Startup Funding, Negotiation, and Superheroes with Tyler Olson

Want all of the keys to your success in under an hour? Many aspects of living like an entrepreneur are hard, but so many things in this week’s special episode make it easier! Whether you are your own boss or have a million employees, there is something waiting just for you. Here are a few key takeaways you can expect from today’s show with Tyler Olson.

Key Takeaways

1. The importance of proper cash flow management 
2. Why and when to use every funding model
3. How to apply EOS to relationships and success in other areas of life

💵 The Importance of Cash Flow

There is no denying that having cash on hand can make or break your business. At one point, Tyler even faced the brink of bankruptcy! In order to avoid his $150,000 mistake here are a few things he suggests..

1. Utilize “Net-30” terms: By paying bills when they are due rather than when they come in, you will likely double or even triple your cash on hand.
2. Be wary of inputs and outputs: When making an exit, be cautious of selling off too quickly. You may have unforeseen debts to pay up if your timeframe from revenue to bills is more than 30 days (his was 120).
3. Cash-in on credit: Having several lines of credit can boost your spending power significantly. Although leveraging credit is not for everyone, it can be an incredibly strategic advantage if you’re in the position to do so.

📈 Why and When You Should Use Startup Funding

Unless you have a significant asset stockpile paired with little debt, you may want to consider raising funds for your venture. Even if you can pull it off, there are still several other options you may want to consider that deploy OPM (other people’s money).

1. Traditional stakeholders: Want to leverage the value of yourself and the future of your product or service? Raising capital the traditional way has been tried and true for ages. It works, but what if you don’t want to dilute your ownership?
2. Crowdfunding: Enter the world of the gig economy, everyone pays and everyone receives! Tyler recommends platforms like Kickstarter, as they are a great tool to boh raise money (dilution free) while also proving your concept has a market.
3. Bootstrapping: Of course, if you do have the money and want the maximum amount of control, bootstrapping is for you. In the event you use your own money, just be cautious of the personal risk.

♻️ Applying the Entrepreneurial Operating System

If you have never heard of EOS, take a quick glance at it here. Tyler thinks outside the box when it comes to spreading his resources to other areas of life.. So why not relationships? In what seems to many people as, “Too related to work”, he suggests using the organized and effective communication periods called “L10” Meetings to everyday relationships. As pointed out in the episode, many famous power couples and leaders of status employ similar tactics in their lives to reach the pinnacle in all areas of life.
 

📄 In Conclusion

Whether it’s starting a business or clarity in a relationship, thinking differently can often lead us to the pinnacle of success. In applying creative cash flow management, funding options, and communication tactics, anyone can achieve their goals. Tyler teaches us all to think uniquely and look where others won’t in order to live as most people cannot.

📽️  Watch the Full Video on Youtube

Did you find this episode useful?
Tag us with your thoughts!

Instagram @onlinegrowthsystems
​Twitter @growth_systems

Quotes

​“Every business needs to have a visionary”
Tyler Olson

“To experience negotiation [after a certain point] is not fun, or even fair, but it’s the world we live in.”
Tyler Olson

“You hear a lot today how there are all of these, ‘tax loopholes for the rich’. The reality is, these ‘tax loopholes’ are the law, and anyone can use them.”
Tyler Olson

“EO (Entrepreneurs Organization) Is one of the best investments of time and money I have ever spent, I would recommend it to anyone”
Tyler Olson

About the Guest

Tyler Olson
Founder and CEO of SHYLD, Serial Entrepreneur

Tyler Olson is an award-winning serial entrepreneur in several technology fields. Tyler not only brings well-rounded exposure from all sectors of technology including social media, data analytics, IT, cyber security, and the world of web 2.0, but his deep passion for helping others learn and his interactive speaking style ensure audiences of any level leave his presentations with new insights. He frequently speaks for organizations such as IBM, 3M, Target, and others.   

Linkedin
Website

Links Mentioned

Online Growth Systems
Entrepreneurs Organization (EO)
Away Agents
Turo
Modern Foundation
SHYLD