KC Roundtable recently hosted a networking business mixer at Boulevard Brewery to learn more about the impact of startup efforts as they relate to economic development in the region. Attendees were individuals from startups, emerging brands, established companies, entrepreneurial support organizations as well as economic development and civic leaders. The format was modified from last year’s Roundtable; instead of this being a pitch-based event, the evening was a discussion about supporting business owners and giving those owners access to a panel of startup experts who answered a variety of questions about starting, running or growing a company.
The Expert Panel was comprised of individuals from the Kauffman Foundation, boot-strap startups turned multi-million dollar entities, App companies sold to corporate buyers as well as startup owners in rapid growth stages, covering a wide range of business expertise and experiential knowledge.
[service title=”Panel Discussion Questions from Audience:” size=”col-12″ layers=”true” icon=”2″] [list] [list_item icon=”icon-question-sign” hex_color=”336699″]What is the hardest thing you had to do when starting or building your company?[/list_item] [list_item icon=”icon-question-sign” hex_color=”336699″]How do you know when it is time to give up or move on?[/list_item] [list_item icon=”icon-question-sign” hex_color=”336699″]In a startup, cash is king. When might it be better to use debt financing vs. collateral financing?[/list_item] [list_item icon=”icon-question-sign” hex_color=”336699″]What is it about you (what quality or trait) makes you a good entrepreneur?[/list_item] [list_item icon=”icon-question-sign” hex_color=”336699″]What is a B-Corp and how is it different from traditional business models?[/list_item] [list_item icon=”icon-question-sign” hex_color=”336699″]With so many resources and organizations in KC, where does someone actually start?[/list_item] [/list] [/service]
Human capital, hiring, firing and getting the “right people on your team” were themes echoed by all panelists
“Know Thyself is a great place to start; know what you are good at, not good at and hire people that fill in the gaps for you…hire people that believe in what it is you do, who can support you along the journey.”
“What you learn in your first entrepreneurship: you want to believe that people share your values and commitment…bad hires can really screw up the company and your business progress. Better to be inconvenienced for a short time lacking in employees than be wrecked over a short time! Startups hire fast and fire fast…you have no other choice. In reality, as the owner, you don’t know if an employee is cut out to be there till they are actually there and working in the thick of the organization.”
Critical elements of community building was another key theme
“Community is a new form of currency in the Kansas City economy. What does that mean from an extraction-value standpoint? Telling the community ‘this is what I’m doing, I need help with this, our company is looking for this type of employee, looking to hire, acquire capital’, etc. The community is a new resource that is evolving; you need to be savvy about how to extract those resources from the community. Organizations like Kauffman and the corporate community is paying attention (occasionally circling like buzzards). You have a role in the community, not just a passive participant, but the opportunity to be vocal, be participatory, help others. Also you need to be really critical about the community or your organization, asking ‘tell me why my baby is ugly’ so we can fix it…so you can help, not be nice, but help companies/ community fix and address the problems we are facing.”
Owner’s passion about the stages of their startup
The panelist candidly addressed issues with boredom after rapid growth or the urge to move onto a new venture project after the company was in sell mode or a more stable cash position. The question spawning the dialogue was “What is it like to sell your baby?”
“Ultimately, do you think that what you have (company/ idea) is what someone is willing to pay you? After the company sold, I was bored and wanted to do something different…she wasn’t my baby anymore, she grew up, went to college, got married, divorced and moved on. ‘I got bored’ is a typical trait of an entrepreneur. We love and live for the craziness of the startup, long hours, love that the company is supporting families, paying salaries, building the local economy…then we become uninterested when we get into the “growth phase” of the business, it got so big, we weren’t doing what we were really was passionate; hence we sold the business and started again!”
More Info on KC Rountable
In addition to morning meetings, KC Roundtable provides opportunities to network with young (and older) entrepreneurs at events like Just For Starters & After Hour mixer events. KC Roundtable aims at providing 20-30-something Kansas City entrepreneurs with a group of peers to support and collaborate on each other’s businesses and meets on the 1st & 3rd Thursday of every month at Eggtc (5107 Main St, Kansas City, MO).