Biggest Challenges Faced By A Co-Founder And Managing Partner At Auxo Partners
Connor's biggest challenge as Co-Founder & Managing Partner at Auxo Partners is sales, describing it as "the singular, most important thing" for a startup, especially when selling a "something that doesn't exist" and competing against established brands. Successfully navigating this challenge, by deeply understanding customer needs and effectively communicating value, is key to startup success, representing "80% of a startup".
Sales, Entrepreneurship, Startups, Business Development, Client Acquisition
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Connor Frischmeyer
Co-Founder & Managing Partner
Auxo Partners
University of Iowa 2016
N/A
Finance
Finance (Banking, Fintech, Investing)
Entrepreneurship and Business Owner
None Applicable
Video Highlights
1. Sales is the most important and challenging aspect of building a business from scratch.
2. Knowing your customer and understanding their needs is crucial for success.
3. Targeted and calculated positioning of your value proposition is essential to stand out from competitors and attract clients.
Transcript
What's your biggest challenge in your current role?
Sales, for sure, is the biggest opportunity. But I think any founder building a business from scratch will tell you that sales is the singular most important thing besides making sure your clients are served well. It's the most important thing you can possibly focus on.
In many ways, it's also the most challenging. Oftentimes, you're trying to sell something that doesn't exist, and you have a brand that also doesn't exist; they've never heard of you.
There are likely competitors in your space with bigger names that clients are more accustomed to working with. There's that adage: "No one ever got fired for hiring McKinsey." We are not McKinsey.
So, you need to be very targeted and calculated about your value proposition, how you position yourself, and who you're talking to. You need to really know your customer and what they value and why they would hire you instead of someone else.
Figuring out that puzzle, then figuring out how to reach them and get them onboarded, has been very challenging but very rewarding. If you can crack that puzzle, you've cracked 80% of a startup.