727
Downloads
28
Episodes
Dedicated to aspiring and new entrepreneurs everywhere...
Episodes
Wednesday Jul 15, 2020
Wednesday Jul 15, 2020
Janel Laravie is the Founder & CEO of Chacka Marketing. She turned a side hustle into a multi-million dollar, award-winning digital marketing agency - but not easy and not overnight. Tune-in to find out what Chacka means and how Janel rose from a small rural town in West Virginia to corporate VP - then leaving it all to launch a startup from her spare bedroom with only 3 months of savings. She talks about the advantages of starting a business in a down economy and her keys to success and growth. SPONSOR: Secure Startup (https://www.securestartup.com) - securely managing the important documents between startup founders and investors.
00:43 The Tampa Bay entrepreneurship community is so supportive - no one says no!
02:23 Is it ok to move the goal post?
05:36 Part of being successful is setting outrageous, audacious goals, even ones that people say you’re crazy. If you see that the goal you set is one you no longer want, pivot and change the goal.
07:30 Janel says maybe her favorite thing about business ownership is creating jobs - but that comes with responsibility. She’ll never forget when an employee asked her for paystubs when applying for a mortgage (gulp!).
09:00 It’s ok to be uncertain about what your next goal is. ...sometimes it’s just about survival.
12:54 She had an investor offer early, but then realized she only needed startup money to cover her salary for several months and a cushion. She needed the money, it was scary, but she said no.
15:33 Janel grew up in West Virginia, in a one traffic-light town. She acquired grit and determination. Allen and Janel have a lot in common growing up in a small rural town.
18:50 Started gymnastics as a kid, 1984 Olympics, she watched Mary Lou Retton who was also from West Virginia. It inspired her. Later, she realized gymnastics is one of the few sports that teaches you both individual and team achievement.
21:52 Went to West Virginia University. Her father, whom she was very close, passed away in her senior year. He had a strong work ethic, a strong moral compass, and a big impact on her life and character.
24:42 Janel was an English major who wanted to be a writer - still writes today, blogs, etc.
25:47 Her first job in college was at Outback Steakhouse. Most important lesson - how to deal with people, and the demands of multiple people at once.
29:18 Allen asks - “Why dig into the early life of an entrepreneur?" How did they get there, where did they start, what were the challenges? Helps aspiring or struggling early entrepreneurs see themselves in a successful entrepreneur.
31:02 Had a job at a car rental company, thought she was getting promoted but found out her boss told upper management (falsely) that she wasn’t interested. She quit immediately.
33:15 If you hold your employees back, you will lose them!
33:30 She started coaching gymnastics and bartending. A restaurant customer gave her her first marketing job. Allen’s dad liked to say - “You have to work hard to get lucky!”
34:30 Today: Chacka Marketing - 26 employees, 11 years in business, multiple awards. Major national clients - Experian, Shutterfly, Harvard Business Review, and more.
36:36 Most meaningful award to Janel: Awards for Best Place to Work - Ad Age Magazine (biggest of the industry), 2019, Ranked #1.
38:18 Chacka - Hawaiian surfer lingo for “better than gnarly”.
39:45 Before Chaka - VP of Marketing in a company going through bankruptcy. Started side work that led to Chacka. In our current economic climate, a side hustle can be smart, and could turn into more. But keep fairness in mind for your main employer.
43:05 Her first big new account closed only after she made the leap full-time. When you take the big leap, people respond (family, friends, even clients).
45:45 She had gotten married just 1 week before quitting to start. They even gave her a generous offer to stay, including equity - she passed.
47:55 Started out of a spare bedroom, cashed out her 401(k), had 3 months runway.
51:16 The 'unintended entrepreneur’ - Wasn’t the plan, just saw as she was rising the ranks that she could sell, lead, and get the work done herself.
52:26 Someone asked her where do you see yourself in 10 years, she said “doing this for myself”. He challenged her on timing - “do you think you’ll have the chance in 10 years?”
54:29 She was at a point where she had the capability, but needed the opportunity. Allen calls this the ‘Quit Zone’ in his book, where capability meets opportunity. Build up your capability so when the opportunity comes, you’re ready.
55:25 Janel started Chacka in a down economy. Why is a down economy a good time to start a company?
1:00:40 Your greatest asset will always be your people. Attracting talent and holding them together is an underrated skill of the entrepreneur.
1:03:30 Key: Take care of your people and don’t be afraid to move your goal post!
1:03:55 Thank you and closing
Chacka Marketing: https://www.chackamarketing.com
Allen's website: https://www.planyourstart.com
Thursday Jul 09, 2020
Thursday Jul 09, 2020
My guest this week is Dr. Tylisha Johnson. How does one escape being a statistic - born to a teenage mother and an absent father, getting a college degree the long route, then a masters, then a doctorate. Hear how she experienced the loss of her 11 year old son to leukemia and didn't want to carry on, then pulled through and persevered. And finally how she left corporate and academia to start her own consultancy that helps businesses and non-profits reach their fullest potential.
3:10 Dr. Ty never meets a stranger, she loves people immediately.
4:00 Dr. Ty (Tylisha) started her own consulting business over 4 years ago and loves being a solopreneur. Prior to that she had a corporate and education career. But being a solopreneur has it’s challenges and it takes a special type of person – you actually work harder than any job you had prior.
