Joining me today on the Mads Singers Management Podcast is Itai Sadan, CEO, and Co-Founder of Duda, the leading white-label website builder for digital marketing agencies and SAAS platforms. Trusted by over 15,000 and counting agencies, SaaS platforms, freelancers, and even small businesses use Duda on a day-to-day basis to build their businesses and their digital presence. At 11 years old, Duda has over a million paying subscribers and 200 employees, and seven offices (and growing!)
Starting a business, regardless if it’s your first or your hundred, can be a struggle, especially during this COVID-19 pandemic where many of our norms were suddenly flipped overnight and where we had to quickly adapt to the many changes that unfolded with the flip of a switch.
Despite the challenges, COVID-19 has also allowed new ideas to take form and change the face of business.
You will have sleepless nights, working long nights, and anxiety when you are working towards your first million. However, this will eventually become easier down the road. This then allows you to cope much better when it comes to scaling up or reaching your next goal, whether it’s your first billion, another branch, or even a new business venture altogether. However, you can breeze through most challenges when you have the right partner, but in finding the right partner, you’ll need to set clear goals and expectations since you will be spending most of your time with them.
For a business venture to succeed, sometimes we need to bring in or hire chemistry with ourselves and our staff through conducting one-on-one’s with each of your staff or sending out a newsletter every month where highlights and updates are being made aware. Doing this allows you and your company to move as one to take on challenges together rather than having one person deal with something and shoot at it blindly.
Key Learning Points:
1.) Itai says that even though the COVID-19 pandemic has been challenging to some people, it allowed him and other businesses to flourish by creating new ways to connect. - 3:08
2.) Itai says it’s essential to have a good partner when starting a business. - 07:24
3.) Mads likens partnership to marriage because you will be spending most of your time with your business partner.- 08:34
4.) Mads stresses the importance of having a solid conversation with your partner- 11:23
5.) Itai adds that business leaders and owners should have clear roles and responsibilities for their staff. - 12:40
6.) Itai says that once you start taking money from investors, it becomes another relationship with your partner, staff, and others.- 21:22
7.) Itai says that the experience you are bringing on board is much more important than the actual money. - 25:43
8.) Itai shares how one employee told him that there was no transparency in the company, and it made him realize that he needed to put in the effort to keep everyone in the loop. - 28:02
9.) Mads says that when promoting someone internally, even if you don’t have much budget to get them the best courses or training, you need to go out and do something to invest in them somehow. While they can learn at their own pace, it may take them longer, and however, when you invest in them, you will be reaping great rewards. - 34:51
10.) Itai says that it doesn’t matter if you’re the squad leader and a great shooter because that is still one rifle shooting in one direction. You’ll need ten rifles shooting in the right direction, reminiscing about his army days in Israel before he started Duda. - 39:27
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