b&b43 Starting a Startup w/ Morgan Hirsh
We hear about start ups all the time – the hundreds of thousands, or even millions of dollars they raise, the cool offices, the “culture.” But what does it really take to start a start up?
On today’s show, we talk with Morgan Hirsh, founder of Morgan’s Don’t Run Out (morgans.me), a line of bathroom products that get delivered to your door so you… don’t run out! He is in the early stages of preparing to launch and getting angel investors (don’t know what that means? he breaks it down on the show!) and tells us what it took to get to where he is now. He’s a serial entrepreneur from age 19 and talks to us about what makes a start up different from other new businesses, how to create a pitch deck and a financial model, and how to convince an investor to say yes to your idea.
Morgan Hirsh: The nice thing about a startup is that once you tell people that you’re starting it, everybody wants to help…People that’ve done it, it’s such a big part of their lives that they’re just happy other people are interested.
Morgan Hirsh: People are always afraid of their idea being stolen, and I think there are so many ideas–people really love their own ideas….You won’t be able to execute your idea if you don’t share it.
Morgan Hirsh: Being all alone makes it really, really challenging. So, one of the first things, certainly when somebody is looking for investment but just practically speaking, is not being alone and finding a team.
Morgan Hirsh: It turns out to be 12 things we really need in our bathroom…It’s shampoo, conditioner, moisturizer, razors, shaving cream, toothbrush, toothpaste, deodorant and toilet paper.
Morgan Hirsh: The first step was having lunch with a bunch of people who knew better….They both told me, “Well, you need two things. You need a pitch deck, and you need a financial model.” So, a pitch deck is basically ten slides that outlines the idea. First thing, forget about a business plan. Nobody will read your business plan….investors aren’t gonna be reading business plans.
Morgan Hirsh: Important people are very busy, so you’ve gotta keep emails under a few sentences. You’ve gotta distill your idea.
Morgan Hirsh: If you start a new business it’s a new venture, I suppose you could call it a startup. I mean, I think that startups are trying to do something new…They’re not traditional business models. They’re attempting some kind of disruption.
Morgan Hirsh: There are some interesting things you can do, and that we’re gonna do, by delivering a product. Suddenly, it doesn’t have to stand alone on a shelf. So, you can do drop in refills now and you can eliminate plastic waste altogether.
Morgan Hirsh: Embrace your strengths and find other people were you’re not strong and have a balanced, well rounded team.