6:10 How big does your WHY need to be? If it’s not strong enough, you won’t last long enough. External motivating factors don’t work long term, there must be strong internal motivating factors - and doing something bigger than yourself, with a desire to help others.
9:20 The strength of your WHY is tied to your ability to not give up.
10:50 On May 18, 2011, Tylisha lost her 11 year old son to Leukemia. She didn’t want to live anymore or carry on. But an inner voice told her ‘do not quit’.
13:15 From that point she decided her life would be an ‘excuse free zone’. There’s nothing that you cannot overcome.
15:55 SPONSOR: Executive Launch (www.execlaunch.com) – going from corporate executive to start-up founder.
17:30 Tylisha is from Dover, Delaware. Born to a teenage mother and a grandmother that helped raise her. Her grandmother was very strict, gave her lots of chores – and her mother had a very hard manual job and would take Tylisha to work with her – Tylisha realized she didn’t want that life, motivated to get her education.
24:10 A key turning point was when she was sent to the principal’s office but the principal believed in her, that she was special, and told her she could be anything she wanted to be.
28:30 She always wanted to be a teacher since a child – so she majored in Business Education. Went on to get her MBA and her Doctorate of Business Administration.
32:15 She took a business class in high school that sparked her interest. She participated in Business Professionals of America (BPA) - won at the state level and then to nationals.
35:00 Not having a relationship with her biological father was painful but it drove her to succeed and prove herself.
37:00 Successful entrepreneurs often have something traumatic in their childhood and something they are still driving to overcome.
39:30 Was with her ex-husband from the age of 14 to 40. Divorce at age of 40 was just another challenge to overcome.
42:20 She didn’t immediately go to college from high school, went back to college as a young mother.
43:20 Too much TV is ‘tell’ ‘a’ ‘vision’ – when you need to be working on ‘your vision’!
46:00 Minority women have extra challenges – have to work that much harder. It’s hard enough for women generally, it’s that much harder for women of color.
47:30 Black lives matter is not at the expense of all lives matter. Can we talk about what we’re talking about?
49:50 Pushing past your own negative thoughts is critical in entrepreneurship, especially solopreneurship. Fears and doubts are color-blind.
51:20 On race, we’ve made great progress but can we make more progress from here? It’s really just about being human. Can you simply respect me for being human, with feelings? Can we agree we’re all part of the human race?
53:45 Sometimes racism is part of a ‘lens’ and discrimination and bias isn’t always conscience. And we aren’t born with racism, it’s learned.
58:00 If there’s no opportunity available, create one. If there’s no door for you to walk through, create one. If you weren’t invited to the table, create your own table – and invite others to join you. You have talents, intelligence, and gifts you were born with. You can do anything you want to and no one can take that away.
58:55 Missed opportunities come back around, sometimes better. Life is a series of opportunities, setbacks, opportunities, setbacks, on and on.
01:00:25 Dr. Ty loves the beach, here’s why.
01:03:35 Dr. Ty’s consulting company is called Transcending Horizons and the logo is an eagle flying high. And the limit that we see in the horizon is not the true limit.
01:06:10 She did her dissertation on how non-profits thrived during the last recession and now helps non-profits optimize and identify their unique differentiator.
01:11:40 Her method is called S.O.A.R. which stands for Sight, Opportunities, Activating, and Risk-Taking.
01:15:40 This is the time for innovation and risk-taking - what are you not just good at, what are you great at?
Dr. Tylisha Johnson's website: http://www.transcendinghorizonsent.com
Allen's website: http://www.planyourstart.com
SPONSOR: Executive Launch: http://www.execlaunch.com
Thursday Jul 09, 2020
Thursday Jul 09, 2020
We're back with episode guest Marcus Howard. Hear about what it feels like to be in a startup pitch competition and cause a double-take when you're not part of the wait staff - and then win that competition. Then years and countless investor meetings without investment - in a hot market like gaming and esports. Marcus talks about the challenges of being a black male startup founder trying to raise venture/angel capital and the rarely discussed issues of race in gaming and esports.
01:05 Introduction, husband, father of two, full-stack, full-time developer for Gerdau Steel. Side projects and startups include, many with his identical twin brother Malcolm - ProjectMQ, IdeaGist, Blockchain Game Alliance, GameCredits, and TAG.
03:48 Why should corporate support employee-preneurship? Gerdau Steel is a great example of how this can benefit the company while also supporting the employee’s entrepreneurial spirit.
06:35 What is the difference between employee-preneurship and intra-preneurship?
08:35 Allen talks about his own departure from a large company to pursue a startup and how the CEO personally supported him before and after.
12:10 SPONSOR: SecureStartup (https://www.securestartup.com) - Securely managing the important documents between startup founders and investors.
13:04 Marcus talks about how he and his brother went to Georgia Southern University in Statesboro, GA, studying Information Technology (Malcolm, Computer Science). Allen’s grandmother lived in Statesboro so he spent time there as a kid, has family there today.
15:35 Marcus talks about how he and his brother were obsessed with gaming since childhood. During college he and his brother did everything together, lived together, same job, same fraternity.
