Commerce Conversations

SMB Around the World: Starting with Bill.com

Episode Summary

In this podcast, Rene shares his fascinating journey growing up in a family of entrepreneurs, highlighting the invaluable "dinner table MBA" gained from small business exposure. He delves into his career evolution, from working as an accountant to founding PayCycle, navigating challenges during the 2008 financial crisis, and emphasizing the significance of patience and decisiveness in entrepreneurship. Throughout, Rene reflects on lessons learned, the impact of family, the imperative to do good, and the importance of staying true to one's vision amidst the ever-changing landscape of business.

Episode Notes

Entrepreneurial Background and Early Experiences:

• Rene grew up in a family of entrepreneurs.
• Shared a personal story about being born on a night when his mom was sorting punch cards for a payroll job for a defense contractor.
• Emphasized the importance of having a "dinner table MBA" by growing up around small businesses run by his family.

Career Journey:

• Worked at Pricewaterhouse as an accountant to learn the language of business.
• Worked for his parents' payroll company and later at Intuit, focusing on building great companies.
• Started the first company, PayCycle, which became one of the fastest-growing online payroll companies.
• Sold PayCycle to Intuit in 2009 and started Bill in 2006, which has been operating for 17 years.

Risk and Starting a Business:

• Discussed the risk associated with starting a business and highlighted the difference in risk levels compared to his parents and grandparents, who often started businesses with the money in their back pockets.

Market Timing and Early Challenges:

• Acknowledged being early in the market with Bill and discussed the challenges faced during the 2008 financial crisis.
• Emphasized the importance of being patient and decisive during challenging times.

Lessons Learned and Seminal Moments:

• Highlighted the value of learning from experiences, such as the moment when his father recognized the potential impact of the software he was developing.
• Discussed the importance of patience and impatience in entrepreneurship.

Impact and Motivation:

• Shared the impact of family, particularly his mom, in shaping his character and values.
• Discussed the imperative to do good, help others, and make a positive impact on SMBs.

Growth and Leadership:

• Discussed the challenges of growth and the need for leaders to adapt and evolve as the company scales.
• Emphasized the focus on the mission, vision, and serving customers rather than personal goals.

Public Company Journey:

• Clarified that the goal was never about becoming a public company CEO but serving SMBs and having a broader impact.
• Discussed the need to assess personal capabilities continually and focus on success rather than individual milestones.

Competitive Landscape and Global Perspective:

• Used the story of the Miracle Mile race to illustrate the importance of focusing on one's vision rather than competitors.
• Acknowledged awareness of international markets and competition but highlighted the necessity of staying true to the company's vision and goals.

Find Rene on Linkedin.