Steve Benson

speaker

874 appearances 4 recordings 1 series first heard Mar 2020 last heard Dec 2023

Steve Benson’s voice in public audio — every appearance, attributed to the second.

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Top Founders · How I hit $5m ARR, kept control using 3 different debt providers · 21 Oct 2022 podcast

I mean, product development, it's even worse than like hiring salespeople because salespeople pay off.

In my opinion, sales or marketing or anything on the revenue side pays off faster, but at a lower ultimate rate.

Engineering resources and actually making the product better, creating that extra feature that wins you extra deals pays off at the highest rate, but over a longer period of time.

And that's why it's so important that you don't get the short term loans that I'm trying to think of the companies that do that are really big, like pipe.

And there's a bunch of companies.

Three quarters of the SAS lenders are like they want to do one year deals, which you can't invest in human capital over one year.

It doesn't pay.

Even a salesperson doesn't pay back fast enough because it's not just time to break even.

It's they had to.

you had to invest the money, and then you start pulling money out, and you need time to pay back from there for it to actually make sense.

So your question was, what was the exact term?

Lighter was four years.

All these are four-year loans.

Yeah, this is important, right?

First of all, you can't get this kind of debt unless you already have revenue.

These are all revenue-based debts.

It's very hard to get loans.

You've got to get equity capital if you have no revenue.

I think a founder needs to start selling before you have the product.

So before you invest in a sales team, before you hire your first salesperson, and before the product's even built, someone on the founding team, they have to have ownership, they have to have control, they have to have a seat at the table.

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