16:57 Marcus’ uncle marched with Dr. Martin Luther King Jr. and his grandmother’s house was firebombed - the fire department didn’t immediately come.
17:32 Marcus grew up in the Atlanta area, in a mostly all-black neighborhood then later moved to a mostly all-white neighborhood. He and his brother were in accelerated academic school programs and were picked on for being ‘smart’.
23:07 Marcus and his brother once took a week off to beat the game Halo 2.
25:12 Is our brain muscle being strengthened through gaming to prepare us for competing with computers in the future, i.e. artificial intelligence?
26:27 Marcus says he learned more about business in gaming than he ever learned in college. Decision-making, solving complex problems, and working together multi-player.
27:20 Esport athletes show the same degree of brain engagement and stress levels as physical sports players.
30:35 Marcus talks about ‘trash talk’ in online gaming that goes too far (racial and sexist slurs, with anonymity) and the lack of diversity in the industry executive ranks.
35:15 Gaming industry executives are overwhelmingly white males. Only 2% of the professional players are black, 12% of our population is black, but 20% of the esport fans are black. And that’s before you add-in brown players and fans. All together at least 40% of players and fans are brown or black. 39:23 After trying to raise investor capital for 7 years and only raising a ridiculous $5k, Marcus says he stopped being filtered on the topic - outspoken, but with respect.
40:19 Marcus and Allen talk about how women led startups seem to be making progress but black male founders it’s not so clear.
44:37 We talk about how we don’t think investors are inherently racist or sexist but we do think that investing in people that look like you (and maybe a younger version of yourself) feels safer and easier to assess, more comfortable and familiar.
48:05 The data says that women and minorities produce better results - and investors should understand that minorities approach and solve problems differently, and can open bigger doors on a worldwide scale.
49:30 Diverse teams can better deliver value to a diverse customer base.
50:10 Investors should see that the future is very diverse so betting on diversity is smart.
51:15 It’s interesting that investors are committed to diverse portfolios (varied types of companies and sectors) but not yet to diverse teams and founders.
54:20 Race aside, Marcus and Allen touch on ‘success bias’ and the mental game of entrepreneurship - and that everyone in entrepreneurship is struggling more than they are letting on. Marcus is committed to transparency on this.
57:15 Where is Marcus in 5 years? He’d like to have a financial exit and then start a fund for gaming, esports, and indie games.
59:00 And there’s another issue with minorities and gaming - it’s that serious gaming requires about $3k in PC hardware to really compete. That is beyond the realm for most low income families.
1:09:30 Closing - the Tampa Bay community is lucky to have Marcus as a tech leader and advocate for esports, gaming, diversity, and change.
Marcus on LinkedIn: https://bit.ly/3i0vW4t
Allen's book: https://www.quittostart.com
Thursday Jul 09, 2020
Thursday Jul 09, 2020
Steve Fiske is co-founder of first-to-market residential keyless entry technology company UniKey (Shark Tank Season 3) and now co-founder of iApartments (www.iapts.com), smart home technology for multi-family residence communities. On this episode we talk about Steve's rise from computer/art nerd to being burned out and maxed out financially before breaking through with UniKey. He talks about the lead-up to and post Shark Tank, but before that, the struggles - and the importance of personal and team determination to the vision and mission, for ultimate success.
03:38 What to let in, what to keep out - stick with your gut, when you let too much in, you lose track of your vision and mission.
08:00 Learn to say no. Often it’s hard to say no to power (investors) or authority (mentors).
11:27 Just because an investor has been successful in the past doesn’t mean their ideas or advice are necessarily applicable to you or your venture.
13:42 SPONSOR - SecureStartup (www.securestartup.com) - securely manage all of the documents between a startup and investors.
15:35 As a kid Steve was into art and computers. Built his first Linux box at 12, built his first website at 12. Also played soccer and ran cross-country.
18:30 - Went to UCF to study computer science but switched to computer animation, got a Bachelors of Fine Arts. Worked three jobs to pay for school.
21:38 - First job - design work for a defense company then shortly after moved to a biometrics company in Orlando.
24:50 - First company - created an IoT (Internet of Things) platform - bringing “dumb” pieces of hardware online. Had a proven team, investors lined up...then the economy crashed.
31:25 - Started UniKey with 2 partners in 2010, created a biometric lock with Bluetooth fingerprint swipe.
36:20 - Sketchy investor stories - had one case where investor said had to hire him to redo the business plan for $50k before his group will invest. Or, spent a lot of time with investors that wanted to talk and meet a lot - but would never write a check!
44:44 - Shark Tank - applied online, did a video pitch to present (also did a Kickstarter video that was rejected). Got accepted for the show, filmed the episode in Aug 2011.
49:50 - No guarantees that the show would even air and then had to wait several months after we filmed it - and since we were out of money, we had to go get jobs.
50:25 - On the show, it was the first time all 5 Sharks went in. It got down to two sharks (Cuban and O’Leary), worked on a deal for 3-4 months and ultimately we turned it down.
51:25 - Wasn’t sure it would even air and thought they’d edit/paint us in a bad light because we had turned down the deal, but they didn’t, and it ended up being the Season 3 finale - May 2012.
53:30 - Investors immediately lined up - over 1,000 investor emails. Actually had our selected investors fall through as we were waiting for the wire - but were able to go with a VC firm out of NYC.
