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Troy Sultan, founder and CEO of Resource, a company that\\u2019s trying to automate the recruitment process. Troy was the first recruitment officer at Grooveshark, and later left Google to return to his passion: startups. Listen as Troy and Nathan talk about Troy\\u2019s career path, managing co-founders, and why you shouldn\\u2019t rely on venture capital.

Famous 5
Favorite Book? \\u2013 The War of Art
What CEO do you follow? \\u2014 Gary Swart
What is your favorite online tool? \\u2014 Mixmax
Do you get 8 hours of sleep?\\u2014 No
If you could let your 20 year old self know one thing, what would it be? \\u2014 Slow down to speed up. And think about what you\\u2019re really good at.

Time Stamped Show Notes:
01:10 \\u2013 Nathan\\u2019s introduction
01:30 \\u2013 Welcoming Troy to the show
01:47 \\u2013 Troy founded a startup out of college, then joined early Grooveshark
02:10 \\u2013 Grooveshark got sued for $17 billion
02:40 \\u2013 Troy went into hiring at Google in 2013
03:00 \\u2013 Built a startup in the last year of college - \\u201cwe made every mistake\\u201d
04:00 \\u2013 Decided to work with Grooveshark to learn about startup success
04:30 \\u2013 Google was the next stage: seeing how a big company worked
05:00 \\u2013 Lessons from Google? - \\u201cA lot of delegation is happening\\u201d
05:13 \\u2013 The quality of your experience at a big company depends on your manager
05:26 \\u2013 Troy then started Resource
05:54 \\u2013 Part of the 500 Startups accelerator
06:06 \\u2013 5% equity; $125k investment
06:20 \\u2013 3 team members
06:33 \\u2013 Trying to split equity equally, but people came on at different stages
07:00 \\u2013 If everyone\\u2019s going to provide equal value, try to keep it equal
07:30 \\u2013 \\u201cI don\\u2019t want to co-found a company with someone who\\u2019s not picking up where I\\u2019m weak\\u201d
08:05 \\u2013 Charge a monthly flat rate of $5-8.5k for services. Month-by-month opt-in model
08:38 \\u2013 Doing tens of thousands in revenue per month
09:10 \\u2013 Customers \\u201cin the low double digits\\u201d
09:30 \\u2013 Creating a hiring solution that\\u2019s part-human, part-software
09:54 \\u2013 Most acquisitions are coming through social credibility
10:20 \\u2013 No spending on marketing at the moment
10:40 \\u2013 Not a SaaS company - they\\u2019re not looking at churn
11:00 \\u2013 MRR varies depending on when people are hiring
11:50 \\u2013 \\u201cIf we do a good job, we get rid of customers...but hopefully they come back\\u201d
12:25 \\u2013 Troy\\u2019s trying to hack his way to the next checkpoint
12:50 \\u2013 In a good month Resource makes $50k in revenue
13:00 \\u2013 Operating profitably - margins are good
13:30 \\u2013 \\u201cWe don\\u2019t want to rely on venture capital early on\\u201d
13:50 \\u2013 Connect with Troy on Twitter or through his blog
15:20 \\u2013 Famous Five

3 Key Points:
Slow down to speed up. It can be worth putting your short-term goals on hold to go corporate for a while and learn from the masters
Be certain that your business can make a profit on its own terms. If you rely on venture capital early on, you can go a long way with a bad idea.
Choose your co-founders carefully. If they\\u2019re not going to bring serious value, they\\u2019re probably not who you want to start a company with.
Resources Mentioned:
Freshbooks - The site Nathan uses to manage his invoices and accounts.
Host Gator \\u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
Leadpages \\u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible \\u2013 Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.

Show Notes provided by Mallard Creatives

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