Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Patrick Thorp, Co-Founder and COO of Founder Revenue Academy, located in London, UK.
What's your business, and who are your customers?
Founder Revenue Academy (FRA) is an online platform dedicated to helping Founders of early-stage B2B companies that are between MVP and Product Market Fit. It equips Founders with the required skills across the commercial spectrum, helping them scale and ultimately move away from Founder led sales of their business as quickly as possible.
Tell us about yourself
I had been working with early-stage startups as a fractional Chief Revenue Officer (CRO) for many years and had helped dozens of these businesses scale. However, this is not a scalable solution, and there was no solution designed specifically for this early-stage niche. With two other Co-Founders, we had discussed trying to solve this problem because we were getting approached by several Founders who required help, but traditional consultancy fees were cost-prohibitive. Therefore, all 3 of us, all sales and marketing guys, pushed our 50 years of combined experience together to release a solution to Founders who are not from commercial backgrounds but need these skills to succeed, so we designed, built, and launched Founder Revenue Academy. 9/10 startups fail, and several hundreds of thousands are founded each year. Making just a small dent in this statistic is what drives up to keep going.
What's your biggest accomplishment as a business owner?
Getting over the fear of failure and doing it.
What's one of the hardest things that comes with being a business owner?
Anxiety and not knowing if it was going to work out. However, like in a poker game, you have to have a seat at the table to win. So, in this context, to achieve financial freedom and attain an exit (if that is what you want to do), then you have to launch in and do, not just talk about doing.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- De-risk with a Co-Founder if you can. It really helps to have an alternative perspective.
- Set a time limit. If there is no traction with your idea for max six months, it is likely your offer, so change it or stop doing what you are doing.
- Expect there to be good and bad days. This is part of the rollercoaster. I wouldn't suggest that this is fun; it is just what happens. So when everything is tumbling around you, remember, you have to go through that to prosper.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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