Key Talking Points:
✅ Failure can happen even with successful fundraising and early success. External factors can disrupt a business, but internal factors and mismanagement also contribute.
✅ Managing momentum and spending within realistic limits is crucial for sustainable growth.
✅ Being conservative with spending and understanding the business's limitations can prevent layoffs and failure.
✅ Picking yourself back up after failure involves building confidence, learning from others, and reiterating your approach.
✅ Starting a new venture may require consulting and solving problems that customers are willing to pay for, leading to specialization and product development.
✅ Selling a business requires proper preparation, financial clarity, and minimizing the founder's dependence on day-to-day operations.
✅ Finding the right broker or firm specialized in the industry is important to create a perception of competition and close deals efficiently.
✅ Strategic acquisitions can be driven by customer bases, specialized teams, or complementary products.
✅ Starting a new business can sometimes happen unintentionally, driven by customer demand and recognizing patterns in industry needs.
✅ Developing a clear value proposition and validating ideas before investing significant resources can lead to successful ventures.
In this episode of Failing to Success, Chad Kaleky interviews entrepreneur Charlie Alsmiller, the founder of APIWORX. Charlie shares his experiences of failure, starting with the closure of his first business after the 9/11 attacks disrupted the market. He discusses the importance of managing momentum, being conservative with spending, and understanding the business's limitations to prevent layoffs and failure. Charlie also shares how he picked himself back up, worked for another entrepreneur, and built his confidence before starting a new venture. He emphasizes the value of consulting and solving customer problems, leading to specialization and product development. Furthermore, Charlie reveals his insights into the process of selling a business, including the need for preparation, finding the right firm, and reducing founder dependence. Finally, he discusses the accidental nature of his third business and the importance of validating ideas before investing resources.
Charlie Alsmiller from APIWORX: https://apiworx.com/
Chad Kaleky from Cosmic Design: https://www.cosmicdesign.io/
00:00:17 The Story of 3 Startups
00:04:29 Venture #2
00:07:01 Selling Venture #2
00:10:30 Venture #3
00:14:49 Contact Charlie