56:00 - Finally quit our jobs to get started.
57:40 - You can’t overestimate how the perception (yes, perception) of a winner can change based on what people (and investors) see or hear - from industry/market/mainstream PR.
59:02 - Perception of investors kept changing depending on the prevailing winds. At first, it was bad to be a hardware company and they weren’t interested. Then Nest was sold for a billion dollars to Google - then they were interested and we look smart. But wait, you’re not fully a hardware company - now not interested. Fundamentals are not always the drivers for early stage investors.
1:00:56 - It was 8-10 years without a vacation. Venture capital backed companies take years to stand up and get going. Steve maxed out his credit cards twice, burning the candle at both ends.
1:04:30 Hard to have personal relationships (i.e. dating) with such limited time, money, and attention span. And paying down your credit card debts means you’re still cash limited. If you can find a spouse/partner that can do this with you, it’s as important as a co-founder.
1:05:38 - Venture capital backed companies are so much harder than you’d expect. It’s romantic, but a hard road, always fighting for survival - zero-sum game, if you don’t climb the mountain, you don’t win. Especially when disrupting a market or bringing something brand new to market
1:10:30 - iApartments - smart home, smart apartment platform ecosystem for multi-family housing.
1:16:35 After success, second and third time founders often make ‘bad picks’ on their subsequent ventures, plenty of theories on why this is.
1:16:52 - Steve, after leaving UniKey, had many opportunities. Got great advice from a mentor, “Sit on your hands, sit on your hands - and wait for the right one.”
1:19:20 The opportunity cost of moving on the wrong opportunity is very high - you are not available for the right opportunity when it comes.
1:20:46 - Closing and thank you. Is Steve more Iron Man or more Batman?
iApartments - www.iapts.com
Plan Your Start - www.planyourstart.com
Thursday Jul 09, 2020
Thursday Jul 09, 2020
In this episode we talk to Sheryl Hunter of Hunter Business Law - The Entrepreneur’s Law Firm. We opened with "Are Partnerships and Investors Like Marriages?" Then we step through Sheryl’s backstory from Georgetown Law to big corporate and ultimately starting her own firm dedicated to entrepreneurs. Among other topics, we talk about the biggest and most common legal setbacks and derails she sees with entrepreneurs, partners, and investors - and how to avoid them.
SPONSOR: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder.
0:10 - Are partnership or investor breakups worse than marriage breakups? Sheryl says they definitely can be and we discuss how risky it can be going into business with a friend or family member. Just because you know someone well in a social setting doesn’t mean you know them well in a high pressure business setting.
4:42 - Check personalities - are you more likely to say ‘Let’s make our best guess and go!” or “Let’s not go until we know!”? People’s thought processes and work styles can vary dramatically and it isn’t clear until tested in business. Allen says ‘go camping’ with your prospective partner.
8:15 - Are you more likely to say “A penny saved is a penny earned” or “you have to spend money to make money”. And then there’s the ‘idea person’ and the ‘doer person’.
10:37 - SPONSOR: Executive Launch (www.execlaunch.com) - from corporate executive to startup founder. Sheryl reinforces the difference between corporate decision-making and startup decision-making. Example executive-to-founder: Salesforce, Peoplesoft, Zoom, etc.
16:15 - Grew up in Illinois & Indiana. Competitive golfer, tennis, skiing, named her daughter Aspen. George Washington U as undergrad - no attorneys in family, no plans to be an attorney.
18:25 - Internship at a state attorney's office - inspired to be an attorney to help people. Went back to DC and Georgetown Law.
21:06 - Joined large law firm, great firm. They did a lot of pro bono, she worked on the battered women's clemency project. But something didn’t square for Sheryl, that voice inside.
24:27 - Made move to a small specialty firm - Nursing Home Abuse Law Center, helping our most vulnerable.
25:47 - Allen’s book Quit to Start (www.quittostart.com) - Why would you leave a big secure job with a big firm?
26:54 - Then a big leap, started firm with a partner. Having worked at a large firm and then a small firm, gave her the foundation, and experiences needed.
29:22 - If you’re young and switching jobs every few years, use an extra lens to envision how you would do it as an entrepreneur yourself - perhaps you will one day. And develop your personal professional brand.
37:35 - Then Sheryl made the biggest leap to start her own firm that she runs today - Hunter Business Law (www.hunterbusinesslaw.com). Combining law and business, 360-degree business viewpoint with clients. Tiny office to start but was able to build her client base quickly, years of relationships and experience paid off.
49:20 - Building a profitable services company is a solid path, you are building something of value that you can sell one day if you choose. Building do-or-die tech products can often leave you with no value if not a home run.
51:53 - How did you find clients in a niche market? Existing relationships but also - gave talks, free content, entrepreneurs afternoon teas - being generous with time, volunteering. Can’t see how to have a 40 hour work week as an entrepreneur.
56:05 - Advice to founders with investors: transparency & over-communication. Investors can be helpful now but more importantly, later.
1:01:18 - Advice in partnerships. Control disputes - they can lock the gears of a business. Best to have a prenup agreement - and have an advisory board to help decision log-jams.
