Welcome to this new episode of "Behind Startup Lines," where we delve into the entrepreneurial journey with insights from startup veterans.
Today's guest is Garry Mansell, a seasoned professional with 40 years in various sectors, including general management, procurement, and sales. Garry's roles as a public speaker, author, entrepreneur, and angel investor give him a unique perspective on startup life, which we'll explore today.
In this episode, we'll navigate the intricacies of procurement, a key area for startups seeking partnerships with large corporations. Garry's expertise provides unique strategies for managing these vital business relationships.
We'll also delve into angel investment, drawing from Garry's experience transitioning from corporate executive to entrepreneur, then investor, and uncover the essentials of attracting and maintaining the right investor relationships.
Lastly, we'll discuss the core principles of entrepreneurship from Garry's books, offering valuable advice and strategies for entrepreneurs at all stages.
Join us for a comprehensive session on mastering procurement and the essentials of successful entrepreneurship.
02:28 - Garry talks about his journey from procuring for Mars to building his first business.
06:18 - Who are these procurement people, and why do they exist other than to make our lives difficult
11:42 - Dealing with procurement specialists who don't understand your product or industry and how to make them an advocate of your business.
17:46 - Shifting your mindset about procurement and the value they can bring to a deal.
20:25 - Introducing the concept of Gain Share deals to help you extract the value your solution delivers to the customer.
26:30 – The revenue impact of offering lower prices to win the contract and how that influences future contract values.
29:50 – What else to trade when price is no longer an option.
34:00 – Building long-term value through sustained relationships with your corporate sponsors and the importance of having a customer success function.
37:20 – Pricing strategies for early-stage companies and working with value-based pricing.
43:50 – How early-stage businesses attract the right Angel investors, and the four Garry is a member in.
52:08 – Sharing knowledge in an authentic way to build trust and confidence in your buyer by becoming a knowledge leader.
55:33 - Fifty Golden Rules, The Beginners Guide to Entrepreneurship. A quick intro to Garry's books and some of the takeaways that stand out for him.
1:03:27 - Behind Startup Lines quickfire questions.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty