How to Build a Strong Team w/Atul Wahi

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Episode Description

Welcome to the Freedom Point Real Estate podcast! Atul Wahi joins Jeremy Dyer in today's episode about entrepreneurship, funding challenges, hiring the right people, and the future of investing (along with some insights into renewable energy and tax benefits).

Atul Wahi is a seasoned leader with a proven track record in building world-class organizations, driving innovative product launches, and expanding businesses globally. With experience spanning startup environments and Fortune 500 companies, Atul is passionate about improving the customer experience by simplifying complex, technical systems. He excels in driving revenue growth, reducing operational costs, and leading successful integration efforts. A collaborative team player, Atul is known for his ability to tackle and overcome new challenges, with deep expertise in business process improvement, consulting development, and global expansion.

CONNECT WITH ATUL WAHI!

LinkedIn: https://www.linkedin.com/in/wisesoft/

Email: atulwahi@wise-soft.com

CONNECT WITH JEREMY DYER!

Website: https://startingpointcapital.com/

Instagram: https://www.instagram.com/startingpointcapital/

LinkedIn: https://www.linkedin.com/in/jeremydyer

Facebook: https://www.facebook.com/startingpointcapital

Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12

Summary

Tip #1: Embrace the Entrepreneurial Spirit Early On

"I always wanted to have a company… it was a dream since I was a kid."

Atul’s journey into entrepreneurship was shaped by his childhood aspirations. This highlights the power of early ambition and the importance of nurturing entrepreneurial ideas from a young age. Aspiring business owners should cultivate their passion and start envisioning their businesses early on, as this foundational drive can help them persevere during tough times.

Tip #2: Funding is Crucial – Don’t Overlook It

"The biggest obstacles I faced were funding and being adequately funded."

Securing funding is one of the most significant hurdles for entrepreneurs, especially in the early stages. Atul’s experience underscores the importance of understanding financial needs and being prepared to seek funding or bootstrap in the absence of outside support. Entrepreneurs should prioritize building financial resources, as this is often the deciding factor between success and failure in the startup phase.

Tip #3: Build Credit Early for Business Success

"Pay attention to credit early... don’t use more than 30% of it."

Managing credit wisely can help entrepreneurs access capital when needed. Atul emphasizes the value of credit management, a foundational business skill. Entrepreneurs should understand how credit affects business operations and use it strategically to avoid financial pitfalls in the future.

Tip #4: Diversify Your Client Base for Stability

"Expand your client base... don’t have all your eggs in one basket."

Relying on one major client can be risky, especially in the early stages of a business. Atul’s advice highlights the importance of a diverse revenue stream to safeguard against market shifts or client losses. Entrepreneurs should focus on attracting a wide array of clients to ensure long-term sustainability and mitigate risks.

Tip #5: Hire the Right People, and Take Your Time

"It comes down to hiring the right people… take your time to get them on board."

Building a successful company requires assembling a team that not only possesses the right skills but also aligns with the company culture. Atul’s emphasis on careful hiring shows that hiring decisions should not be rushed. A well-rounded and committed team is essential for driving the business forward and achieving long-term goals.

Tip #6: Balance Your Team with Different Personality Types

"You’ve got three types of people: gas people, brake people, and glue people."

Atul describes a balanced team as one with a mix of “gas” people (motivators), “brake” people (cautionary figures), and “glue” people (cohesion builders). Each type plays an important role in sustaining business growth. Entrepreneurs should aim to create teams where these roles are balanced to ensure progress without sacrificing stability.

Tip #7: Be Willing to Adapt and Lead Change

"Your ability to change paths and be willing to hire outside your capabilities is key."

As businesses grow and evolve, leaders must be flexible and willing to adapt to changing market conditions. Atul’s advice points to the need for leaders to be open to changing strategies and hiring individuals who bring new expertise. Adapting to new technologies and approaches is essential for staying competitive and innovative.

Tip #8: Transparency Builds Trust – Especially During Tough Times

"If you share your challenges, 80% of people will help."

Transparency can strengthen relationships with clients, partners, and employees, especially during crises. Atul’s story about not sharing the burden of a burglary until later demonstrates how hiding challenges can lead to unnecessary stress. Entrepreneurs should be open about their difficulties, as this can foster trust and lead to valuable support from their networks.

Tip #9: Always Be Willing to Change – Or Get Left Behind

"If you don’t change, you’ll get left behind."

Atul stresses the importance of staying relevant and adaptable. In the fast-paced world of entrepreneurship, failure to innovate and evolve can result in obsolescence. Entrepreneurs must cultivate a mindset that embraces change, whether it's adjusting business models, updating technology, or exploring new markets.

Tip #10: Leverage Hybrid Investment Opportunities for Greater Returns

"The returns are upwards of 20%, and you can go as high as 24% depending on efficiency."

Atul highlights the potential of hybrid investment opportunities, combining renewable energy projects and multifamily real estate investments. This approach can provide higher returns while diversifying risk. Entrepreneurs and investors alike should consider hybrid models to maximize returns, spread risk, and invest in innovative, high-growth industries.