1:03:14 - The Money Man (non-operational investor partner) and The Worker Bee (non-monied operational partner) - important to keep the working partner motivated. If you’re doing well, increase rewards and possibly equity for the worker bee partner. Partner agreements: equity, control, & comp.
1:06:35 - When company is struggling, still need executive motivation. Investors are more likely to be fair and reasonable if you’ve been communicating.
1:11:58 - Key question to a business owner or starter - are you sure you need a partner? Collaboration is important, but do you need a business partner for that?
1:16:00 - Do you really need an investor? Many founders say they wish they hadn’t. You’ve worked hard to be your own boss - then you wake up and realize you have a boss, your investor(s). Look closely at the alternatives.
1:22:30 - Sheryl’s passion projects relate to women’s issues. GirlTalkShop - happy hour for women to talk business. GEMS (www.girlsgems.org) - Girls Empowered Mentally for Success. And, founder of Liberty Law Suites, co-working and accelerator for attorneys.
Hunter Business Law: www.hunterbusinesslaw.com
Quit to Start - The Book: www.quittostart.com
Thursday Jul 09, 2020
Thursday Jul 09, 2020
Ben Gordon is the co-founder of cabinets.com which was started with his partner on free Panera wi-fi and then ultimately $35M in revenues selling high-ticket custom kitchen cabinets online. Ben talks about walking away from the big corporate job to be a freelance solopreneur that lead to cabinets.com - and then his recent financial exit to pursue his next, even more ambitious startup. SPONSOR: SecureStartup (www.securestartup.com) - Secure and easy startup documents between founders and investors.
2:20 - Opening and how Ben got his nickname ‘The Ghost’
3:05 - Bio and profile of Ben Gordon - co-founder and former CTO of Cabinets.com
5:12 - You left the company recently - why and how did you do it?
9:33 - How did you square your exit with the core values of the company?
10:00 - Note to young founders - if your startup becomes successful, you will one day likely want to leave and start a new challenge.
11:12 - SPONSOR: SecureStartup (www.securestartup.com) - securely manage all of the documents between a founder and an investor.
12:15 - About Allen’s book: QUIT TO START - How to Discover Your Best Idea, Gain the Confidence, and Plan Your Escape. www.quittostart.com
13:30 - This story starts with Ben doing freelance web design in the real estate industry. Then the economy tanked and all work dried up, he struggled to make ends meet. Decided to work without pay, for equity and performance compensation. Had nothing to lose, in his early 20’s and single - can’t get any worse, there’s nothing you can’t recover from.
18:03 - Quick note for today - now is the best time to create a startup - so many companies started in a recession. It can trigger the warrior spirit - an opening for only the bravest.
21:58 - One of Ben’s favorite mantras: productive paranoia
23:15 - Overwhelming number of now successful companies were started during a recession.
23:58 - Ben used emerging Magento web platform to build cabinets.com, rode that horse. Now is a good time to adopt new platforms, hitch your wagon to something smart, new, and lean.
26:35 - Ben is now using a new tech platform for his new startup. The energy flow from a new platform is invaluable.
29:02 - After leaving cabinets.com, took 3 months off to decide what to do next. Wants to take more risk than cabinets.com. Ben sees cabinets.com as a double (baseball analogy), doubles are great. Getting a double gives you the opportunity to take a bigger risk later, maybe a home run. First time founders want to swing for the fences. Getting on first base is really important - be careful to not swing past the customer, especially on your first startup.
32:30 - Ben grew up in Allentown, PA - started trading stocks in middle school, ran home each day to watch ESPN and CNBC - not motivated by the money, motivated by the game.
37:25 - Won $25K business competition at University of Florida - then internship at Raymond James Financial but it didn’t connect - valuable because it helped him decide corporate wasn’t right for him. Many don’t realize until too late, after climbing the corporate ladder for years/decades.
41:14 - Moved to South Florida, got freelance jobs, moved in with a close friend. Moved to Tampa a few years later with the booming housing market, just a few years before the crash.
44:08 - During the economy crash, he was fortunate to have friends and family who supported him.
46:55 - Had to pivot to commission and performance based comp - and cabinets.com was one of those. Met now partner who ran a custom cabinets retail showroom. Owners abruptly closed the business. Let’s start an online rendition.
48:40 - Partnership - both have entrepreneurial spirit, confidence in themselves and confidence in each other. Personalities fit together.
50:58 - They started the company - first meetings at Panera for the free Wi-Fi, UPS store next door was the business address. 53:50 - Began growing fast, secret sauce was paid traffic, AdWords for dummies, SEO, content rich products - competitors were doing it but they weren’t trustworthy websites, our first tagline was: “A website you can trust”.
55:41 - We were so excited about our first customers, what got them comfortable enough to make a five figure purchase online?
58:12 - Our industry was archaic, those are the best to disrupt.
59:27 - Average sale on the website $5-$7k, sometimes up to $60-$80k
1:00:34 - We originally had a different domain - kitchenresourcedirect.com, then bought cabinets.com - paid a lot of extra money to keep anyone from finding out how much we paid - let’s just say it was a lot..
1:03:53 - In these current times, there is much uncertainty, - instead of updating your resume or waiting around, now is a great time to take that risk. This is a watershed moment, an entrepreneurial opportunity.
