08 - Raising Finance and Entrepreneur Fundamentals - Nick Miller

<a href="https://imgur.com/jBCeBeT"><img src="https://i.imgur.com/jBCeBeT.png" title="source: imgur.com" /></a> Nick Miller is the CEO of Buzzhire, an on-demand staffing agency for the hospitality industry in London. Their app provides a modern solution to staffing issues and empowers users to work when they want at a price that suits them. Nick has also launched several other businesses including EatFirst and Jumia whilst working for RocketInternet. We discuss the best strategies for raising finance, creating a successful team and some amazing insights on being an entrepreneur. TOP TIPS 1. Be Sensible About Equity Raising a large amount of money always seems like a good idea but ask yourself if you really need it straight away or if you can do without and retain a bigger holding and thus more control of your company. VC’s are often put off by companies where the founders don’t have a controlling share in the company. Equally, don’t be greedy and try to retain too much of your business. Selling at an inflated valuation can be damaging and limit your ability to raise further finance. So be realistic about your value and give out shares accordingly. 2. Enjoy your commute Plan your living and working situation in a way that you enjoy your commute. It is one of the single biggest contributors to well being and happiness much more than most material items. So before taking on that higher paying job, ask your self will the commute make me happy, rather than will the money. 3. Interview Strategy Ask Oddball questions to gauge more personality. If you think the candidate is a fit are worthwhile to spend time in the interview to make sure they really understand your business. Ensure that they have everything they need to make the decision to work for you. 4. Have clear distinctions of roles for founders. CEO — to raise money and drive the vision COO — to run the business and keep things together CTO — to build the tech Each person should have ownership of their area and be trusted by the others that they will deliver. Of