Enterprenuer
Jim is obsessed with helping founders grow businesses and maximizing the value of their companies when they exit.
Jim has been obsessed with building businesses since he was 15 when he was hired to help his family’s business.
Jim has spent the past two decades as an entrepreneur and operator, venture capitalist, consultant, and operator from his beginning in the family business to today.
He had a lot to do over the years. There were many failures and successes – poor cost optimization, failed revenue enhancement, and a lack of product-market.
It was essentially wasting countless capital and time.
Jim was in the same role at all the tech companies Jim worked with, regardless of his position.
They all experienced similar growth/value barriers, which came down to the five pillars of growth: Strategy, Talent, Product Revenue, Product, Strategy, and Talent.
They reached an inflection stage, and each required outside expertise to navigate that inflection.
Jim eventually managed to navigate his way through 50+ transactions and earn $1B+ in shareholder value as an operator/investor.
Ultimately, he felt like there needed to be a better way to reach these successes without all failures along the way.
He spent his recent years identifying/documenting a path to make SaaS companies worth so much more by identifying levers to unlock growth and value in tech businesses.
Jim frequently states that he will continue to help founder-led tech companies for the rest of his life.
What is the story of Orchid Black?
The strategic rebrand to Orchid Black was one of the most challenging things I’ve ever had to do as a business owner.
It has also added tremendous value to our company.
Orchids are hard to care for. The pruning, the caring, the tender loving care required to ensure their survival are all difficult.
Orchids suddenly sound like business.
Expert pruning and care are as crucial as any exotic orchid’s value.
Orchid Black is a growth expert – we tend to founders and clients, cultivating growth and helping them make their businesses more valuable on the way to exit.
Black orchids are the rarest and most exclusive orchids. We only work with companies that are profitable and “in the black.”
How do you stay productive?
Every day is different depending on what stage the company is at and how the team around it.
My immediate focus was on building the brand through thought leadership and building relationships with clients and partners.
My partners and our team have enabled me to enjoy the “fun” part of my job.
Apart from work, I value the following: – Dinner with my fiancé
– Even if it takes only 15 minutes, working out
– A quiet “me time,” where I can disconnect from all the noise and other activities
How do you bring ideas to life?
Nike said, “Just Do It.” It is the hardest step.
Entrepreneurs must be willing to fail to achieve their “ideation” goals.
Knowing yourself on a tactical level is critical.
Know your strengths and use them; understand your weaknesses and gaps and share those with your team.
What’s your favorite trend?
The acceleration of remote workers was one of the best outcomes of COVID.
It was not an easy transition, but it is encouraging to see companies embrace this shift towards a more flexible and remote workforce.
We’ve created a remote-first culture since Orchid Black was founded (2018) because we understand how people value flexibility.
Web 3.0 Defi and the Metaverse are also trends that correlate to blockchain and community advancement.
What habits make you productive?
This is a 2-part answer that focuses on eliminating distractions. Timebox your day.
Ideally, break it down into smaller chunks of “heads up work” and allocate time for meetings and other daily work.
This is a novel idea in today’s age. But leave your phone in the other room.
What’s your advice for the Noob?
– Listen more and talk less. (Pause before you respond to someone).
– Don’t forget to work hard but remember the people behind it (i.e., people in your life that are important > work).
– Exercise every day and keep it up!
What is one thing we can all agree on?
Matthew McConnaughey: “It’s not worth taking a chance if you lose the fight.”
People want the world and want to be entrepreneurs.
However, they don’t want to take risks and have to persevere.
It doesn’t work that way. It’s not something people want to hear, but 90% of software companies fail.
Accepting that you might not do everything right is the hardest part.
You might not do anything wrong. Sometimes, the chips don’t fall in your favor. Accept that and move on.
What do you recommend as an entrepreneur?
Discipline me. It’s hard to learn a new skill, study a topic, or create a new exercise program.
It is challenging to start a new habit or learn a new skill.
I can promise you that you’ll be glad that you kept that discipline six months from now due to the growth.
“What begins as a discipline will eventually turn into desire and then become a joy.”
What’s your rich strategy?
A strategic plan is essential and something that Orchid Black has focused on for our clients and ourselves.
With flux in the economy, uncertainty in government/regulation, and a faster-moving world than ever before, setting a plan with purpose, goals, and timelines is critical.
It is equally important to know how you will get it done.
The formula for success is to combine annual operational planning with a comprehensive strategic plan.
Each strategy planning model or approach shares the following common elements: objectives, goals, actions, results, or measures.
Each model can be used to help you with your strategic planning. You must consider your resource capacity, regardless of which approach you to choose.
When ‘ambitions get out of control, and you are unable to achieve your strategic goals, this is where you can lose your way.
How do you overcome Failure?
I started my B2B technology business many years ago.
I couldn’t understand why the sales team didn’t meet industry standards.
Although our messaging and positioning were spot on and validated, our inbound marketing engine was ablaze; my sales team wasn’t getting near their outbound prospecting targets.
Inbound was also not as predictable as I would like it to be.
My CRO told me that sellers should prospect and generate leads themselves, but I found that it was less practical to rely on outside expertise.
– These are compensation for activities of higher value
– They are often terrible at prospecting
They become too busy to prospect effectively, even if they are good at prospecting.
My CRO and I collaborated to find external expertise.
This led to creating a BDR (Business Development Rep), also known as SDR or Sales Dev Rep.
It was designed to generate the highest level of predictable revenue that the company has ever seen.
Year 1 was a year of building. We gained a lot of knowledge and could break even with our resources.
In year 2, we tripled the revenue from the same team and achieved a 4:1 CAC-to-LTV ratio.
– In Year 3, we tripled our revenue, adding additional resources to help the program scale.
Can you share a business idea?
An idea for a business can be associated with a problem. Problem-solving is what companies do at their core.
The exorbitant costs of higher education in the US are a significant problem.
Diminishing returns for students accompany this.
You can make a small impact on the niche market for higher education, and you’ll be a successful company.
What’s your recent best buy?
*Averages how many months Netflix $100 gets* I don’t think so (although Netflix is still a bargain for what they could get).
Although it may seem counter-cultural to our times, a tank full of gas at $50 is something that I appreciate.
My car is complete, and I feel free. I feel free knowing that $50 can get me 500+ miles across America while driving through other parts of the country.
What are your favorite Softwares or Apps?
Miro.com, a whiteboarding visualization tool, would have been a great candidate for the above question (under $10/month).
My team and I use Miro for many purposes. However, the most common use is to create mindmaps – which are essential to our strategic planning process.
It helps us visualize our goals and objectives at a high level and allows us to collaborate with clients and ourselves.
It is effortless to use and provides tons of value.
Which book would you recommend?
Although I was tempted to make a long list, Dale Carnegie decided to stick with How To Win Friends and Influence People.
Although it is an older book, its content is not outdated.
Its lessons are just as relevant today as they were first published in 1936.
It’s about a topic that will never go out of fashion: how to relate to people to make the most of your relationships.
Many books use these principles (most 21st-century sales books include them), but at its core, it’s about learning from others and listening.
What’s your favorite quote?
Proverbs 29.18: “When there’s no vision, people perish.”
This bible verse has been the foundation of my life and business.
This is a metaphor for life and business. You must know what you want to achieve to succeed at anything you do.
A vision is what you need. It’s a goal you are working towards.
You can see it (mentally) and know what the future looks like. Without a vision, you will wander.
Key Learnings:
- You can be purposeful in everything you do, business or personal. It’s a small thing that can build momentum and get you to places that you didn’t know you could go.
- Listen more, talk less.
- Failure can be a sign of growth, provided you learn from it.