1:08:04 - Tech is a field leveler - you don’t need a fancy education or expensive equipment. Now is the time for many to make their move.
Thursday Jul 09, 2020
Thursday Jul 09, 2020
Many successful companies were founded by immigrant entrepreneurs - Google, Tesla, Chobani, eBay, Liz Claiborne, Yahoo, Capital One, Instagram, Kohl’s, and more. Today, one in four U.S. entrepreneurs are first generation immigrants. In this episode we talk with the founders of The Underdog Olga and Q about why immigrant entrepreneurs are often disproportionately more successful than others.
SPONSORED BY: Executive Launch (www.execlaunch.com) - from corporate executive to startup founder.
2:30 All about The Underdog - two recovering communists
9:15 Where did the name ‘The Underdog’ come from?
15:50 Why would a scientist partner with such a bold marketer?
18:40 As partners, you need to like each other, get along, understand each other - and ideally a similar sense of humor!
20:20 The Blue Orange Agro-tech Accelerator (blueorangeaccelerator.com)
27:30 Olga’s story: Born and raised in Ukraine
29:05 To get the most valuable degrees, you had to have money - so she studied literature & linguistics
30:00 Became an English teacher and English translator or Ukranian businesspeople doing business with western countries - in a power position as interpreter, front-row seat to major business deals and presentations. She learned...
31:50 But she felt she could do more, bigger things. Went to Oxford, UK for business school. Then back to Kiev.
33:40 Moved to U.S. with husband, didn’t know anyone, decided to get MBA from University of Florida. Then investment banker in Miami but decided to not pursue, instead - created The Underdog.
37:40 Olga says that she is the ’Type A’ entrepreneur as described in Allen’s new book - Quit to Start - How to Discover Your Best idea, Gain the Confidence, and Plan Your Escape.
39:50 Immigrant entrepreneurs understand that they have to use their skills to excel - and that the U.S. market is the most competitive in the world.
41:40 Q’s background growing up in Romania. Frustrated that opportunities would not exist in Romania, chose to pursue PhD in chemistry at University of Florida - and Gainesville, FL was no Bucharest!
45:35 Moved to Pittsburgh. Carnegie-Mellon projects, then a startup as Chief Scientist. Then her own startup while working for others and consulting.
51:15 Olga explains how unfortunately typical it is in Eastern Europe for ambitious and talented people to not find opportunity at home.
52:10 Immigrant entrepreneurs (or immigrants with entrepreneurial mindset) are not afraid to take calculated risks.
53:55 There is always immense pressure with entrepreneurship - and immigrant entrepreneurs are used to that.
55:20 Immigrants know their 'why' - so they get on with the 'what'.
57:00 Olga prefers the athlete’s mentality - don't focus on the outcome, focus on everyday effort and good work - the outcome will take care of itself
58:15 Q says immigrant entrepreneurs have a high self-perceive-ability, understand their unique advantages, disadvantages.
59:00 There are different degrees of failure, what is the worst thing that can happen? This is how immigrant entrepreneurs think, assess and mitigate risk.
1:00:10 Weird to hear founders talk of first round funding from ‘friends and family’ - this is not available to most immigrant entrepreneurs.
1:01:55 Little to no advantages for the immigrant entrepreneur - hence The Underdog!
1:02:20 But having no outside money and few advantages can be very liberating!
1:03:25 Raised in Eastern Europe with very little so learned to be creative and no waste - it’s how you build your ‘creative muscle’.
1:05:20 The current COVID-19 will be a big test for company’s creativity and resourcefulness to survive.
1:06:25 Growing up in Eastern Europe, entrepreneurship was not a respectable profession and was discouraged by parents and friends.
1:09:20 The communist mindset was very deep and still very prevalent
1:10:05 Purposeful work was not a priority and self expression was discouraged.
1:12:20 At The Underdog, we always do our homework and research before we speak or recommend. We also have a similar view for aesthetics - and we have team chemistry.
1:13:30 At the Underdog, we have a scientific basis and many years of experience. And we are very good at helping international companies come to U.S.
1:15:30 Eastern Europeans are very direct and honest in their opinions. Sugar coating is not helpful.
1:17:15 We are confident as women partners and advisors because we put in the work, research, and preparation. Q says this is what immigrant entrepreneurs do.
1:18:20 Allen feels as though Olga and Q would be very strong and fight for what they believe or knew was right and correct. Q says that is absolutely correct and Olga says she is ultra-competitive and always has strategy in mind.
1:20:30 They like a challenge, they like ambiguity - that’s when they're at their best.
1:21:20 Olga asks about Allen’s projects
1:24:30 Q talks about their new side project that fits this new difficult economy. Thank you and close...
https://theunderdog.solutions
Thursday Jul 09, 2020
Thursday Jul 09, 2020
Joe Hodges started his company with just $3,500, often slept in his office, and had incredible people help him get started. Then he built it up and sold it for millions 15 years later. Joe joins Allen on the podcast for this special Cinco de Mayo episode, tells his story, and gives inspiration and advice to all those aspiring and early entrepreneurs out there. Cervezas and laughter included. Hyperlinked minute-by-minute show notes below: SPONSOR: Executive Launch (www.execlaunch.com) - from corporate executive to startup founder.
