the various shortcuts that startups need to avoid at all costs. While tactics like inflating sales figures, copying marketing tactics, discounting and reporting vanity metrics might lead to short-term gains, the long-term effects are disastrous. Taking the path of least resistance is tempting, but does not lead to any value addition. Tune-in to discover why you need to plan for the long-term to create the successful business you desire. Time Stamped Show Notes: 00:03 – Today’s Startup Chat is about deadly shortcuts that should be avoided by startups and founders 00:27 – Startups are tempted to resort to shortcuts in a bid to grow faster, but they often end up stumbling 00:59 – One of the shortcuts that startups take is trying to purchase big leads of potential buyers or leads 01:08 – In a bid to meet their revenue goals, startups end up purchasing low quality email lists 01:52 – Emails have not been updated and nearly 30% of emails bounce—therefore, you en

In today’s episode, Steli and Hiten discuss the topic of how to deal with your disadvantages as a founder. Your differences as a person, whether it be your age or ethnicity, is a characteristic about yourself that could be considered a disadvantage or an advantage—depending on your outlook. Steli and Hiten discuss the power of your MINDSET when it comes to embracing your differences and others’. Tune-in to learn how you can make your differences an advantage for you and why aiming to please everyone is a futile task. Time Stamped Show Notes: 00:27 – Dealing with disadvantages as a founder is a topic that comes up a lot for both Steli and Hiten 00:58 – This is one topic that not all people talk about 01:13 – People may see Steli and Hiten as two successful founders with diverse backgrounds 01:56 – “Everything you think is a disadvantage is actually your advantage” 02:18 – Pitching American investors when English is not your native language is not a disadvantage 02:41 – Being surrounded by a lot of

In today’s episode, Steli and Hiten lay out the strategies for developing enterprise level clients. Before entering the enterprise space, remember that these clients require a huge commitment in terms of time, money, talent, and other resources. Product pricing and sales cycle duration are discussed at length in this episode. Find out why targeting enterprise level clients in the initial stages is generally a bad idea, and what your company needs to succeed in this uber-competitive marketplace. Time Stamped Show Notes: 00:33 – Even companies backed by single founders are going upmarket instead of targeting small and medium sized businesses 00:55 – What qualifies an enterprise sale? 00:55 – Enterprise sales concepts apply if you are charging more than $10,000 per year for a product or service 01:04 – An enterprise sales can quickly amount to millions of dollars per year 01:24 – It takes a high amount of time, money, energy, and resources to close an enterprise deal—so build this effort into your pric

In today’s episode of the Startup Chat, Steli and Hiten discuss the current trend of applying personal growth hacks to business issues. As they’ll highlight, it’s critical to step back and analyze whether there are any fundamental issues with your business model before thinking about the applying any growth hacks. If you don’t, any growth hacks or other incremental solutions you try will only result in failure. Tune in to hear Steli and Hiten discuss when it’s appropriate to applying growth hacks. Time Stamped Show Notes: 00:42 – Details of the software company that sought out Steli for advice 00:42 – Looking for growth hacks to convert free trials to paid customers 01:32 – Cash-flow positive company that has built an open source software tool 02:02 – Looking to make a SAAS offering where people can enjoy a free trial 02:49 – Out of 40,000 unique website visitors, 2,000 create a free trial and less than 10 upgrade to a paid account 03:16 – Product costs just $15 per month 03:40 – Client was cons

In today’s episode, Steli and Hiten discuss the various nuances of creating an effective webinar. An effective webinar successfully engages prospects and converts them into customers. Alternatively, webinars can also be used to generate revenue for your business. Tune-in to discover the importance of having engaging and relevant content for the success of your webinar and how you can monetize your webinars. Time Stamped Show Notes: 00:27 –The purpose of a webinars is to convert prospects into customers; once webinars start contributing revenue, they can also be turned into a product 0:57 – Poorly designed webinars are unsuccessful in pushing clients down the sales funnel 2:13 – According to Hiten, a webinar serves three primary purposes: 02:16 – Lead Generation 02:20 – For retaining and helping customers 02:28 – Paid webinars which lead to growth in revenue 02:52 – Steli’s organization is involved in three different types of webinars: 03:01 – The first one is focused on converting users to c

In today’s episode, Steli and Hiten discuss “FOMO” or fear of missing out which is a common experience for a lot of entrepreneurs and founders. This fear tends to crop up, especially in people who are struggling in their businesses rather than people who have thriving businesses. Instead of concentrating on other people’s success, entrepreneurs should focus on their own work and customers. Tune-in to find out how to deal with this fear by engaging in self-introspection and why being comfortable in your own skin is your ultimate defense. Time Stamped Show Notes: 00:27 – Today’s topic is about “FOMO” or “Fear of missing out” 00:45 – Do not get distracted by new, shiny startups on the block, and instead concentrate on your work and customers 02:03 –  Steli shares a personal anecdote about a time when he came across a couple of founders who had made a killing by trading in cryptocurrencies 02:16 – They were very enthusiastic about it and kept talking about it 02:32 – This affected a lot of other people

In today’s episode, Steli and Hiten discuss the hesitation people have in asking for help—in both their personal as well as professional lives. This hesitation can be attributed to one’s ego and sometimes, a belief that asking for help is actually bothering other people. Tune-in to find out how asking for help gives you the opportunity to get your problems off your chest, can help you save valuable time, and forge stronger personal and professional relationships. Time Stamped Show Notes: 00:27 – Today’s episode explores the hesitation that people have in asking for help in their personal and professional lives 00:45 – Hiten has struggled asking for help in his personal life, but is shameless in asking for help when it comes to business 02:03 – The recurring theme is that people hesitate to ask for help from others 03:50 – Businesses that tend to give updates regularly show they are more self-aware of their business 04:34 – Some businesses never ask for help, some always ask for help, and the third c

In today’s episode, Steli and Hiten talk about how industrial espionage, or corporate terrorism, is plaguing the industry in a big way. Competitors often resort to employing dirty tactics to extract valuable information, such as one’s product roadmap and/or funding. Steli and Hiten talk about the various steps that you can take to avoid falling prey to such tactics. At the same time, they caution organizations against focusing too much on this issue. If it draws your focus away from your customers and product, then it’s taking too much of your energy and time. Time Stamped Show Notes: 00:05 – Today’s episode is about competitor’s resorting to industrial espionage and ways you can deal with this situation 00:42 – How can you avoid leaking information to your competitors? 01:40 – Steli used to think that it’s better to be laser-focused on your product and NOT on your competitors 01:49 – Steli has realigned his thinking and now feels that understanding your competitors will give you better insight into y

Do you have a consulting company and are looking at pivoting to a software company? If so, this episode is for you. Steli and Hiten talk about their own experiences building their software companies. They share their own motivation behind creating software and why they achieved success in what they created. Tune in to hear what it takes to build software that is exceptional and why you NEED to please your existing clients in the meantime. Time Stamped Show Notes: 00:18 – Today’s episode is about making that transition from a consulting company to a startup or software company 00:51 – Steli is receiving a lot of emails from people who want to transform their consulting and service business into a software or product business 01:21 – Steli met someone who wanted to pivot from being an online information business to as SaaS business 02:13 – There was an intern at Close.io who built an online product 02:53 – He now has a vibrant community behind him, his customers enjoy the product, and he is making mo