Owning and operating a SMB is the best tax deal in America.

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Whether you have a $10,000 side hustle or $10MM enterprise, earning business income opens up amazing opportunities for tax savings and wealth creation.

Let’s walk through how it works
(thread below ⬇️)

THREAD - 10 lessons I learned the hard way over the past year

On entrepreneurship, relationships and personal transformation:

his past year has been wild for me

By this time last year, I was a Portuguese 9 to 5 wagie working in a cubicle 9 hours a day for €650 a month

These days I make +10x that on the Internet

There have been ups and downs

Wins and losses

But some very valuable lessons learned along the way

I’ll now share these with you in hopes you can make some practical use out of them

Enjoy

1 - It’s supposed to be “hard”

The first lesson that I learned on this journey that ironically made everything else easier

Look

Any fulfilling, meaningful venture you pursue will be intense

It’s supposed to be

It’s intense for everyone

It’s something that’s not exclusive to you

You’re not special

Nobody is

“Hard” or “intense” is what makes gives life to life

“Hard” is necessary for you to push through your own barriers and evolve as a human

Search-funders and SMB buyers with sales experience are starting on second base.

Thread on how sales abilities improve your success odds in acquisition entrepreneurship:

1. SMB Deal Sourcing ~ SALES PROSPECTING

In order to buy a SMB, you need to see hundreds of candidates. How do you do that?

Like in Sales, you have two main prospecting avenues:

1. Inbound - Advertise or network with SMB professionals in your target market, e.g. business brokers / SBA lenders / CPAs / lawyers.

2. Outbound - Find and contact owners of SMBs that fit your criteria to see if / when they want to sell.

Inbound is nice because the opportunities come to you. But they might be few and far between.

Outbound is grunt work, i.e. "Dialing for dollars." Because of this (not in spite of it), outbound has advantages:

- More opportunities.

Higher-volume deal flow → better odds of a successful acquisition. Remember, it only takes one.

- Less competition.

Educated people shy away from grunt work. Your willingness to sweat will be rewarded with buried treasure (off-market deals).

So you're a freelance marketer, designer, coach, growth hacker etc thinking about building your business in 2021. VC platform teams can be your ace in the hole.

We need you! We love you! We can be a great stream of biz ... IF you know how to pitch us.

Here's my advice:

PSA: if you don't know, VC platform teams are the (usually) non-investing professionals who support portfolio companies in functional areas.

@upfrontvc has a Head of Talent, a Head of Legal, and a Head of Marketing (me!) We're all former senior operators in startups.

As individuals we can't *do* the work for ~ 100 active companies, but we *can* reco resources to teams who may not have the experience, and definitely don't have time, to find them.

I look for fit in functional skills, category, pricing & chemistry. One size does not fit all.

So! Cold pitches work! But not like this: "I'm a freelance graphic designer, here's my book, please consider me, good day."

Problem is now I have to work to figure out if/where you would fit & I couldn't meet with everyone even if I wanted to.

A better 1st pitch:

1. Give me a functional/skills scope. Instead of "I'm a comms consultant" (generic) tell me "I'm a comms consultant who works with startups on messaging, media training and media relations."

Or: "I'm a growth consultant w/ a core focus on paid Facebook & Instagram campaigns."

Entrepreneurs are ALWAYS builders.

All that changes is what they are building.

Stage 1: building a product

Stage 2: building a team

Stage 3: building a culture

Stage 4: building a strategy

Stage 5: building an organization

Giving a talk on goal setting and OKRs this morning @Montrealinc.

Presenting it as a thread here to get more leverage on it and to think out loud. Here goes! 👇

1. Goals are strategy in action. Strategy is your plan to win. Goals turn that strategy into measurable tasks that can advance you toward winning.

2. Goals help you win by forcing you to prioritize. There are lots of ways to win. Some are more immediate than others. Goals force you to choose the most important things to do now.

3. Goals help you win by creating alignment. Not everyone has the same idea of how to win. Goals force everyone to agree on a single plan.

4. Goals help you win by creating accountability. There’s lots to do in a startup and its easy for things to slip and slide. Goals help enforce clear ownership.