0:50 Happy Cinco de Mayo everyone!
1:10 We dance badly
2:30 Joe’s bio including knighted into the Order of Salvadore at the Dali Museum in St. Petersburg - and on the board of the Tampa Bay Wave startup accelerator.
8:15 Our sponsor EXECUTIVE LAUNCH (www.execlaunch.com) - From corporate executive to startup founder.
10:50 Joe talks about reading Allen’s new book QUIT TO START - How to Discover Your Best Idea, Gain the Confidence, and Plan Your Escape (www.quittostart.com)
13:30 Joe’s story starts in Augusta, Georgia - a kid dishwasher in his first job. One of 8 kids, competitive environment.
17:05 Moved to Tampa Bay area, more dishwashing …and disco. But mostly, he liked to work, that was his thing.
18:55 Had a 1.42 grade point in high school and got kicked out twice. So it took two junior colleges to ultimately land at Florida State University in Tallahassee, FL.
19:40 Started selling and publishing a magazine in college and expanded it to other cities
21:00 Early sales jobs seems to always correlate strongly to future successful entrepreneurs
25:10 How to use a clipboard to open a bottle of beer
26:50 Aspiring entrepreneurs should find current entrepreneurs and watch what they do
27:30 Older entrepreneurs never lose the competitive urges
28:40 Personal trainer business in college - and got on a nationally syndicated aerobics TV show called Body Electric
31:06 A nursing home job - learned about the risk of overselling
34:50 Joined third party administrator for health plans, then went out on own with partner.
38:12 Broke up with partner, difference between getting along well and having business alignment.
41:15 Depressed, needed something - a friend helped
43:54 All about Joe’s current venture CareValet (www.carevalet.com)
46:15 People you meet mid-career and become partners later
47:05 Add people that can balance your weaknesses. Entrepreneurs struggle adding people and delegating, we're all control freaks and perfectionists.
49:39 Miracles can happen to those that are ready to receive
50:30 Assignment in Puerto Rico
51:29 Non-compete ended, started own company Inetico. $3,500 in pocket. Slept in the office. Had 30 days to get revenue going. Local restaurant owner gave him free meals every day.
54:55 A friend flight attendant donated his companion ticket with Southwest Airlines so Joe could get to clients around the U.S.
56:12 Allen calls Joe the ‘Hobo Entrepreneur’
56:30 Generosity is so important in entrepreneurship - people helping struggling entrepreneurs. And generosity doesn’t have to be money, even more valuable when it's not money.
1:02:30 Sold the company for millions after 15 years, 60 employees - kept first client the entire 15 years
1:03:45 Clients are the most important - they believe in you, take a chance on you
1:04:36 Be authentic, be true to what you’re selling, be transparent
1:05:08 Get good at telling your story and talk to everyone about it
1:07:20 How Tony Robbins changed everything for Joe one day when he was depressed and lost in his career and purpose
1:09:30 Identify your fears, share and burden with someone you love
1:15:25 Meet and connect with interesting people
1:17:15 Swimming with sharks (literally)
1:22:00 Put yourself in difficult situations - and always celebrate accomplishments, with those you journeyed with
1:24:10 The biggest motivation and biggest reward in entrepreneurship not talked about enough
1:25:50 If you’re stuck, this is the best exercise
Thursday Jul 09, 2020
Thursday Jul 09, 2020
Conversation with Chris Adamo. Chris rose from store manager at CVS in NYC to executive at 1-800-Flowers as part of their rise from $500M to $1B. He then broke away to be a founding partner at Social Venture Partners Miami and become an investor in Epic Games, Acorns, Caribu, Binske, and currently an investor (alongside Jason Calacanis) at WhereBy.Us. In our interview we talk about the importance of knowing who you are, finding your purpose, increase your ‘helping curve’, and earn (and give!) more social capital to thrive in today’s world. SPONSORED BY: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder...
Show Notes:
2:05 - Chris talks about why he has worn a Jams World Hawaiian shirt every single day since December 2016.
3:20 - Chris’ father lost his memory for several months and could only remember him by the colorful shirts.
8:10 - SPONSOR: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder.
10:45 - Chris describes WhereBy.Us (www.whereby.us) and how they help create not only custom digital, monetized newsletters but an online community around your product or service.
17:50 - Early success in baseball playing for the USA Junior Olympic Team. Then cut twice from team in high school, transferred to ultimately get college scholarship for baseball - then cut again. Had to leave baseball behind.
20:30 - CVS Manager job, Times Square NYC - learned the pains of working retail. Retail and food service are the two hardest jobs.
22:20 - Joined his first startup with a friend, it failed miserably. Then recruited to 1-800-Flowers. This company was more progressive than most people realize, i.e. the first to do customer service over social media; understood SEO before it was a thing. But after 8 years, needed something new.
25:30 - Wanted to move from NY to Miami, convinced 1-800-Flowers to let him work from home one day a week in NY. Then it was an easier sell to move to Miami and work completely remote.
28:10 - Left his six figures job w/ 1-800-Flowers to a startup where he failed quickly. Took the chance but learned a lot about digital media/marketing.
29:05 - Allen talks about his recently published book “Quit To Start” (www.quittostart.com) on this subject - invites Chris to come back for his 'Quit Stories' podcast later this year.
