What do you do when the market disappears? - Full Video
Here is a recap of the Paparelli Zoom Chat for Entrepreneurs #14
Special thanks to our discussion leader Adam Wexler, founder and CEO of PrizePicks.
Quote of the call: “We went from 18 full-time staff to one full-time staff overnight.” (Adam Wexler)
Here are some key takeaways from this call:
Be sure to listen to experienced advisors, and act on their advice.
Cut expenses quickly, which means people. Live another day. Cut hard and early.
Retain the key team members by increasing their equity. You work for equity and so should your committed people.
Adam demonstrated that successful entrepreneurs persevere and, in fact, distinguish themselves by continuing to find the Hair on Fire Problem even in the worst of situations. They gut it out and find a path forward. (Nelson Chu of Kinetic Ventures)
Reward the people who get you there by giving them a piece of the action.
Be transparent. Tell them like it is.
Make hard decisions and make them fast to keep the game going.
Find new markets when someone moves your cheese. Adam and his team pivoted to electronic sports and international sports to keep the revenue going.
Take care of your partners and suppliers to the best of your ability. I love how he made decisions to care for his neighbors who were most in need but still made it a goal to make everyone whole in the end regardless.
Losing is not an option. (Insight 5-10 came from entrepreneur Scott Dios.)
Watch the video and discover the wisdom needed to build a more valuable company.
Every Paparelli Zoom Chat for Entrepreneurs will help you be a better entrepreneur. That’s the goal.
I look forward to seeing you next Wednesday, July 22nd, at 9 am.
Come a little early and catch up with friends and make some new friends. I'll be on at 8:45. And we always end the call right at 9:45 am.
You can find resources suggested by your fellow entrepreneurs at https://www.paparelli.com/resources.