008: How Social Capital Saved this Startup with David Williams
In 2004, David Williams was tasked to close down a startup with $2.5 million in debt and still no product to speak of. When he arrived on the scene, what he saw was, “the opportunity of a lifetime.” This episode explores the power of Social Capital and the six employees and one strategic partnership that helped David transform Fishbowl into the leading inventory management solution. Sure, his approach might have “broken a few rules,” but the results will compel you to reconsider the way you lead your organization.
“No individual has sufficient experience, education, native ability and knowledge to ensure the accumulation of a great fortune, without the cooperation of other people.” – Napoleon Hill
- Why Social Capital should be given the highest priority.
- How to manage relationships with strategic alliances and channel partners.
- Why you need a 100-year plan (even if you plan on selling in less than 5 years).
- How to build a culture of loyal employees.
- Should equity be given to employees as stock options?
- How to manage underperforming employees in a startup?
- Leadership and the simple skills that lead to big profits.
Meet David Williams
Since 2004, David K. Williams has been the Chief Executive Officer of Fishbowl, the maker of the #1 manufacturing and warehouse management software for QuickBooks. He has worked in numerous industries during his career, and he has worked hard to help Fishbowl become one of the fastest-growing and most successful software companies in the state of Utah. Fishbowl has won numerous regional and national awards from a number of respected organizations, including Inc. 5000, Deloitte, MountainWest Capital, and Global Red Herring.
In July 2013, John Wiley & Sons, Inc. published Williams’ book, which he wrote to inspire his fellow business professionals and leaders, The 7 Non-Negotiables of Winning: Tying Soft Traits to Hard Results. In it, he detailed the secrets of his success as an entrepreneur. He writes a weekly column for Forbes, and he has also contributed to Harvard Business Review and Inc. Magazine in the past.
In addition to his work at Fishbowl, Williams also acts as the President of the Woodbury School of Business National Advisory Council at Utah Valley University, and he is a member of the Utah Valley Chamber of Commerce’s Executive Board of Directors. For more information about Williams, visit the Wikipedia article dedicated to him.