29:50 - Went to North Carolina to do some re-thinking of his career and purpose, 'walked the woods'. What do I want to do - I want to build community. Back to Miami...
31:00 - When Chris was looking for his next gig - he went to lunch with someone new every day. (Spoiler alert: this was how he found the right job and culture)
31:45 - Chris invested in the company with all his personal savings. The importance of owning equity in a company you work for.
35:00 - Looking back, grew miserable in every job where his purpose and potential were not realized. These were scary freak-outs that had ripple effects across his life and relationships.
35:40 - Career decisions become much easier/clearer when you know your “why”.
38:45 - “Stop caring what people think about you, and be your authentic self”
39:20 - Moved away from the 'small town' in your brain to the larger universe of people, ideas, and possibilities that Internet gives us.
40:25 - Chris’ advice to people that lost their job, or are stuck in their job: Double down on your time outside of your day job and increase your social capital. Utilize your extra time to build on your skillset, interests, learn and grow your network.
42:50 - This is the best time to volunteer your time - offer to help someone (that you want to connect with or learn from or work for) for FREE.
45:00 - Very few follow up, but the ones that do, thrive. Be the person that follows up.
46:00 - Chris’s advice to startups in today’s economy: Take care of your team, conserve cash, re-evaluate your business and look for long term business opportunities that address the new struggles of today's/tomorrow's world. What can you capitalize on in the short term that will become an asset in the long-term.
48:30 - Some companies only have 6 months of money in the bank - focus, pick one or very few things to accomplish that will serve both your short and long term.
49:05 - Double down on your relationships with people - who do you want to work with in the long-term. And if you have investors and advisors, over-communicate with them, you may need them again later.
50:50 - Set specific tangible milestones right now. We use six week sprints.
52:05 - Chris wraps up by discussing how WhereBy.Us helps businesses and brands distribute content and add value to their customers. Sign up for the waiting list and you'll talk directly to Chris!
https://www.linkedin.com/in/adamochris/
https://www.whereby.us/waitlist
Wednesday Jul 08, 2020
Wednesday Jul 08, 2020
The mother-daughter founders of Dallas-based specialty home decor retail shop 'Coco & Dash' share their story of starting and building their business together, how they nearly broke apart with contrasting personalities and contrasting work styles, and how they made one major move to save their relationship and the business. From there it has been climbing revenues and multiple awards for design and business. Coco and Dash, a mother-daughter business and life success story. www.cocoanddash.com | Instagram @cocoanddash SPONSORED BY: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder...
1:30 - Introduction and welcome to the show
3:12 - Teddie & Courtney describe Coco & Dash, the store and what it’s all about
6:50 - SPONSOR: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder...
9:30 - Courtney talks about her career background and how one simple conversation with her mother on a mother-daughter trip led to the creation of the Coco & Dash.
15:00 - Teddie talks about her background and how sitting by the pool retired (she tried it) wasn’t going to work for her.
22:10 - The importance of a plan and why you can’t launch a business based simply on your passion and interest.
23:30 - How we spent a full year planning and preparing before we opened the doors.
25:40 - How we stayed true to ourselves and our vision - and how we were scratching our own itch.
30:00 - When and why did things start going wrong? And how did ‘trying to have a life’ start to become a problem?
37:20 - How different work habits and different work styles between partners became a big problem - and what’s important can be situational and very different between partners.
39:10 - Who is doing what? Stepping on each other, dropping balls. And how it became uncomfortable and confrontational just being in the shop at the same time.
41:50 - Hitting the lowest point in the relationship.
44:20 - Teddie’s career was in conflict resolution, crisis management, and negotiation skills - but couldn’t resolve this for herself. Courtney was a professional counselor in her career, and also couldn’t resolve this.
46:20 - Teddie says ‘I was ok losing a business, I was not ok losing a daughter’.
52:30 - The breaking point, some harsh words - and then off to couples counseling.
55:00 - With counseling, things improved immediately. And we realized we needed to have clear roles and responsibilities in the business.
59:20 - We also needed to understand how the other person communicates and thinks and views situations - often not what it seems.
1:03:25 - We all have ‘tapes in our head’ that affect how we hear and interpret what other people say to us - often driven by our own insecurities or assumptions.
1:06:35 - Now we don’t let our relationship slide, we ‘check in’ and Teddie’s favorite quote from counseling is “clear is kind, kind is clear.”
1:08:20 - Final advice for going into business with a close friend/family member - follow your passion but it will be harder than you expect. And starting a business is the easy part, keeping it going and growing is the hard part. And step back once a year, meet, reassess, set new goals and measure old ones.
1:11:30 - What’s Courtney’s biggest pet peeve with her mom? What’s Teddie’s biggest pet peeve with Courtney?
1:13:40 - We are more committed than ever and energized having gone through almost losing the business, or worse, each other.
1:14:40 - Looking back, how important that difficult period was and how it came just as better and bigger things were possible - it’s always darkest just before dawn.
1:17:15 - Don’t make Allen cry on his own show
1:17:55 - Wrap up and how to contact Courtney or Teddie - and finally, Courtney leaves us with the favorite quote from her mom, still taped to her vanity at home, “Failure isn’t falling down, it’s staying down”.